Can green technology mergers and acquisitions enhance sustainable development? Evidence from ESG ratings

IF 11.3 1区化学 Q1 CHEMISTRY, PHYSICAL

ACS Catalysis Pub Date : 2024-04-23 DOI:10.1002/sd.3004

Yan Zhang, Ziyuan Sun, Anqi Sheng, Longyu Zhang, Yiwen Kan

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引用次数: 0

Abstract

In order to better understand the impact of green technology mergers and acquisitions (GTMA) on sustainable development, the difference‐in‐differences model is applied to investigate the direct impact and underlying mechanisms of GTMA on the environment, society, and governance (ESG) in China. Additionally, we established a two‐dimensional framework of “market versus government” to analyze the heterogeneity. The results show that: (1) GTMA is positively aligned with greater ESG performance, indicating that GTMA is an effective way to enhance sustainable development. (2) GTMA fosters ESG performance by boosting green subsidies (i.e., signal transmission channel), lowering financing costs (i.e., impression management channel), and enhancing green innovation (i.e., technology synergy channel). (3) The positive relationship is largely dependent on the collaborative supervision environment (i.e., “strong” market and “strong” government) and the appropriate policy environment (i.e., “big” market and “small” government). (4) Furthermore, GTMA carries significant spillover effects, with other enterprises in the same industry improving their ESG performance. Additionally, this paper proposes targeted directions for the government and enterprises to take advantage of GTMA dividends to realize superior ESG performance.

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绿色技术并购能否促进可持续发展？环境、社会和治理评级的证据

为了更好地理解绿色技术并购（GTMA）对可持续发展的影响，我们运用差分模型研究了中国绿色技术并购对环境、社会和治理（ESG）的直接影响和内在机制。此外，我们还建立了 "市场与政府 "的二维框架来分析异质性。研究结果表明(1）GTMA 与更高的 ESG 表现正相关，表明 GTMA 是促进可持续发展的有效途径。(2）GTMA 通过提高绿色补贴（即信号传递渠道）、降低融资成本（即印象管理渠道）和加强绿色创新（即技术协同渠道）来促进 ESG 绩效。(3) 这种正向关系在很大程度上取决于协同监管环境（即 "强 "市场和 "强 "政府）和适当的政策环境（即 "大 "市场和 "小 "政府）。(4) 此外，GTMA 还具有显著的溢出效应，同行业其他企业的 ESG 表现也会随之改善。此外，本文还为政府和企业利用GTMA红利实现卓越ESG绩效提出了有针对性的方向。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

ACS Catalysis CHEMISTRY, PHYSICAL-

CiteScore

20.80

自引率

6.20%

发文量

1253

审稿时长

1.5 months

期刊介绍： ACS Catalysis is an esteemed journal that publishes original research in the fields of heterogeneous catalysis, molecular catalysis, and biocatalysis. It offers broad coverage across diverse areas such as life sciences, organometallics and synthesis, photochemistry and electrochemistry, drug discovery and synthesis, materials science, environmental protection, polymer discovery and synthesis, and energy and fuels. The scope of the journal is to showcase innovative work in various aspects of catalysis. This includes new reactions and novel synthetic approaches utilizing known catalysts, the discovery or modification of new catalysts, elucidation of catalytic mechanisms through cutting-edge investigations, practical enhancements of existing processes, as well as conceptual advances in the field. Contributions to ACS Catalysis can encompass both experimental and theoretical research focused on catalytic molecules, macromolecules, and materials that exhibit catalytic turnover.