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Environmental innovation and takeover performance

Tanveer Hussain, Tunyi Tunyi Abongeh Orcid Logo, Geofry Areneke

Business Strategy and the Environment

Swansea University Author: Tunyi Tunyi Abongeh Orcid Logo

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DOI (Published version): 10.1002/bse.3822

Abstract

Drawing from the resource-based view (RBV), we examine the effect of environmentalinnovation on mergers and acquisitions (M&As) announcement returns. Using aninternational sample of M&As for the period 2003 to 2021 and an event study methodology,we document that acquirers with higher environ...

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Published in: Business Strategy and the Environment
ISSN: 0964-4733 1099-0836
Published: Wiley 2024
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URI: https://cronfa.swan.ac.uk/Record/cronfa66468
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first_indexed 2024-05-19T08:50:25Z
last_indexed 2024-05-19T08:50:25Z
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spelling v2 66468 2024-05-19 Environmental innovation and takeover performance eefe2792c8eed5b49feede33981dfa53 0000-0002-5761-931X Tunyi Tunyi Abongeh Tunyi Tunyi Abongeh true false 2024-05-19 CBAE Drawing from the resource-based view (RBV), we examine the effect of environmentalinnovation on mergers and acquisitions (M&As) announcement returns. Using aninternational sample of M&As for the period 2003 to 2021 and an event study methodology,we document that acquirers with higher environmental innovation — innovativeacquirers — earn average deal announcement abnormal returns that are 0.10 to 0.50percentage points higher than those earned by their non-innovative counterparts. Theseresults are consistent across three important forms of environmental innovation (i.e.,product, process and organizational innovation) and are partly explained by the transferof environmental innovation from the acquirer to the target. We further find thatenvironmentally innovative acquirers are more likely to engage in majority control andcross-border acquisitions, thus emphasizing the transfer effect. Overall, we contributeto RBV by providing evidence that environmental innovation is a distinctive resource ordynamic capability that is transferable from bidders to targets in the takeover market. Journal Article Business Strategy and the Environment 0 Wiley 0964-4733 1099-0836 announcement returns, environmental innovation, international M&amp;As, resource based view 7 6 2024 2024-06-07 10.1002/bse.3822 COLLEGE NANME Management School COLLEGE CODE CBAE Swansea University SU Library paid the OA fee (TA Institutional Deal) 2024-06-12T15:34:51.3863135 2024-05-19T09:46:16.9943899 Faculty of Humanities and Social Sciences School of Management - Accounting and Finance Tanveer Hussain 1 Tunyi Tunyi Abongeh 0000-0002-5761-931X 2 Geofry Areneke 3 66468__30618__0625da3175a6466cba09f714f513a9b1.pdf 66468.VoR.pdf 2024-06-12T15:33:17.5730717 Output 2515842 application/pdf Version of Record true © 2024 The Author(s). This is an open access article under the terms of the Creative Commons Attribution License. true eng http://creativecommons.org/licenses/by/4.0/
title Environmental innovation and takeover performance
spellingShingle Environmental innovation and takeover performance
Tunyi Tunyi Abongeh
title_short Environmental innovation and takeover performance
title_full Environmental innovation and takeover performance
title_fullStr Environmental innovation and takeover performance
title_full_unstemmed Environmental innovation and takeover performance
title_sort Environmental innovation and takeover performance
author_id_str_mv eefe2792c8eed5b49feede33981dfa53
author_id_fullname_str_mv eefe2792c8eed5b49feede33981dfa53_***_Tunyi Tunyi Abongeh
author Tunyi Tunyi Abongeh
author2 Tanveer Hussain
Tunyi Tunyi Abongeh
Geofry Areneke
format Journal article
container_title Business Strategy and the Environment
container_volume 0
publishDate 2024
institution Swansea University
issn 0964-4733
1099-0836
doi_str_mv 10.1002/bse.3822
publisher Wiley
college_str Faculty of Humanities and Social Sciences
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hierarchy_top_id facultyofhumanitiesandsocialsciences
hierarchy_top_title Faculty of Humanities and Social Sciences
hierarchy_parent_id facultyofhumanitiesandsocialsciences
hierarchy_parent_title Faculty of Humanities and Social Sciences
department_str School of Management - Accounting and Finance{{{_:::_}}}Faculty of Humanities and Social Sciences{{{_:::_}}}School of Management - Accounting and Finance
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description Drawing from the resource-based view (RBV), we examine the effect of environmentalinnovation on mergers and acquisitions (M&As) announcement returns. Using aninternational sample of M&As for the period 2003 to 2021 and an event study methodology,we document that acquirers with higher environmental innovation — innovativeacquirers — earn average deal announcement abnormal returns that are 0.10 to 0.50percentage points higher than those earned by their non-innovative counterparts. Theseresults are consistent across three important forms of environmental innovation (i.e.,product, process and organizational innovation) and are partly explained by the transferof environmental innovation from the acquirer to the target. We further find thatenvironmentally innovative acquirers are more likely to engage in majority control andcross-border acquisitions, thus emphasizing the transfer effect. Overall, we contributeto RBV by providing evidence that environmental innovation is a distinctive resource ordynamic capability that is transferable from bidders to targets in the takeover market.
published_date 2024-06-07T15:34:50Z
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score 11.012678

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