业务
休克(循环)
并购
环境污染
环境法规
竞赛(生物学)
首都(建筑)
绿色创新
产业组织
货币经济学
经济
自然资源经济学
财务
环境保护
历史
内科学
生物
考古
医学
环境科学
生态学
作者
Jun Hu,Qi Fang,Huiying Wu
标识
DOI:10.1016/j.eneco.2023.107046
摘要
Taking China's Environmental Protection Tax Law, implemented in 2018, as an exogenous shock, this study investigates the effect of an environmental tax on firms' green transformation behaviors. Our baseline results show that this environmental tax policy has a positive impact on promoting highly polluting firms' green mergers and acquisitions (M&As). Heterogeneity analyses show that the effect of the environmental tax on green M&As is moderated by firm characteristics (state ownership, innovation capacity, and reputation), industry ones (competition and barriers to entry), and regional ones (legal system strength, environmental pollution severity, and pollution tax rates). Finally, we find that the capital market responds more positively to green M&As in highly polluting firms after the implementation of the environmental tax. This study has important policy implications, providing empirical evidence that may be useful for corporate green transformation.
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