Green M&A, legitimacy, and risk-taking: evidence from China's heavy polluters
| Autor: | Ailing Pan, Lei Xu, Bin Li, Qian Wu, Ron McIver |
|---|---|
| Přispěvatelé: | Li, Bin, Xu, Lei, McIver, Ron, Wu, Qian, Pan, Ailing |
| Jazyk: | angličtina |
| Rok vydání: | 2020 |
| Předmět: |
050208 finance
Public economics Process (engineering) risk-taking 05 social sciences Economics Econometrics and Finance (miscellaneous) Porter hypothesis legitimacy heavy polluter green M&A government intervention State ownership Accounting Economic interventionism 0502 economics and business Business China Emerging markets Risk taking 050203 business & management Finance Legitimacy state ownership |
| Popis: | Green merger and acquisition (M&A) activities may improve heavy polluters' regulatory and organisational legitimacy, allowing greater access to resources and enhancing risk-taking capacity. Adopting a proprietary 2008-2013 data set,we examine outcomes from green M&A for China's heavy-polluting firms. We find that heavy polluters' green M&A is associated with greater risk-taking.Greater access to resources, and reduced financing constraints and tax liabilities suggest improved legitimacy. These effects are positively related to state ownership and government intervention in the M&A process. Our findings support the Porter hypothesis and have policy implications for green management of heavy polluters in emerging markets. Refereed/Peer-reviewed |
| Databáze: | OpenAIRE |
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