{"title":"Green mergers and acquisitions and corporate environmental responsibility: Substantial transformation or strategic arbitrage?","authors":"","doi":"10.1016/j.eap.2024.08.013","DOIUrl":null,"url":null,"abstract":"<div><p>Green mergers and acquisitions (GM&A) are pivotal for attaining green competitive advantages and fostering sustainable development. This study exploits data from Chinese publicly traded companies spanning 2010–2021 to examine the impact of GM&A on corporate environmental responsibility (CER). Utilizing a difference-in-differences design, the results document that GM&A significantly enhances firms' environmental responsibility. This conclusion remains robust after a comprehensive set of checks. GM&A spurs green technology innovation, eases financial constraints, and elevates corporate environmental awareness, thus mitigating environmental pollution. Additionally, the positive impact of GM&A on CER is particularly pronounced in regions with high market liberalization and firms with substantial social capital. These findings offer valuable insights for policymakers crafting GM&A policies to raise environmental quality and contribute to the literature on the relationship between GM&A and CER.</p></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":null,"pages":null},"PeriodicalIF":7.9000,"publicationDate":"2024-08-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Economic Analysis and Policy","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0313592624002029","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0
Abstract
Green mergers and acquisitions (GM&A) are pivotal for attaining green competitive advantages and fostering sustainable development. This study exploits data from Chinese publicly traded companies spanning 2010–2021 to examine the impact of GM&A on corporate environmental responsibility (CER). Utilizing a difference-in-differences design, the results document that GM&A significantly enhances firms' environmental responsibility. This conclusion remains robust after a comprehensive set of checks. GM&A spurs green technology innovation, eases financial constraints, and elevates corporate environmental awareness, thus mitigating environmental pollution. Additionally, the positive impact of GM&A on CER is particularly pronounced in regions with high market liberalization and firms with substantial social capital. These findings offer valuable insights for policymakers crafting GM&A policies to raise environmental quality and contribute to the literature on the relationship between GM&A and CER.
期刊介绍：
Economic Analysis and Policy (established 1970) publishes articles from all branches of economics with a particular focus on research, theoretical and applied, which has strong policy relevance. The journal also publishes survey articles and empirical replications on key policy issues. Authors are expected to highlight the main insights in a non-technical introduction and in the conclusion.
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