Phd in BUSINESS ADMINISTRATION

Thesis title: Creazione di valore e fattori ESG in operazioni di M&A

Over the last twenty years, institutions, social partners and economic actors have paid increasing attention to issues related to transition and sustainable economy, particularly environmental issues, driven by climate change and its effects. Similarly, there has been a growing focus on the synergistic relationship between the financial and non-financial performance of companies. The debate is ongoing and varied, encompassing theoretical aspects and positions originating from those who argue that there is a positive causal relationship between corporate financial performance and the application of Environmental, Social and Governance (ESG) issues in corporate strategies and policies. Value creation is taking on new dimensions of study. The relationship between ESG profiles and value creation is extremely complex to analyse, both because of the multidimensional and relatively indeterminate nature of the concept of ESG itself (which includes different dimensions and variables whose relevance can vary significantly depending on the institutional context, sector and specific characteristics of the company in question), and because traditional valuation models based on the present value of future income or cash flows can only indirectly consider the effect of ESG factors, to the extent that they influence specific value drivers. In this sense, empirical studies are being developed to analyse this relationship.The purpose of this work is therefore twofold: on the one hand, to carry out an empirical study that, in an innovative way and in line with the most recent literature, seeks to contribute to the topic and with which it compares, starting from the assumption that value creation is measurable by the control premium; on the other hand, to explore the main theoretical foundations and recent debates.