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Abstract: Purpose: This bibliometric review aims to analyze the knowledge structure, research trends, and publication volume of literature on ESG’s impact on firm performance (EFP). Method: This review employed descriptive statistics, citation analysis, co-citation analysis, and keyword co-occurrence analysis to investigate 1,080 Scopus-indexed articles published between 2000 and 2022. Findings: The review found that the academic interest in economics and finance regarding EFP has grown significantly in recent years. Notably, 79% of the analyzed literature originated from developed economies, and 71% was published within four years (2019-2022). This indicates a clear concentration of research in developed regions despite the broader global implications of ESG. The review identified three interlinked research areas: business ethics, climate and sustainability, and corporate social responsibility. Interestingly, a keyword cluster analysis identified "sustainable development" and "corporate social responsibility" as preferred research topics, while concepts like "sustainable finance," "ESG disclosure," "climate change," and "integrated reporting" appeared less frequently, indicating potential future research areas. Implications: This research can equip researchers to identify emerging topics under EFP, prioritize understudied areas, and refine research questions to contribute meaningfully to this evolving field. Keywords: ESG, CSR, integrated reporting, firm performance, bibliometric review

Expanding on my previous presentation on M&A, I will delve into my merger and acquisitions (M&A) experience through a series of articles, unpacking each phase of the M&A process. We will explore the 1. five key stages of the M&A process, 2. the challenges we generally face, and 3. how we overcome them. My summaries focus on deals involving family-owned businesses, especially in emerging and frontier markets. Think of the M&A journey like climbing a mountain. First, you must chart your journey (strategy), then scout the terrain (screening), decide on the best route and gear (structure & pricing), make the climb (execution), and finally reach the objective (completion). But the adventure doesn't end there. The next steps are integrating smoothly (especially 0-100 days) and unlocking even more value (enhancement). See the whole journey in the chart below! M&A phases Imagine buying a house without checking the inside of the house, the expected price, or even without having a plan to buy house! Crazy, right? Similarly, why planning is crucial in M&A, whether you're buying or selling a company. The first step, Strategy, is like laying the foundation of your M&A journey. Before you get swept away, ask yourself these three essential questions: Why M&A? Is it to conquer new markets, add new products or expertise, or something else? Make sure it fits your company's objective. Cash, stock, or magic? How will you pay for this deal? What specific benefits do you expect from the M&A? Knowing your goals helps avoid post-deal surprises. These questions are easy enough to answer without needing expertise in corporate finance or M&A. Answering these questions upfront sets you up for a smoother ride. Imagine a stress-free integration and investors cheering you on! Plus, a clear strategy makes your advisor your friend, guiding you efficiently. Yes, it is good to be friends. Certainly, I can share insights into the stress levels experienced by advisors during M&A processes. So be friends. Let me explain the M&A phases with an example of Mr. Subho, a busy CEO of a family office whom I met in couple of years back. When he couldn't find a quality school for his daughter, he built his school. Goal #1: Quality Education & Infrastructure Starting with a kindergarten, Mr. Subho's school grew rapidly to a K-12 school, fueled by the demand for excellent education in the city. But life throws curveballs! Mr. Subho realized running a school wasn't his forte. His true passion lay in the world of manufacturing where he had expertise, and the manufacturing sector was booming during that time due to a significant foreign investment in the country. ️ So, Goal #2: Time to Switch Mr. Subho decided to exit the education business and cash out to invest in his preferred fields. He had answers for those three key questions: Why M&A? (Strategy!) Sell to the right fit: Mr. Subho wants to sell his school, but not just to anyone. He is looking for a buyer who truly understands the education business and can build upon his legacy. It is important to him that the school’s reputation remains strong even after he is gone. Cash-out completely: Sell 100% of the secondary shares. To offer ‘Value of Control’ to the buyer (expected to receive premium). Reinvest wisely: Use the proceeds for investments aligned with market demand and his strengths. Mr. Subho's clear objectives greatly facilitated my role as his advisor and made my discussions with potential investors smooth. The most important thing for an M&A advisor, in my opinion, is to negotiate the best deal possible, all while fully understanding the client’s objectives and expectations. The next discussion would be on the “Screening” phase. Key points: #Secondary shares# are the outstanding issued shares. For listed companies, secondary shares are the shares that are already traded on a stock exchange and being sold by existing shareholders. #Cash-out# means selling all the outstanding issued secondary shares to other investors (s) for cash.