Time/时间：11月11日（周五） 上午10:00-11:30
Topic/题目：Green Innovation and a Firm’s Acquisitive Behavior: Evidence from China
Venue/地点：Room 501, Jiageng Building 2/嘉庚二号楼501教室
Online Conference ID/腾讯会议号：752-201-215
Speaker/报告人：刘婷
Facilitator/主持人：王荔红教授
Abstract/摘要：Using a sample of Chinese listed firms from 2011 to 2020, this paper examines the relation between green innovation and firms’ M&A behaviors. We find that Chinese listed firms with a higher level of green innovation are more likely to initiate M&As and pursue more as well as larger-sized M&As. Besides, green innovation is positively associated with the firm’s stock performance after M&As. In addition, we further observe that green innovation exerts a positive impact on firms’ M&A activities through the channel of an improved corporate social responsibility. Finally, acquirers with a higher level of green innovation tend to make acquisitions with a smaller bid premium. Our findings are robust to the instrumental variable approach, Heckman regressions and alternative proxies for green innovation.
About the Speaker/报告人简介：Ting Liu is a PHD in Accounting at the Institute for Financial and Accounting Studies in Xiamen University. Her research interests include corporate governance and corporate social responsibility.