文献类型：期刊文献

英文题名：The Catering Effect of Green Mergers and Acquisitions in Heavy Pollution Industries

作者：Liu, Guangrui[1];Wu, Qianqian[1];Zhou, Hongyong[1];Wang, Yunsong[1]

机构：[1]Shaoxing Univ, Business Sch, Shaoxing, Zhejiang, Peoples R China

年份：0

外文期刊名：EMERGING MARKETS FINANCE AND TRADE

收录：SSCI(收录号：WOS:000904726300001)、、Scopus(收录号：2-s2.0-85145471706)、WOS

基金：The work was supported by the~the Soft Science Research Project from Department of Science and Technology in Zhejiang Province [GrantNo.2021C25014].

语种：英文

外文关键词：Investor preference; catering theory; Green M&A; heavily polluting firms

外文摘要：We examine the motivation for green mergers and acquisitions (green M&As) in heavily polluting firms by considering the relationship between investors' green M&A preferences and managerial decisions. Using data on green M&As conducted by heavily polluting firms in China for the 2008-2019 period, we construct an index of investors' green M&A preferences, and find that when investors give a higher (lower) premium to green M&As, heavily polluting firms prefer to implement (avoid) green M&As. The relationship is time-varying, consistent with the catering effect. Simultaneously, when compared with non-SOEs, SOEs have a stronger green M&A catering effect. Finally, we find that managers can use investor preference as a substitute for media supervision to promote green M&A of heavily polluting firms.