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Equities of copper mining companies fared marginally better. The expected supply glut did not materialise in 2023, owing to supply disruptions, while the price was supported by…
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DOI: 10.1108/OXAN-DB284717
ISSN: 2633-304X
Keywords
Geographic
Topical
Mineral exports from the Central African Copperbelt in the Democratic Republic of the Congo (DRC) and Zambia are rising and existing export routes via South Africa do not have the…
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DOI: 10.1108/OXAN-DB285523
ISSN: 2633-304X
Keywords
Geographic
Topical
Tshisekedi’s own Union for Democracy and Social Progress (UDPS) becomes parliament’s largest party with 69 seats, while main opposition contender Moise Katumbi’s Ensemble party…
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DOI: 10.1108/OXAN-DB284945
ISSN: 2633-304X
Keywords
Geographic
Topical
Vinay Datar, Ekaterina E. Emm and Bo Han
The authors examine one special focus of Special Purpose Acquisition Companies (SPACs), namely environmental, social and governance (ESG) related investments. The authors document…
Abstract
Purpose
The authors examine one special focus of Special Purpose Acquisition Companies (SPACs), namely environmental, social and governance (ESG) related investments. The authors document the performance of SPACs with and without ESG focus.
Design/methodology/approach
The authors collect data, from several sources, on 1,737 SPAC IPOs formed between 2003 and 2022. A SPAC's focus on ESG is classified based on declared focus in Securities and Exchange Commission (SEC) filings and in post-merger annual reports. The authors examine operational and financial performance of SPACs with and without ESG focus.
Findings
In the study's sample, only 50% of SPACs that announced an intention to acquire an ESG target ended up consummating a merger with an ESG private firm. ESG SPACs exhibit worse operating performance than non-ESG SPACs. Furthermore, they experience 11.6% lower 1-year post-merger excess returns than their non-ESG counterparts.
Originality/value
The study provides an examination of ESG firms that came to market via mergers with SPACs, which is an alternative method to traditional initial public offerings (IPOs). The study also provides a comparison of both operational and stock performance of ESG and non-ESG SPACs.
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