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Impact of carbon emissions, renewable and non-renewable energy consumption on inbound cross-border mergers and acquisition’s investment inflow

Author

Listed:
  • Chandrika Raghavendra

    (Great Lakes Institute of Management)

  • Rampilla Mahesh

    (Amrita Vishwa Vidyapeetham)

  • Muhammad Kamran Khan

    (Bahria University)

  • Vishal Dagar

    (Great Lakes Institute of Management
    Great Lakes Institute of Management)

  • Sanjeet Singh

    (Indian Institute of Management Lucknow)

  • Rafael Alvarado

    (Universidad Espritu Santo)

Abstract

We investigate the impact of carbon emission, renewable, and non-renewable energy consumption of countries on India’s inbound cross-border mergers and acquisitions volume by using 769 country-pair-year observations gathered from Thomson Reuters EIKON database covering the study period from 1990 to 2020. The Tobit regression model results indicate that India is attracting lesser emitting countries; however, acquirers find it unattractive to invest through cross-border mergers and acquisitions as emission increases. Moreover, when countries’ renewable energy consumption is high, India receives less cross-border mergers and acquisitions volume. Furthermore, the non-renewable energy consumption of the India makes it attractive for cross-border mergers and acquisitions. This indicates that India is attracting lesser carbon-emitting countries to invest more through cross-border mergers and acquisitions and is potentially a pollution haven for countries looking for migration of carbon emissions, high renewable and non-renewable-energy consumption. We urge the policymakers and economists to strengthen the foreign direct investment policies to avoid culprit multinationals entering India to migrate carbon risk.

Suggested Citation

  • Chandrika Raghavendra & Rampilla Mahesh & Muhammad Kamran Khan & Vishal Dagar & Sanjeet Singh & Rafael Alvarado, 2025. "Impact of carbon emissions, renewable and non-renewable energy consumption on inbound cross-border mergers and acquisition’s investment inflow," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 27(6), pages 14123-14142, June.
    • Handle: RePEc:spr:endesu:v:27:y:2025:i:6:d:10.1007_s10668-024-04511-x
    DOI: 10.1007/s10668-024-04511-x
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