揭露“漂绿”趋势：数字驱动的并购对中国上市公司的奇特影响

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2025-08-01 DOI:10.1016/j.ribaf.2025.103140

Jinhua Xu, Zhehui Cai, Xiaoxia Li

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引用次数: 0

摘要

“洗绿”对企业的绿色转型和更广泛的社会可持续发展努力构成了重大挑战。本研究运用多期差异中的差异模型，考察了数字驱动型并购在遏制企业漂绿行为中的治理作用。我们的研究结果表明，数字驱动的M&；As显著减少了绿色清洗。机制分析表明，这些效应通过数字竞争力、改进的公司治理和提高的透明度来中介。此外，在国有企业和高污染行业中，数字化驱动的并购对“漂绿”的影响尤为明显。媒体监督和区域数字经济发展进一步放大了数字驱动的管理在遏制“漂绿”方面的有效性。本研究为促进数字投资和加强漂绿治理提供了理论贡献和实践政策建议。

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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Unveiling greenwashing trends: The curious effect of digital-driven M&As among listed Chinese firms

Greenwashing poses a significant challenge to corporate green transformation and broader societal sustainability efforts. This study examines the governance role of digital-driven mergers and acquisitions (M&As) in curbing corporate greenwashing behavior, using the multi-period difference-in-differences model. Our findings indicate that digital-driven M&As significantly reduce greenwashing. The mechanism analysis reveals that these effects are mediated through digital competitiveness, improved corporate governance, and enhanced transparency. Additionally, the impact of digital-driven M&As on greenwashing is particularly pronounced in state-owned enterprises (SOEs) and those operating in highly polluting industries. Media oversight and regional digital economy development further amplify the effectiveness of digital-driven M&As in constraining greenwashing. This study offers theoretical contributions and practical policy recommendations for promoting digital investment and enhancing greenwashing governance.

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来源期刊

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance