Spagnuolo, Flavio (2024) Mergers and Acquisitions: Examining the role of financial and non-financial information in the European context. [Tesi di dottorato]

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Abstract

This thesis focuses on the crucial role of information in the context of European M&A operations. Specifically, the work examined how the economic entities acting in such settings recognize the financial and non-financial information, for the determination of certain M&A outcomes. Specifically, the first Chapter addressed whether the private targets suffer a valuation discount due to their listing status and how the quality of their financial reporting (FRQ) impacts this discount, while the second Chapter examined whether the targets’ FRQ determines the stretching of deal timing until the completion, and how this relationship may be more or less prominent conditionally to the industry relatedness nature of the transaction. Lastly, the third Chapter moved the focus on the role non-financial information, investigating how the targets’ pre-deal E, S, and G scores can differently lead to an improvement of the acquirers’ ESG score one year after the deal completion. Overall, looking at the manuscript as a whole, the thesis contribute to the extant stream of M&A studies, encouraging future accounting scholars to more closely analyze the behavior of private and public firms in the under-investigated European M&A setting. Furtherly, regulatory bodies and accounting standard setters may be stimulated to develop guidelines or regulations that encourage private companies to adopt best practices in their financial and non-financial reports.

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