Greenwashing M&A,Green Technology Innovation Investment,and the Low Carbon Transformation of Heavy Polluters
The proliferation of corporate greenwashing behavior has become an important obstacle to the low-carbon transition of heavily polluting enterprises.Based on the merger and acquisition(M&A)events carried out by heavily polluting enterprises from 2005 to 2021,the study explores the impact of greenwashing M&A on enterprises'low-carbon transitions and the mediating mechanism for this effect.The study finds that greenwashing M&As significantly inhibit the low-carbon transition of heavy polluters,and the mechanism test shows that greenwashing M&As by heavy polluters reduce investment in green technology innovation,hindering the low-carbon transition.Further,the hindering effect of greenwashing M&As on low-carbon transition is more significant when heavily polluting firms have industrial policy support,while the hindering effect on low-carbon transition is attenuated in heavily polluting firms where the CEO has overseas experience and there are negative media reports.The findings enrich the research related to greenwashing M&As and the low-carbon transition of heavily polluting enterprises,providing a reference for policymakers on how heavily polluting enterprises can promote low-carbon transition in the context of low-carbon globalization.
万方数据
维普
