The Pollution Effects of Mergers and Acquisitions: Asymmetry, Disaggregation, and Multilateralism
AbstractThis paper studies the impact of cross-border Mergers and Acquisitions (M&As) on Carbon Dioxide emissions. Carbon Dioxide is the main anthropogenic greenhouse gas. A global problem that requires a multilateral solution. To take this into account we introduce an institutional variable, which captures the degree of international commitment to decrease and control the degradation of the environment. We test three hypotheses and find: (i) Asymmetry: the development level of the target country determines the direction of the effect of M&As on CO2 emissions; (ii) Sector-specific impact: pollution intensive sectors have an impact on CO2 emissions, whereas other sectors do not; (iii) Multilateralism: multilateral agreements are important to reduce CO2 emissions.
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Bibliographic InfoPaper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 11-073/2.
Date of creation: 28 Apr 2011
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Web page: http://www.tinbergen.nl
Carbon Dioxide Emission; Mergers and Acquisitions; Foreign Direct Investment; Institution; Environment;
Find related papers by JEL classification:
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- Q55 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Technological Innovation
- Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
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