Source reduction strategy or end-of-pipe solution? The impact of green merger and acquisition on environmental investment strategy of Chinese heavily polluting enterprises

Sun, Ziyuan; Sun, Xiao; Wang, Wei; Wang, Wenjiao

doi:10.1016/j.jclepro.2023.137530

Cited by 9 publications

(4 citation statements)

References 52 publications

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“…This enables them to transmit internal signals of their environmental performance to the market (Zhang et al, 2022a). Through green mergers and acquisitions, acquiring companies can enhance their green reputation and improve their environmental performance (Sun et al, 2023b), thereby encouraging environmentally responsible firms to disclose detailed and high-quality environmental information (Lemma et al, 2019;Li et al, 2021).…”

Section: Research Hypothesesmentioning

confidence: 99%

“…Firstly, this study extends the study of green M&A on the quality of corporate environmental information disclosure. Previous studies focused more on the impact of green mergers and acquisitions on environmental protection investment, and there were inconsistent research conclusions (Lu, 2021;Sun et al, 2023b;Zhao et al, 2021), the reason is that the quality of environmental information disclosure is not considered. Exploring how green mergers and acquisitions affect the quality of environmental information disclosure can provide new evidence for the above debate.…”

Section: Theoretical Implicationsmentioning

confidence: 99%

“…Some studies have found that green mergers and acquisitions are a sincere response by companies and can reduce environmental violations, promoting green innovation (Liang et al, 2022a(Liang et al, , 2022bSun et al, 2023a;Zhao et al, 2021), significantly improving the level of corporate green management. After green mergers and acquisitions, companies experience enhanced financing capabilities, increased government subsidies, and heightened public monitoring awareness, leading to increased environmental investment, utilization of green environmental technologies, construction of a green corporate image, and maintenance of a green reputation (Bai et al, 2019;Chun & Davies, 2010;Salahodjaev, 2018;Sun et al, 2023b;Tian & Lin, 2019). However, other literature points out that green mergers and acquisitions can increase merger and management costs, inhibiting environmental investment (Lu, 2021) and exerting a negative impact on the level of environmental management.…”

Section: Introductionmentioning

confidence: 99%

See 2 more Smart Citations

Research on the impact of green mergers and acquisitions of heavily polluting enterprises on the quality of environmental information disclosure: empirical evidence from listed companies in China

He,

Wei,

2024

Environ Dev Sustain

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Green mergers and acquisitions are an important means for heavily polluting enterprises to achieve green transformation. Previous studies have yielded inconsistent conclusions regarding the relationship between green mergers and acquisitions and the level of corporate environmental management, possibly due to the omission of considering the quality of corporate environmental information disclosure. Therefore, based on a sample of 908 observations of heavily polluting listed companies on the A-share market of Shanghai and Shenzhen from 2010 to 2019, Utilizing a fixed-effects model, this study empirically examines the relationship between green mergers and acquisitions and the quality of environmental information disclosure and further explores the boundary effects of government environmental regulation and property rights on this relationship. The results show that green mergers and acquisitions of heavily polluting enterprises have a significantly positive impact on the environmental information disclosure quality of acquiring firms, and government environmental regulation positively moderates the relationship between green mergers and acquisitions and environmental information disclosure quality. Through subgroup analysis based on different property rights, it is found that compared to non-state-owned enterprises, state-owned enterprises exhibit a stronger positive relationship between green mergers and acquisitions and the quality of environmental information disclosure. This study has further enriched the relevant literature on green M&A and environmental information disclosure, provided new ideas for heavy polluting enterprises to achieve green transformation, and provided a reference for the government and enterprises to take countermeasures and suggestions.

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Section: Research Hypothesesmentioning

confidence: 99%

Section: Theoretical Implicationsmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

See 1 more Smart Citation

Research on the impact of green mergers and acquisitions of heavily polluting enterprises on the quality of environmental information disclosure: empirical evidence from listed companies in China

He,

Wei,

2024

Environ Dev Sustain

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“…The end-of-pipe (EOP) treatment and cleaner production (CP) are two effective strategies to reduce pollution emissions . The EOP treatment, a “pollute first, treat later” approach, is employed to solve existing environmental pollution problems and often exhibits increased short-term costs. , CP requires controlling the generation of pollution at the source, which forces the development of degradable plastics to replace existing plastics . However, limited by the multiplicity of plastic application scenarios and the shortcomings of existing technologies, it is difficult to block and control plastic pollution at the source completely.…”

Section: Introductionmentioning

confidence: 99%

Photocatalysis toward Microplastics Conversion: A Critical Review

Zhou,

Xu,

Song

et al. 2024

ACS Catal.

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Microplastics (MPs, particle size < 5 mm) have become increasingly ubiquitous on Earth due to the cleavage and degradation of the heavy use of plastics. MPs have recently been reported to be detected in human blood, alveoli, breast milk, embryos, and other organs, raising concerns about their environmental risks. Photocatalysis has been identified as a potential means for MPs conversion, which utilizes solar energy to stimulate a semiconductor photocatalyst. However, the study of photocatalytic conversion of MPs is still in the incubation period. This review overviews the current state-of-the-art technologies for MPs conversion. Then, the fundamental principles, challenges, analytical techniques, and evaluation indexes of photocatalytic MPs reforming are highlighted. We have systematically summarized the recent advances in the photocatalytic conversion of MPs and identified the key factors influencing photocatalytic performance. Finally, we propose some perspectives for developing efficient photocatalytic systems for reforming MPs. This review will provide a guideline for developing and applying photocatalytic technology for reforming MPs, which will significantly contribute to developing this emerging research field.

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Can green technology mergers and acquisitions enhance sustainable development? Evidence from ESG ratings

Zhang,

Sun,

Sheng

et al. 2024

Sustainable Development

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In order to better understand the impact of green technology mergers and acquisitions (GTMA) on sustainable development, the difference‐in‐differences model is applied to investigate the direct impact and underlying mechanisms of GTMA on the environment, society, and governance (ESG) in China. Additionally, we established a two‐dimensional framework of “market versus government” to analyze the heterogeneity. The results show that: (1) GTMA is positively aligned with greater ESG performance, indicating that GTMA is an effective way to enhance sustainable development. (2) GTMA fosters ESG performance by boosting green subsidies (i.e., signal transmission channel), lowering financing costs (i.e., impression management channel), and enhancing green innovation (i.e., technology synergy channel). (3) The positive relationship is largely dependent on the collaborative supervision environment (i.e., “strong” market and “strong” government) and the appropriate policy environment (i.e., “big” market and “small” government). (4) Furthermore, GTMA carries significant spillover effects, with other enterprises in the same industry improving their ESG performance. Additionally, this paper proposes targeted directions for the government and enterprises to take advantage of GTMA dividends to realize superior ESG performance.

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Source reduction strategy or end-of-pipe solution? The impact of green merger and acquisition on environmental investment strategy of Chinese heavily polluting enterprises

Cited by 9 publications

References 52 publications

Research on the impact of green mergers and acquisitions of heavily polluting enterprises on the quality of environmental information disclosure: empirical evidence from listed companies in China

Research on the impact of green mergers and acquisitions of heavily polluting enterprises on the quality of environmental information disclosure: empirical evidence from listed companies in China

Photocatalysis toward Microplastics Conversion: A Critical Review

Can green technology mergers and acquisitions enhance sustainable development? Evidence from ESG ratings

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