【讲座题目】Legitimacy, green M&A, and risk-taking: Evidence from China’s heavy polluters

【时间】2019年4月17日（周三）10：00-11：30

【地点】后主楼1722会议室

【主讲人】澳大利亚南澳大学  徐磊博士

【摘要】

Green merger and acquisition (M&A) activities may help heavy polluters improve their regulatory and organizational legitimacy. Adopting a proprietary 2008–2013 dataset, we examine the impact of green M&A on China’s heavy polluting firms. We find that green M&A provides heavy polluters both legitimacy and risk-taking incentives. Improved legitimacy helps heavy polluters to access more resources, alleviate financing constraints, and reduce tax liabilities. These effects are positively related to state ownership and government intervention in the M&A process. Our findings support the Porter hypothesis and have policy implications for the green management of heavy polluters in emerging markets. Keywords: legitimacy, green M&A, heavy polluter, risk-taking, state ownership, government intervention

【主讲人简介】

Dr. Lei Xu is a Senior Lecturer in Finance at the School of Commerce. Prior to joining the University of South Australia in 2013, he worked as a Lecturer in Finance at the University of Adelaide and for years at the banking sector in China. His recent research has been focused on both theoretical and empirical examination of China’s emerging financial issues in key industries.  His research has been published in premier international and national journals. He is now a member of the Research Integrity Committee at UniSA, Executive of the Association of Overseas Chinese Professionals in South Australia and a Justice of Peace for South Australia.