Regional air pollution has a significant impact on the behavior of market players in the region,including corporate decision-making.The introduction of policies such as"peak carbon dioxide emission"and"carbon neutralization"is beneficial for the control of air pollution,promoting the green transformation and upgrading of companies.Green mergers and acquisitions(GM&As)are considered to be an important approach to facilitate the green transformation of companies.This study examines the impact of air pollution on GM&As of polluting companies by analyzing a sample of M&As initiated by polluting companies listed on Chinese A-shares between 2013 and 2018.Through collection,sorting,and determination of GM&A samples,empirical analysis is conducted to investigate the relationship between air pollution and GM&As.The findings reveal that increased regional air pollution leads to a greater inclination of polluting companies to engage in GM&As.Furthermore,the study explores the underlying motiva-tions behind corporate GM&As by examining changes in corporate information disclosure quality and social responsibility before and after mergers and acquisitions.It is discovered that GM&As undertaken by polluting companies in regions with worsening air pollu-tion are driven by"pressure"and"instrumentalism"rather than independent"motivation"for green transformation and develop-ment.The study identifies two possible pathways through which regional air pollution influences GM&As:industry competition and financial constraints.In heterogeneity testing,the study demonstrates that the impact of regional air pollution on promoting GM&As of polluting companies is more significant in regions with higher degrees of marketization and among state-owned enterprises.
关键词
地区空气污染/绿色转型/公司并购/PM2.5
Key words
regional air pollution/green transition/corporate M&As/PM2.5
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