The effect of green mergers and acquisitions on the green transformation of heavily polluting enterprises: empirical evidence from China

Data Science and Management Pub Date : 2025-01-21 DOI:10.1016/j.dsm.2025.01.001

Jingmei Ma, Zhiqing Li, Zile Guo

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Abstract

Against the backdrop of increasingly prominent global environmental issues, heavily polluting enterprises (HPPs) urgently need to find a path to green transformation that achieves sustainable development and overcomes efficiency challenges. Based on data on mergers and acquisitions of HPPs from 2010 to 2023, this article explores the direct impact and mechanisms of green mergers and acquisitions (GMAs) on enterprises green transformation. Research findings are as follows: (1) GMAs significantly promote the green transformation of HPPs, a conclusion that is robust across various tests. (2) Internal control and green innovation quality serve as partial and chain mediators, respectively, in the relationship between GMAs and the green transformation of HPPs. (3) Media pressure negatively affects the impact of GMAs on internal control. (4) The heterogeneity analysis shows that the GMAs of enterprises in the eastern region, non-state-owned enterprises, large enterprises, and enterprises in the electricity, heat, gas, and water production and supply industries have a more obvious impact on green transformation. These findings elucidate the mechanisms through which GMAs drive the green transformation of HPPs and offer empirical insights into supporting the sustainable development of such enterprises in China.

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绿色并购对重污染企业绿色转型的影响：来自中国的经验证据

在全球环境问题日益突出的背景下，重污染企业迫切需要找到一条实现可持续发展、克服效率挑战的绿色转型之路。本文基于2010 - 2023年水电企业并购数据，探讨了绿色并购对企业绿色转型的直接影响及其机制。研究发现：(1)GMAs显著促进了HPPs的绿色转型，这一结论在各种测试中都是稳健的。(2)内部控制和绿色创新质量在GMAs与HPPs绿色转型的关系中分别起到部分中介作用和链式中介作用。(3)媒体压力负向影响gma对内部控制的影响。(4)异质性分析表明，东部地区企业、非国有企业、大型企业和电、热、气、水生产供应行业企业的gma对绿色转型的影响更为明显。这些发现阐明了GMAs驱动HPPs绿色转型的机制，并为支持中国HPPs企业的可持续发展提供了实证见解。

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

Data Science and Management

CiteScore

7.50

自引率

0.00%

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