资源型产业并购的决定因素:环境可持续性的作用?

IF 0.7 Q3 ECONOMICS Review of Economic Analysis Pub Date : 2016-03-24 DOI:10.15353/rea.v7i2.1417
R. León-González, L. Tole
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引用次数: 8

摘要

本文研究了高污染资源型产业中环境严格程度与并购活动之间的关系。具体来说,它试图确定买家的目标是与本国环境严格程度相同还是不同的国家,即全球采矿业中是否存在污染避风港。与以往大多数研究使用的总投资不同,我们分析的是个人投资选择的数据集。我们建立了国家选择和共同投资金额的模型,因为这两个变量可能是相关的。采用随机参数多项Logit模型对国家的选择进行建模。我们使用了迄今为止尚未分析过的数据集,这些数据集是1994年至2006年间全球采矿业所有已完成的并购所支付的价值。我们没有发现该行业存在污染避风港的证据。如果有的话,来自环境严格程度高的国家的买家更有可能在环境严格程度相似的国家投资,并且比在环境不那么严格的国家投资更多。
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The Determinants of Mergers & Acquisitions in a Resource-Based Industry: What Role for Environmental Sustainability?
This paper examines the relationship between environmental stringency and mergers and acquisitions (M&A) activity in a highly polluting, resource-based industry. Specifically, it seeks to determine whether buyers are targeting countries with the same or different levels of environmental stringency than in their own country, i.e. whether pollution havens exist in the global mining industry. Rather than aggregate investment, which has been used by most previous studies, we analyze a dataset of individual investment choices. We model the choice of country and the amount invested jointly as the two variables are likely to be correlated. The choice of country is modeled using a random parameters multinomial Logit model. We use a hitherto unanalyzed data set of the value paid for all completed M&A in the mining industry worldwide between 1994 and 2006. We find no evidence of pollution havens in this industry. If anything, buyers from countries with high levels of environmental stringency are more likely to invest in countries with a similar level of environmental stringency and make larger investments in them than in less environmentally stringent countries.
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来源期刊
CiteScore
1.10
自引率
0.00%
发文量
10
审稿时长
26 weeks
期刊最新文献
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