Impact of environmental regulation on M&As in the manufacturing sector

IF 5.5 3区 经济学 Q1 BUSINESS Journal of Environmental Economics and Management Pub Date : 2024-07-10 DOI:10.1016/j.jeem.2024.103038
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Abstract

We test the influence of environmental regulation (ER) on the location decision of cross-border Mergers and Acquisitions (M&As) for a large sample of countries, sectors, and years using a structural gravity model. Unlike other studies, our results confirm the pollution haven hypothesis according to which more stringent ER makes countries less attractive to foreign investors planning to invest through M&As, compared with domestic investors. Policies that set quantitative limits on emissions have similar discouraging effects on cross-border investment to taxes on emissions. We find no evidence that the impact could be stronger in dirty sectors than in clean sectors. The impact of ER differs depending on country type according to their level of development, reflecting the fact that investments in developed countries and BRICS respond to different motivations. In emerging countries, lax ER could attract significantly more inward M&As. In developed countries, ER has a less discouraging effect.

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环境法规对制造业并购的影响
我们使用结构引力模型,对大量国家、行业和年份样本进行了环境监管(ER)对跨国并购(M&As)选址决策的影响测试。与其他研究不同的是,我们的研究结果证实了 "污染天堂假说",根据该假说,与国内投资者相比,更严格的环保政策会降低国家对计划通过并购进行投资的外国投资者的吸引力。设定排放数量限制的政策对跨境投资的抑制作用与排放税相似。我们没有发现证据表明对肮脏行业的影响比对清洁行业的影响更大。不同国家的发展水平不同,排放权的影响也不同,这反映了发达国家和金砖国家的投资动机不同。在新兴国家,宽松的企业减排可以吸引更多的外来投资。在发达国家,企业所得税的抑制作用较小。
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来源期刊
CiteScore
8.00
自引率
4.30%
发文量
91
期刊介绍: The Journal of Environmental Economics and Management publishes theoretical and empirical papers devoted to specific natural resources and environmental issues. For consideration, papers should (1) contain a substantial element embodying the linkage between economic systems and environmental and natural resources systems or (2) be of substantial importance in understanding the management and/or social control of the economy in its relations with the natural environment. Although the general orientation of the journal is toward economics, interdisciplinary papers by researchers in other fields of interest to resource and environmental economists will be welcomed.
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