Acquiring startups in the energy sector: a study of firm value and environmental policy

Kwon, Oh-Heum; Lim, Sang‐Min; Lee, Dong Hoon

doi:10.1002/bse.2187

Cited by 31 publications

(14 citation statements)

References 52 publications

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“…Concerning firm-level determinants, M&As are used to generate scale and scope economies and to acquire various forms of assets -financial and physical capital, managerial and knowledge capabilities, technology, and market share (Burt and Limmack, 2003;Schweiger and Very, 2003;Fortune, 2005;Angwin, 2007;Kwon et al, 2018;Harrison et al, 1991). In addition, M&As are regarded as strongly strategic activities that economic actors implement to change, either directly or indirectly, competition, market power, and bargaining leverage along the value chains Anderson et al, 2013;Angwin, 2007;among others).…”

Section: J O U R N a L P R E -P R O O Fmentioning

confidence: 99%

“…Mergers and acquisitions (M&As hereafter) have been widely studied in the economic literature. Many scholars have focused on firm-level advantages or disadvantages originating from M&As (Burt and Limmack, 2003;Schweiger and Very, 2003;Fortune, 2005;Angwin, 2007;Kwon et al, 2018;Harrison et al, 1991, and so on), and other researchers have focused on the role of managers and other stakeholders in promoting or hampering biddings (Baumol, 1959;Anderson et al, 2013; and many more). The role of M&As in transforming the structure of a sector, however, has been less explored.…”

Section: Introductionmentioning

confidence: 99%

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Investigating the linkages between industrial policies and M&A dynamics: Evidence from China

Barbieri

Huang

et al. 2021

China Economic Review

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Section: J O U R N a L P R E -P R O O Fmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Investigating the linkages between industrial policies and M&A dynamics: Evidence from China

Barbieri

Huang

et al. 2021

China Economic Review

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show abstract

“…However, few studies address such problem, which motivates us extend traditional empirical studies by conducting propensity score matching (PSM). PSM method is recently widely used in the field of corporate management (Biswas, ; Chang & Shim, ; Hernandez‐Aguilera et al, ) as it is convinced that this method can effectively tackle the potential sample selection bias to make results more robust (Kwon, Lim, & Lee, ; Luo, Xiang, & Zhu, ). We believe this research problem is appropriate to be dealt with based on PSM in this unique setting.…”

Section: Introductionmentioning

confidence: 99%

Strategic stakeholder management, environmental corporate social responsibility engagement, and financial performance of stigmatized firms derived from Chinese special environmental policy

Jia

Wei

2019

Bus Strat Env

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We draw upon the stigma literature and strategic stakeholder management model to develop a framework capable of explaining the link between environmental corporate social responsibility (ECSR) engagement and financial performance of stigmatized firms, taking stakeholder-oriented governance and density of local stigmatized firms into consideration. Using a uniquely compiled dataset of Chinese firms specifically monitored by the Ministry of Environmental Protection of China, we conducted propensity score matching analysis to estimate the impact of stigma on corporate financial performance and corporate environmental responsibility. The result shows that the financial performance of stigmatized firms is negatively affected by the stigma label, spurring them to engage in more ECSR than their peers to improve their legitimacy. Though ECSR engagement of stigmatized firms is found to be negatively associated with their financial performance in current study. Our results also confirm that (a) the financial performance of stigmatized firms is positively affected by two proxies for corporate stakeholder-oriented governance (i.e., institutional ownership and corporate transparency) and negatively affected by the density of local stigmatized firms;(b) corporate stakeholder-oriented governance compensates for the negative effect of ECSR engagement; (c) high intensity of local stigmatized firms provides focal firms with an opportunity to improve their financial performance through ECSR engagement; and (d) the positive effects of corporate stakeholder-oriented governance are diminished by the density of local stigmatized firms. KEYWORDS density of local stigmatized firms, environmental CSR engagement, financial performance, propensity score matching, stakeholder-oriented governance, strategic stakeholder management

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“…To overcome the limitations of SIC codes, the classification of companies into industry clusters could be modified as for instance suggested by Papagiannidis et al (2018) who provide a big data approach based on a web mining technique. Also, the collaborations with startups might be analyzed (Kwon, Lim, & Lee, 2018). Thereby, the incomplete picture of the emerging business ecosystem can be extended by qualitative analyses of the industries' backgrounds and motivations for M&A activities.…”

Section: Discussionmentioning

confidence: 99%

Analyzing an emerging business ecosystem through M&A activities: The case of the Bioeconomy

et al. 2020

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Objectives The business ecosystem approach has been widely used in research to analyze the role of different actors such as companies and their interdependencies within a specific business environment. However, research dealing with an emerging business ecosystem, where single actors, industry, and market structures are not clearly specified and only gradually evolve, is limited so far. Especially in emerging interindustry business ecosystems, the timely identification of potentially new cooperating sectors is highly relevant, as hitherto separate industry structures might converge. Accordingly, this article adopts an industry perspective allowing for the identification of relevant industry sectors, their respective industry affiliation as well as the development of an emerging business ecosystem. Methods In doing so, we propose a conceptual framework for visualizing emerging business ecosystems by drawing upon Merger and Acquisition (M&A) data. While using the case of the highly interdisciplinary emerging Bioeconomy, first, the delineation of relevant Standard Industrial Classification codes, and second, the industry network analysis of M&A data contributes to the visualization of an emerging business ecosystem. Results In line with the definition of the Bioeconomy, keystone players as well as most important bridges between other sectors are the chemical and food industry. Conclusions The proposed framework can provide insight in the relevance of central industry sectors in forming an emerging interindustry business ecosystem, and it supports the anticipation of converging industries. Finally, it will help policy makers and managers in evaluating resource and knowledge flows across sectors involved within the business ecosystem and in depicting the status‐quo of an emerging business ecosystem.

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Acquiring startups in the energy sector: a study of firm value and environmental policy

Cited by 31 publications

References 52 publications

Investigating the linkages between industrial policies and M&A dynamics: Evidence from China

Investigating the linkages between industrial policies and M&A dynamics: Evidence from China

Strategic stakeholder management, environmental corporate social responsibility engagement, and financial performance of stigmatized firms derived from Chinese special environmental policy

Analyzing an emerging business ecosystem through M&A activities: The case of the Bioeconomy

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