The impact of green M&A on source control and end-of-pipe treatment of heavy pollution listed enterprises
HAO Xiwei
PEI Xudong
DONG Zhonghui
CHEN Tuoyu
Abstract：Using content analysis to collect a dataset of green M&A of heavily polluting listed firms in Shenzhen and Shanghai between 2012 and 2020,our study investigates how green M&A contributes to green technology innovation from the dual legitimacy theory.The findings suggest that green M&A not only promotes end-of-pipe treatment green technology innovation but also has a significant positive impact on source control green technology innovation,proving its dual legitimacy.Moreover,corporate social responsibility positively moderates the relationship between green M&A and source control green technology innovation,but the relationship between green M&A and end-of-pipe treatment green technology innovation does not significantly moderate it.And the proportion of independent directors positively moderates the relationship between green M&A and green technology innovation source control but the moderating effect of independent directors on the relationship between green M&A and green technology innovation end-of-pipe treatment is not significant.These conclusions still hold after conducting roloustness and endogeneity tests for the propensity score matching method and the drawdown treatment.In additional analysis results,we find that the positive effect of green M&A on source control green technology innovation is more pronounced in heavily polluting enterprises with high production chain location and in the growth stage.
Keywords：green M&Asource controlend-of-pipe treatmentdual legitimacypropensity score matching
Publication Date：2025-03-28
Online Publishing Date：2025-08-15(First online date of this platform, not the publication date of the document)
Pages：9( 149-157 )