How heavily polluting enterprises achieve sustainable development has become an urgent issue to be solved. Based on the data of Chinese heavily polluting listed enterprises during the period of 2010–2020, this paper adopts the probit method to examine how heterogeneous environmental regulations affect green merger and acquisition (GMA) decision, and propensity score matching and difference-in-differences method to explore innovation performance of GMA. The findings are as follows: (1) Command-and-control environmental regulation (CMCER) can promote GMA, while there exists a U-shaped relationship between market-based environmental regulation (MBER) and GMA; (2) from a dynamic perspective, it turns out that GMA can promote green innovation (GI) in the first and second post-acquisition year, but this effect disappears in the third year; (3) compared with CMCER, MBER has a more pronounced positive effect on the relationship between GMA and GI; (4) heterogeneous analysis indicates that the above GMA performance is more persistent when the acquirer is state-owned, with high media attention, with high internal control or engages in vertical GMA. The findings further enrich the literature on GMA driver and performance and provide references for optimizing ER policies and promoting corporate sustainable development.
As environmental protection changes from a purely social benefit to a social benefit mixed with an economic gain, the marketing strategy practice of corporate greenwashing is starting to become a popular research topic. However, the total number of existing review articles on greenwashing research is relatively small, and there are deficiencies in quantitative research and generalizability, scientificity and systematization. This paper attempts to bridge these gaps by combining systems theory with bibliometrics and using visualization techniques to analyze the evolution of knowledge structures and hotspots in greenwashing. Based on this, this paper takes the literature on greenwashing in the Web of Science core set database from 2004–2022 as a research sample and uses CiteSpace 5.8.R3 to conduct a descriptive statistical analysis and carve a visual map to reveal the evolution pattern of research in the field of greenwashing in a comprehensive and systematic way. The findings show that greenwashing research is prevalent in developed countries and continues to attract more scholars globally, focusing on the interpretation of greenwashing definitions and concepts, influencing factors, consequences and governance models. Finally, this paper introduces the system governance theory and improves organizational isomorphism theory to further generalize the existing research framework on greenwashing and provides an outlook on the future direction of greenwashing research from three perspectives: greening screening research, impact research and governance research.
Unabsorbed slack resources are critical for organizational innovation, but research concerning the relationship between unabsorbed slack and corporate innovation has resulted in controversial findings. Using the data of all A-shared listed companies in China from 2011 to 2018, this paper examines the influence of unabsorbed slack resources on enterprise innovation. First, the paper verifies that there is an inverted U-shaped relationship between unabsorbed slack resources and R&D investment and innovation output. Following that, empirical findings show that environmental uncertainty and managerial ability have a negative incentive effect on the relationship between unabsorbed slack resources and enterprise innovation. Finally, the results of mechanism testing reveal that unabsorbed slack resources affect the enterprise innovation through two channels: resource effect and agency cost.
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