ESG i due diligence-processen vid internationella M&A-transaktioner : En kvalitativ studie ur rådgivares perspektiv

Sammanfattning

Environmental, Social, and Governance (ESG) considerations have become increasinglyprominent in corporate decision-making, particularly within mergers and acquisitions(M&A). Despite a growing body of literature highlighting the theoretical importance of ESGfactors, limited empirical research has examined how ESG is integrated into the due diligenceprocess in practice, especially in the context of international M&A transactions. This studyaddresses this gap by exploring how ESG factors are considered during due diligence, whenthey are introduced in the M&A process, and how their perceived importance has evolvedover time. The study adopts a qualitative research approach based on semi-structuredinterviews with M&A advisors and ESG specialists involved in internationalM&A-transactions. The findings indicate that ESG considerations are increasinglyacknowledged as relevant risk factors. However, their practical integration into due diligenceremains inconsistent and highly dependent on investor incentives, transaction size, andregulatory exposure. ESG-related assessments are typically initiated early in the M&Aprocess, often prior to the formal due diligence phase, although the depth and scope of suchassessments vary significantly. Furthermore, the results suggest that while regulatorydevelopments within the European Union continue to reinforce the importance of ESG,shifting political and market conditions have contributed to a more cautious and selectiveapproach among investors.