M&amp;A activity as a driver for better ESG performance

Barros, Victor; Matos, Pedro; Vieira, Pedro Rino

doi:10.1016/j.techfore.2021.121338

Cited by 71 publications

(50 citation statements)

References 67 publications

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“…This study mainly uses the ESG rating from 2011 to 2020 from the Sino‐Securities Index Information Service 4 as the explained variable for two main reasons. On the one hand, although several international institutions have conducted ratings based on corporate ESG information disclosure (Tang et al, 2022), such as Refinitiv Asset4 (Arora et al, 2022; Barros et al, 2022; Martins, 2022), MSCI (Lioui & Tarelli, 2022; Singh, 2022), and Bloomberg (Huang et al, 2022; Zhang et al, 2021), they are relatively poorly matched with China's domestic development and market characteristics. In response, China's Sino‐Securities Index Information Service launched ESG ratings in line with the characteristics of the Chinese market, which have been cited in numerous studies (Li, Hu, & Hong, 2022; Li, Zhang, & Zhao, 2022).…”

Section: Methodology and Datamentioning

confidence: 99%

“…For example, ESG disclosure can be used as a basis for investments in uncertain times (Singh, 2022), improve information efficiency, and reduce company‐specific risks (He, Qin, et al, 2022). Other studies explore the factors influencing ESG disclosure, including M&A transactions (Barros et al, 2022), natural disasters (Huang et al, 2022), and corporate competition (Martins, 2022). Moreover, other studies pay substantial attention to the impact of green financial activities on companies with different ESG performance.…”

Section: Introductionmentioning

confidence: 99%

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Local green finance policies and corporate ESG performance

2023

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Based on China's government‐business relations theory, we use difference‐in‐differences and causal forest to find that local green finance policies can significantly enhance corporate ESG performance especially for nonstate‐owned companies, companies with high levels of executive social capital, non‐heavily polluting companies, and companies in developed regions. We also find that the corporate financing constraint mitigation effect and the regional environmental regulation effect of local green finance policies are important mechanisms for promoting corporate ESG performance. Additionally, local green finance policies can strengthen the positive role of corporate ESG performance in enhancing corporate value, which is conducive to corporate sustainability.

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Section: Methodology and Datamentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Local green finance policies and corporate ESG performance

2023

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“…If a firm attaches importance to social welfare and environment protection to undertake social responsibility, it will choose a strategy of developing green innovation. Environmental, social, and corporate governance (ESG) is tightly associated with corporate social responsibility (CSR) (Huang et al, 2022), which reflects corporate ethic and actions on three points (Barros et al, 2022), including environmental issue, social issue, and governance issue. A growing body of literature has investigated the influence of CSR or ESG on green innovation (Tang et al, 2022), such as Lins et al (2017) and Mbanyele et al (2022).…”

Section: Introductionmentioning

confidence: 99%

Does environmental, social, and governance performance move together with corporate green innovation in China?

et al. 2022

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This research investigates the bidirectional cointegration relationship between environmental, social, and governance (ESG) performance and corporate green innovation with a panel of 770 Chinese listed firms during the 2011-2020. We find that there exists a long-run bidirectional comovement between ESG performance and corporate green innovation output. ESG performance exerts a short-run and long-run causal link with green innovation output. The panel cointegration test and VECM estimation also support that ESG performance moves together with green innovation output for clean industries, while ESG performance only presents a long-run relationship to green invention patents output for pollution industries. Our findings offer important value for policymakers and enterprises to propose an effective strategy to stimulate green innovation and improve ESG score.

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“…We focus on multiple dimensions of SP, the most important of which are the three pillars: environmental, social, and governance. To our knowledge, this is the most recent development in the space of sustainability ratings (Barros et al, 2022;Vaupel et al, 2023). We use the China Securities ESG Rating Index to measure SP.…”

Section: Sustainability Performancementioning

confidence: 99%

The more the better? Service transition for shaping sustainable development in manufacturing firms and the role of top management team attributes

Huang

Hao

Chen

2023

Corp Soc Responsibility Env

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An increasing number of manufacturing firms are actively embracing service transition in pursuit of sustainable competitive advantage. However, the relationship between service transition and sustainability performance (SP) remains unclear. Drawing on resource‐based theory and resource orchestration theory, this study investigates the impact of service transition (i.e., product‐related and product‐unrelated service transition) on SP and examines the moderating role of the top management team (TMT) attributes (i.e., stability and faultlines). We conduct OLS and 2SLS analyses using a unique longitudinal dataset from 522 listed Chinese manufacturing firms. Empirical evidence indicates that the two dimensions of service transition have distinct effects on SP. Product‐related service transition positively impacts SP, whereas product‐unrelated service transition shows an inverted U‐shaped relationship with SP. In addition, TMT stability strengthens the impact of product‐related service transition on SP, whereas TMT faultlines flatten the inverted U‐shaped relationship between product‐unrelated service transition and SP. This study addresses the research inconsistency concerning the implications of service transition on SP by elucidating the heterogeneous effects of different types of service transition on SP and the boundary role of TMT attributes. These findings also help firms revisit their service strategies and their TMT membership structure to enhance sustainability practices.

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M&A activity as a driver for better ESG performance

Cited by 71 publications

References 67 publications

Local green finance policies and corporate ESG performance

Local green finance policies and corporate ESG performance

Does environmental, social, and governance performance move together with corporate green innovation in China?

The more the better? Service transition for shaping sustainable development in manufacturing firms and the role of top management team attributes

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