How does digital transformation drive green technology M&A under the carbon cap and trade policy?

IF 10.1 1区社会学 Q1 SOCIAL ISSUES

Technology in Society Pub Date : 2025-03-05 DOI:10.1016/j.techsoc.2025.102868

Bo Wang , Siyu Gong

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Abstract

Green technology mergers and acquisitions (GTMA) is a key strategic choice for enterprises' green transformation. But due to difficulties in evaluation, complex post-merger integration, and challenging compliance and risk management, enterprises need two prerequisites before implementation: opportunities and solutions. Among these, the carbon cap and trade policy (CCTP) provides businesses with economic opportunities to explore added value from green technologies. Digital transformation (DT), on the other hand, offers solutions by integrating internal resource management and increasing information transparency. However, the existing literatures overlook the necessity of this complex perspective in the implementation of GTMA strategy. Thus, based on institutional theory and Resource Based View, this paper takes Chinese listed enterprises’ GTMA practices from 2009 to 2021, uses difference-in-differences and moderating variable methods to explore: whether CCTP offers opportunities for GTMA and if DT can solve GTMA problems and its mechanism. Findings show CCTP and DT are prerequisites driving GTMA, and their synergy is crucial. DT-empowered internal control and environmental information disclosure are vital to overcome GTMA challenges. Also, this prerequisite combination is affected by enterprise scale, state-owned, and R&D capabilities.

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来源期刊

Technology in Society Multiple-

CiteScore

17.90

自引率

14.10%

发文量

316

审稿时长

60 days

期刊介绍： Technology in Society is a global journal dedicated to fostering discourse at the crossroads of technological change and the social, economic, business, and philosophical transformation of our world. The journal aims to provide scholarly contributions that empower decision-makers to thoughtfully and intentionally navigate the decisions shaping this dynamic landscape. A common thread across these fields is the role of technology in society, influencing economic, political, and cultural dynamics. Scholarly work in Technology in Society delves into the social forces shaping technological decisions and the societal choices regarding technology use. This encompasses scholarly and theoretical approaches (history and philosophy of science and technology, technology forecasting, economic growth, and policy, ethics), applied approaches (business innovation, technology management, legal and engineering), and developmental perspectives (technology transfer, technology assessment, and economic development). Detailed information about the journal's aims and scope on specific topics can be found in Technology in Society Briefings, accessible via our Special Issues and Article Collections.