Gu, Yue; Xie, Wenwu; Qian, Xiaoxia; L , Jiamin
A icle
Pee e ec in me ge s and acquisi ions o g een
inno a ion
Jou nal o Inno a ion & Knowledge (JIK)
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Sugges ed Ci a ion: Gu, Yue; Xie, Wenwu; Qian, Xiaoxia; L , Jiamin (2025) : Pee e ec in me ge s and
acquisi ions o g een inno a ion, Jou nal o Inno a ion & Knowledge (JIK), ISSN 2444-569X, Else ie ,
Ams e dam, Vol. 10, Iss. 3, pp. 1-16,
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Pee e ec in me ge s and acquisi ions o g een inno a ion
Yue Gu
a,b
, Wenwu Xie
a,b
, Xiaoxia Qian
c
, Jiamin L
a,b,*
a
Ins i u e o Digi al Finance, Hangzhou Ci y Uni e si y, Hangzhou 310015, China
b
School o Business, Hangzhou Ci y Uni e si y, Hangzhou 310015, China
c
People’s Bank o China- Zhejiang B anch, Hangzhou 310001, China
ARTICLE INFO
JEL:
Q55
O30
G30
Keywo ds:
Pee e ec
Me ge and acquisi ion
G een inno a ion
ESG pe o mance
Manage ial abili y
En i onmen al policy
ABSTRACT
This pape in es iga es he exis ence and mode a ing mechanisms o he pee e ec in me ge s and acquisi ions
o g een inno a ion (GIM&As). Using Chinese GIM&A da a om 2010 o 2023, we ind ha he e is pee e ec
in GIM&As. In o he wo ds, a i m’s GIM&A decisions will be a ec ed by i s pee s’ GIM&As. Mo e impo an ly,
we unco e he no el mechanisms o a i m’s in e nal and ex e nal ac o s on he GIM&A pee e ec . As o
in e nal ac o s, a i m wi h highe ESG pe o mance ends o adop simila GIM&A s a egies as i s pee s because
i has mo e p essu e o main ain i s g een epu a ion o sus ain he compe i i e ad an age. Mo eo e , highe
manage ial abili y enables i ms o make decisions mo e independen ly, a he han blindly imi a ing hei pee s’
GIM&As wi hou conside ing hei own cha ac e is ics and long- e m de elopmen objec i es. As o ex e nal
ac o s, inc easing en i onmen al policies will weaken he GIM&A pee e ec among i ms by imp o ing in-
o ma ion su iciency. Meanwhile, he GIM&A pee e ec ha ms i ms’ business pe o mance because i may lead
i ms o ini ia e i a ional deals ha a e ei he beyond hei de elopmen al needs o unde aken wi hou
adequa e p epa a ion. Ou s udy p o ides con incing e idence and aluable ad ice o bo h i ms and policy-
make s and helps hem o educe i a ional imi a ions, hus be e achie ing he g een inno a ion goals.
In oduc ion
O e he pas ew decades, en i onmen al p o ec ion has gained
ex ensi e a en ion om bo h business and academic communi ies,
especially in de eloping coun ies whe e economic g ow h has o en
come a he expense o en i onmen al deg ada ion (Zhang e al., 2023;
Han e al., 2024). Fo ins ance, in China, he wo ld’s la ges de eloping
coun y and g eenhouse gas emi e , mo e and mo e i ms a e pu suing
g een inno a ion (Jia e al., 2024). One o he s a egies ha is
inc easingly being adop ed is he p ac ice o me ge s and acquisi ions
o g een inno a ion (GIM&As). Ou esea ch indica es ha he e-
quency o GIM&A ansac ions among China’s lis ed companies has seen
a s eady ise, culmina ing in 55 deals in 2023, up om jus h ee in
2010.
1
GIM&A e e s o a new ype o co po a e me ge s and acquisi ions
(M&A) ac i i y ocused on acqui ing ex e nal g een echnologies and
inc easing g een inno a ion capabili ies (Sal i e al., 2018; G. Liu e al.,
2023). I has been conside ed an e ec i e s a egy o companies,
especially hea ily pollu ing i ms, o mee egula o y equi emen s,
achie e g een ans o ma ions, and enhance hei en i onmen al image
(Lu, 2022; Zhang e al., 2024). These bene i s o GIM&A can p omo e a
i m’s g een inno a ion, b ing posi i e ma ke eac ions, and enhance i s
sus ainable de elopmen , which has become he mos ob ious mo i e
o i ms o conduc GIM&As (Sal i e al., 2018; Wei & Puja i, 2023).
Howe e , in a compe i i e ma ke wi h asymme ic in o ma ion, i is
no easy o a i m o make decisions wi hou being in luenced by i s
pee s (Liang e al., 2024). A g owing body o s udies has obse ed
anecdo al e idence o he pee e ec s in co po a e inance and in-
es men s, inno a ion, ax a oidance, e c., which means ha some i ms
imi a e he beha io o hei pee s when hey make decisions (Lea y &
Robe s, 2014; Bi d e al., 2018; Im e al., 2021; Becke e al., 2024).
Fu he mo e, despi e he boom in en i onmen al p o ec ion and
GIM&As globally, he e has been sca cely any heo e ical and empi ical
esea ch ha discusses he pee e ec in GIM&As. Only some pionee ing
s udies a emp o explo e he gene al M&A pee e ec s (Wan e al.,
2016; Wang, 2020; Gu e al., 2022) o pee e ec s in he o he co po a e
en i onmen al beha io s such as co po a e en i onmen al, social, and
go e nance (ESG) pe o mance, en i onmen al p o ec ion expendi u es
and g een inno a ion, e c. (Huang e al., 2023; Zhao & Wang, 2024; Xu
e al., 2024). A consensus has eme ged ha a ional imi a ion can
* Co esponding au ho .
E-mail add ess: [email p o ec ed] (J. L ).
1
See Sec ion 3.1 o de ailed in o ma ion abou GIM&A selec ion.
Con en s lis s a ailable a ScienceDi ec
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jou nal homepage: www.else ie .com/loca e/jik
h ps://doi.o g/10.1016/j.jik.2025.100734
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Jou nal o Inno a ion & Knowledge 10 (2025) 100734
A ailable online 22 May 2025
2444-569X/© 2025 The Au ho s. Published by Else ie España, S.L.U. on behal o Jou nal o Inno a ion & Knowledge. This is an open access a icle unde he CC
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p o ide he ocal i m wi h mo e in o ma ion (Tian e al., 2021) and help
i sa e cos s (Zhang, 2023), bu blind imi a ion wi hou ega d o he
i m’s own cha ac e is ics can also dec ease i s alue o e en esul in
subs an ial nega i e consequences o socie y (Ye e al., 2023; Zhao &
Wang, 2024).
Agains his backg ound, he e is signi ican alue in s udying he
pee e ec in GIM&As o hei heo e ical and p ac ical alue. Based on
da a om China be ween 2010 and 2023, his pape i s cons uc s a
GIM&A pee e ec es ing model o examine whe he indus y pee s’
GIM&As a ec he ocal i m’s GIM&A decisions. Then, i employs
mode a ion analysis, subg oup compa ison eg essions, and case s udies
o explo e how he ocal i m’s in e nal ESG pe o mance and manage-
ial abili y as well as ex e nal en i onmen al policies a ec he GIM&A
pee e ec . This pape also in es iga es he economic consequences o
he GIM&A pee e ec . The ollowing a e ou indings: (i) Pee i ms’
GIM&As will encou age he ocal i m’s GIM&A decisions, i.e., he e is
pee e ec in GIM&As. (ii) Highe ESG pe o mance pu s g ea e p es-
su e on he ocal i m o main ain i s g een epu a ion and sus ain i s
compe i i e ad an age. This makes he ocal i m mo e likely o adop
GIM&A s a egies simila o i s pee s. (iii) Be e managemen enables
i ms o make decisions mo e independen ly, a he han blindly
imi a ing hei pee s’ GIM&As wi hou conside ing hei own cha ac-
e is ics and long- e m de elopmen objec i es. (i ) An inc ease in he
numbe o en i onmen al policies will weaken he GIM&A pee e ec
among i ms by imp o ing in o ma ion su iciency. ( ) GIM&A pee
e ec has nega i e impac s on he ocal i m’s business pe o mance,
which is measu ed by he e u n on asse (ROA) one yea a e he
GIM&A.
This esea ch makes ou main con ibu ions: (i) To he bes o ou
knowledge, ou pape is he i s wo k o sys ema ically in es iga e he
pee e ec in GIM&As, and o explo e he unde lying mechanisms
d i ing his e ec . (ii) This pape examines no el mechanisms by
conside ing bo h in e nal (i.e., a i m’s ESG pe o mance and manage ial
abili y) and ex e nal ac o s (i.e., en i onmen al policies), which a e
c ucial o i ms’ g een inno a ion. In addi ion, i u he in es iga es
he nonlinea cha ac e is ics o hese mode a ing mechanisms h ough
mo e e ined subg oup eg ession analyses. (iii) Ins ead o elying on
ou da ed annual da a like p e ious li e a u e, his s udy u ilizes qua -
e ly da a om 2010 o 2023 o imp o e he imeliness, accu acy, and
obus ness o he indings. (i ) This pape p o ides a aluable e e ence
o bo h i ms and policymake s, o e ing insigh s in o he GIM&A pee
e ec and helping o educe i a ional imi a ions, hus be e achie ing
he g een inno a ion goals.
The emainde o his pape is o ganized as ollows. Sec ion 2 e-
iews he li e a u e and de elops ou main hypo heses. Sec ion 3 dis-
cusses he da a, a iables, and empi ical me hodology. Sec ion 4 es s
he ou hypo heses’ co ec ness h ough empi ical analysis and case
s udies. Sec ion 5 p esen s endogenei y es s and obus ness checks.
Sec ion 6 p o ides addi ional analysis. Sec ion 7 concludes he pape .
Li e a u e e iew and hypo heses de elopmen
Concep ualiza ion
Me ge s and acquisi ions o g een inno a ion (GIM&A) e e o a
new ype o co po a e M&A ocused on acqui ing ex e nal g een ech-
nologies and inc easing g een inno a ion capabili ies (Sal i e al., 2018;
H. Liu e al., 2023). GIM&A in eg a es en i onmen al and social e-
sponsibili y wi h business p ac ices, allowing companies, especially
hea ily pollu ing i ms, o mee egula o y equi emen s, achie e g een
ans o ma ions, and enhance hei en i onmen al image (Lu, 2021;
Zhang e al., 2024).
The pee e ec has been widely ecognized as a phenomenon whe e a
i m imi a es i s pee s o make ope a ional decisions such as inancing,
in es men , and inno a ion (Sace do e, 2011; Lea y & Robe s, 2014;
Gu e al., 2022). Besides, mos schola s de ine pee i ms as i ms in he
same indus y (Delgado e al., 2014; Seo, 2021; Liang e al., 2024) o
egion (Gao e al., 2021; Ma sumo o e al., 2022). They belie e ha
hese wo kinds o i ms ha e highe simila i ies and end o pay mo e
a en ion o o e en imi a e each o he due o he lea ning o compe ing
easons.
Rela ed li e a u e
A g owing body o s udies has been conduc ed on he pee e ec ,
mainly ocusing on h ee aspec s: exis ence o pee e ec , i s mode a ing
mechanisms, and economic consequences.
Rega ding he exis ence o pee e ec , he e is ex ensi e e idence o
he impo an ole o pee e ec s in d i ing co po a e inancial and in-
es men policies, inno a ion mo i a ion, ax a oidance, e c. (Lea y &
Robe s, 2014; Bi d e al., 2018; Im e al., 2021; Liang e al., 2024). Fo
ins ance, Lu e al. (2017) explo e he pee e ec in capi al s uc u e and
poin ou ha a i m’s capi al s uc u e will be a ec ed by i s pee s. Pa k
e al. (2017) iden i y he in luence o pee i ms’ in es men ac i i ies on
a i m’s own in es men s a egies, sugges ing ha he e is pee e ec in
i ms’ in es men decisions. Wang e al. (2023) also ind ha he pee s’
p oduc quali y in o ma ion disclosu e is posi i ely associa ed wi h he
i m’s p oduc quali y in o ma ion disclosu e. Howe e , hese s udies
usually use annual da a o explo e whe he pee i ms’ ac i i ies in he
pas yea would a ec a i m’s decision his yea , in which case he in-
o ma ion may ha e al eady been ou da ed.
Rega ding he mode a ing mechanisms o he pee e ec , se e al
ac o s such as epu a ional conce ns, in o ma ion condi ions, and
ma ke compe i ion con ibu e o he magni ude o pee e ec . As o he
epu a ional conce ns, Scha s ein and S ein’s (1990) epu a ion heo y
sugges s ha manage s conce ned abou hei epu a ion end o imi a e
hei pee s, a inding suppo ed by Lu e al. (2017), who show ha CEOs
aluing hei epu a ion ely mo e on pee s when adjus ing capi al
s uc u es. As o he in o ma ion condi ion, in o ma ion cascade heo y
highligh s he ole o in o ma ion asymme y in shaping i m beha io .
Vo e al. (2021) show ha pee e ec s in US i ms’ in es men ac i i ies
in ensi y unde poo in o ma ion condi ions, which is measu ed by he
economic policy unce ain y (EPU). Simila ly, Peng e al. (2021) ind
ha pee e ec s in inno a ion a e s onge when i ms ace g ea e in-
o ma ion cons ain s. Liang e al. (2024) a gue ha pee e ec s in
en i onmen al p o ec ion pe o mance a e la gely due o in o ma ion
cascades. As o ma ke compe i ion, esea che s p opose i al y heo y
and gene ally a gue ha inc eased compe i ion in an indus y makes
apid de elopmen mo e u gen , o en leading i ms o imi a e hei
pee s. Fo example, Aghamolla and Thako (2022) de elop a concen-
a ion index o calcula e ma ke compe i ion and decla e ha he pee
e ec is s onge in i ms’ ini ial public o e ing decisions when i ms
ace ie ce compe i ion.
Rega ding he economic consequences o pee e ec , schola s o en
explo e i s impac on i ms’ business pe o mance (e.g., e u n on in-
es men , i ms’ alue, e c.); howe e , hese a e s ill ambiguous. Some
esea che s belie e ha he pee e ec is bene icial o i ms’ business
pe o mance. Fo ins ance, Buchne e al. (2020) explo e he imi a ion o
in es men choices among buyou unds and ind ha smalle unds end
o imi a e he op ma ke playe s o gene a e highe und e u ns and
lowe isks. Tian e al. (2021) belie e ha imi a i e beha io in supplie
inno a ion c owd unding bene i s pe o mance by p o iding la e in-
es o s wi h mo e in o ma ion. Con e sely, o he s udies highligh
nega i e impac s. Zhao and Wang (2024) a gue ha i ms may pu sue
hei pee s’ ESG pe o mance le el wi hou ega d o hei own cha -
ac e is ics, ad e sely impac ing hei i ms’ alue.
Howe e , despi e he booming in e es in en i onmen al p o ec ion
and GIM&A globally, ba ely no heo e ical and empi ical esea ch dis-
cusses he pee e ec in GIM&As, which is mainly due o i s b ie his o y
and he con en ional wisdom ha a i m’s M&A decision equi es
ho ough planning and should no be in luenced by o he s. Only some
pionee ing s udies a emp o explo e he gene al M&A pee e ec s o
Y. Gu e al.
Jou nal o Inno a ion & Knowledge 10 (2025) 100734
2
pee e ec s in o he co po a e en i onmen al beha io s. Fo ins ance,
Wan e al. (2016) ind ha he M&A pee e ec exis s in he same in-
dus y, pa icula ly when ma ke compe i ion is in ense, and i ms ha e
limi ed me ge expe ience. Yuan and Wang (2020) and Gu e al. (2022)
also con i m he exis ence o he M&A pee e ec , wi h Gu e al. (2022)
u he in es iga ing he impac o economic policy unce ain y on he
M&A pee e ec and co po a e sus ainabili y. Huang e al. (2023) a e
he i s o demons a e ha he en e p ise ESG pe o mance exhibi s a
pee e ec . Zhao and Wang (2024) a i e simila conclusions, while Ma
e al. (2024) and Xu e al. (2024) iden i y he p esence o he pee e ec
in i ms’ en i onmen al p o ec ion expendi u es and g een inno a ion
as well.
Resea ch hypo heses
In ligh o he a o emen ioned li e a u e, we p esen heo e ical
analysis and ou se s o hypo heses o he exis ence o he GIM&A pee
e ec , along wi h i s h ee mode a ing ac o s: en e p ise ESG pe o -
mance, manage ial abili y, and en i onmen al policy.
Fi s , o de e mine i s op imal cou se o ac ion, a i m conside s no
only i s own p i a e in o ma ion bu also he p io beha io o i s pee s.
P i a e in o ma ion is o en limi ed in p ac ice, making pee beha io a
mo e signi ican sou ce o in o ma ion (Lea y & Robe s, 2014; Im e al.,
2021). A b ie his o y o he Chinese capi al ma ke shows a deg ee o
in o ma ion sca ci y, wi h he capaci y o inancial and legal in-
e media ies o p o ide necessa y in o ma ion alling sho o demand.
Consequen ly, i ms may ind i easie o obse e and imi a e he M&A
ac i i ies o hei pee s a he han ga he p i a e in o ma ion (Gu e al.,
2022). Mo eo e , he g owing p e alence o en i onmen al challenges
unde sco es he u gen need o enhanced en i onmen al p o ec ion in
China. In his con ex , i ms ha di e signi ican ly om he a e age
indus y le el in e ms o en i onmen al pe o mance and image may
ace heigh ened sc u iny om bo h he media and he public, encoun e
consume esis ance, and incu subs an ial epu a ional and legi imacy
cos s. As a esul , i ms a e o en compelled o align hei en i onmen al
p ac ices mo e closely wi h hose o hei pee s o mi iga e hese p es-
su es and sa egua d hei legi imacy and epu a ion (Ma e al., 2024).
This is suppo ed by empi ical e idence demons a ing he p esence o
pee e ec s in i ms’ ESG pe o mance, en i onmen al p o ec ion ex-
pendi u es and g een inno a ion (Huang e al., 2023; Zhao & Wang,
2024; Xu e al., 2024). Hence, he i s heo e ical hypo hesis is p oposed
as ollows:
Hypo hesis 1. The e is pee e ec in GIM&As.
Second, his pape p ima ily conside s wo heo ies o explain he
mode a ing mechanism o en e p ise ESG pe o mance on he GIM&A
pee e ec : epu a ion heo y and i al y heo y. On he one hand, g een
epu a ion equi es long- e m accumula ion (Haldo ai e al., 2022) and
engaging in GIM&As can se e as a powe ul signal o i ms’ dedica ion
o sus ainabili y and co po a e esponsibili y. This p o ides he i ms
wi h good ESG pe o mance a no ewo hy mo i a ion o como e wi h
hei pee s’ GIM&As o main ain he g een epu a ion (Zhang e al.,
2024). On he o he hand, i al y heo y posi s ha a i m imi a es i s
pee i ms o main ain compe i i e pa i y o limi i al y (Liebe man &
Asaba, 2006; Aghamolla & Thako , 2022). Fi ms wi h good ESG pe -
o mance o en assume leade ship oles wi hin hei indus ies, which
makes hem mo e sensi i e o compe i i e p essu es. As ma ke
compe i ion in ensi ies, hese i ms a e mo e likely o mimic hei pee s
and pu sue GIM&as a means o ea n mo e in es o s’ a en ion and a
be e ma ke posi ion o ma ke sha e (Shi & Huang, 2024). The e o e,
he pape pu o wa d he hypo hesis:
Hypo hesis 2. The be e a i m’s ESG pe o mance, he mo e likely
i is o imi a e he GIM&As o i s pee s. In o he wo ds, be e en e p ise
ESG pe o mance will s eng hen he GIM&A pee e ec .
Thi d, agency heo y a gues ha a i m’s manage s migh decide o
mimic i s pee s due o agency p oblems o o e con idence o he exec-
u i es (G aham, 1999; Peng & Yang, 2013; Hwang e al., 2020). Fo
ins ance, when hei pee s engage in GIM&As, a i m’s manage s migh
decide o do he same o main ain o enhance hei pe sonal epu a ion
a he han bene i he i m (Li & Wang, 2022). Mo eo e , imi a ing
pee s can se e as a s a egic means o mi iga ing liabili y (Liang e al.,
2024). E en i a GIM&A decision ails o yield he expec ed p o i abili y,
manage s can o en de lec blame by poin ing o he ac ha mos o
hei pee s ha e made simila choices. In addi ion, i a i m’s execu i e is
o e con iden , he/she migh ini ia e an M&A ac i i y wi hou adequa e
conside a ion and backg ound esea ch (Liu e al., 2022). The e o e,
high manage ial abili y migh help a i m o educe he nega i e impac s
o agency p oblems and execu i es’ o e con idence, hence dec ease he
i a ional imi a ion o i s pee i ms. Acco dingly, he hi d hypo hesis is
as ollows:
Hypo hesis 3. The highe a i m’s manage ial abili y, he less likely
i is o imi a e he GIM&As o i s pee s. In o he wo ds, highe mana-
ge ial abili y will weaken he GIM&A pee e ec .
Fou h, acco ding o in o ma ion cascade heo y, he deg ee o pee
e ec is ela ed o how limi ed he in o ma ion is. The mo e in o ma ion
a i m can ob ain, he less likely i is o imi a e i s pee s o main aining
he same condi ion as o he i ms (Bikhchandani e al., 1998; Lu e al.,
2017; Vo e al., 2021; Im e al., 2021). In o he wo ds, as he go e nmen
issues mo e en i onmen al policies, i ms will ha e clea e and mo e
eliable in o ma ion abou egula o y equi emen s and bes p ac ices in
en i onmen al managemen . This educes he unce ain y and in o -
ma ion asymme y ha i ms ace (Liang e al., 2024). A ew empi ical
s udies suppo his idea. Fo ins ance, Halle and Mu phy (2012)
obse e ha when he policies o in es ing in en i onmen al p o ec ion
a e ce ain and he cos o ailing o mee indus y s anda ds is low, he e
is less need o i ms o ollow he beha io s o hei pee s. Simila ly,
wi h g ea e access o o icial en i onmen al guidelines and egula ions,
i ms a e less elian on hei pee s o make GIM&A decisions. This leads
o he ollowing hypo hesis:
Hypo hesis 4. The mo e en i onmen al policies he go e nmen
issues, he less likely a i m is o imi a e he GIM&As o i s pee s. In sho ,
mo e en i onmen al policies will weaken he GIM&A pee e ec .
Hence, he esea ch amewo k o his pape is p esen ed in Fig. 1
below.
Ma e ials and me hods
Da a
This s udy examines he GIM&A pee e ec om he pe spec i e o
acqui e s be ween Janua y 1, 2010 and Decembe 31, 2023. The da a is
collec ed om he China S ock Ma ke & Accoun ing Resea ch (CSMAR)
da abase employing he ollowing c i e ia (Wan e al., 2016; Cui &
Leung, 2020): (i) he acqui e was a publicly lis ed i m in China’s
A-sha e s ock ma ke ; (ii) he M&A ansac ion was comple ed; (iii) he
M&A deal alue was mo e han RMB 1 million; (i ) a ilia e ansac ions
we e excluded; and ( ) i m-speci ic cha ac e is ic da a we e a ailable.
Following p io esea ch (Sun e al., 2023), we hen selec whe he he
deal is ca ego ized as GIM&A by analyzing he M&A announcemen s
and o he ele an in o ma ion. Speci ically, i he pu pose o an M&A
ansac ion is o ob ain g een echnologies and p omo e g een inno a-
ion, he M&A is ca ego ized as GIM&A. In sum, he e a e 674 GIM&As
and 147,767 i m-qua e obse a ions included in he s udy. Acco ding
o Guidelines on Indus y Classi ica ion o Lis ed Companies issued by China
Secu i ies Regula o y Commission, 14 ca ego ies and 52 ypes (sub--
ca ego ies) o indus ies a e in ol ed, including ag icul u e,
manu ac u ing, business se ices, e c. (c. . Table A1 o Appendix A). All
he con inuous a iables winso ized a he uppe and lowe 1 %.
Va iables
Choosing he app op ia e a iables is he i s and decisi e s ep in
es ima ing he exis ence and mode a ing mechanisms o GIM&As. In his
Y. Gu e al.
Jou nal o Inno a ion & Knowledge 10 (2025) 100734
3
sec ion, we in oduce he de ini ion and measu emen o dependen
a iables, independen a iables, mode a ing a iables, and con ol
a iables.
(1) Dependen Va iables. GIM&A (GIM&A). A i m-le el dummy
a iable GIM&A is cons uc ed based on p e ious li e a u e
(Ameye e al., 2023; Sun e al., 2023). I equals 1 i i m i conduc s
a GIM&A in qua e ; o he wise, i equals 0. I cap u es a i m’s
GIM&A decision-making.
(2) Independen Va iables. Pee GIM&A (Pee _GIM&A). Based on he
esea ch o G. Liu e al. (2023) and Liang e al. (2024), his s udy
de ines all i ms in he same indus y as pee en e p ises. The
Pee _GIM&A is measu ed as he lagged a e age numbe o
GIM&As o o he i ms in he same indus y (excep o he ocal
i m).
(3) Mode a ing Va iables. ESG pe o mance (ESG). We use he ESG
sco e eleased by he Sino-Secu i ies Index In o ma ion Se ice as
a measu emen o i ms’ ESG pe o mance. I e e s o he la es
ESG epo ing guideline published by he Hong Kong Exchange
and o he in e na ional s anda ds and combines China’s na ional
condi ions, which is mo e sui able o Chinese companies (Ruan
e al., 2024). The ESG a ing indica o s a e p esen ed in Table B1
o Appendix B.
Manage ial Abili y (Managemen ). This pape cons uc s an index
wi h six indica o s o e lec a i m’s manage ial abili y. (i) Independen
di ec o a io (IDR). Independen di ec o s a e mo e likely o gi e
opinions o a i m’s sake han manage s. Hence, he p esence o inde-
penden di ec o s can help educe agency p oblems and imp o e
manage ial e ec i eness (Masulis & Zhang, 2019). (ii) Execu i e
sha eholding a io (ESH). ESH can be used o measu e manage ial abili y
because execu i e manage s would end o wo k o a i m’s long- e m
de elopmen when hey a e also sha eholde s o he i m (Tian,
2022). (iii) Ins i u ional sha eholding a io (ISH). A ac ing mo e
ins i u ional in es o s migh inc ease he manage ial abili y since hey
a e mo e p o essional han indi idual in es o s and can be e moni o
he manage s’ decisions (Mille e al., 2022). (i ) Na u e o p ope y
(P ope y). Many s a e-owned en e p ises in China a e be e managed
han p i a e ones, pa ly because hey ha e mo e unding o hi e p o-
essionals (Wang, 2016; Huang e al., 2018). ( ) Lis age (Lis age). Some
schola s ha e no ed ha i ms wi h longe public his o ies always ha e
be e ope a ional expe ience and manage ial abili y (Liu & Wang,
2021). ( i) Chie execu i e o ice (CEO) duali y (Dual). Dual is an in-
e se indica o o Managemen since i will usually be mo e di icul o
supe ise he CEO o a i m i he/she se es as bo h he CEO and
chai man o he boa d (Hsu e al., 2021). O e all, Managemen can be
calcula ed as ollows:
Managemen =1
6× (IDR+ESH +ISH +P ope y +Lis age −Dual)(1)
A s anda diza ion p ocess has been applied o all indica o s in o -
mula (1).
En i onmen al policy (Policy). Following Vo e al. (2021) and Im
e al. (2021), we belie e he numbe o policies impac in o ma ion
su iciency in he ma ke . To ob ain he en i onmen al policy da a, we
i s collec all ele an policies om he CSMAR da abase. We hen
de e mine whe he each policy quali ies as an en i onmen al policy
based on i s con en and he associa ed indus y.
(4) Con ol Va iables. This s udy con ols o a se ies o i m as well
as indus y cha ac e is ic a iables by e e ing o Peng e al. (2021)
and Wang e al. (2023). These a iables include inancial indica o s
such as le e age a io, o al asse s, and cash a io, as well as co po-
a e go e nance a iables such as CEO duali y, la ges sha eholding
a io, and execu i e sha eholding a io. Table C1 o Appendix C
p esen s he speci ic de ini ion o all a iables.
Me hods
Examining pee e ec in GIM&As
Conside ing he dependen a iable in ou s udy, GIM&A, is a
dicho omic a iable coded as 0 o 1, we pe o m pooled logis ic
eg ession analysis. A clus e o obus s anda d e o s is adop ed due o
he c oss-sec ional co ela ion be ween a ge -se ing ha in ol es he
same i m. Mo eo e , we lag all he independen and con ol a iables o
he dependen a iable by one-qua e ( -1) o a oid possible e e se
causali y issues. Finally, his s udy adop s c oss-sec ional da a o
examine Hypo hesis 1 by applying he ollowing logis ic eg ession
model (Kaus ia & Ran ala, 2015; Lu e al., 2017; Xiao e al., 2022):
Fig. 1. Resea ch amewo k o his s udy.
Y. Gu e al.
Jou nal o Inno a ion & Knowledge 10 (2025) 100734
4
GIM&Ai,j, =
α
0+
α
1Pee GIM&A−i,j, −1+
α
2Con olsi,j, −1
+
α
3Con ols−i,j, −1+∑Qua e +∑Fi m +
ε
i,j, (2)
whe e GIM&Ai,j, deno es he GIM&A decisions o i m i in indus y j a
qua e . Pee GIM&A−i,j, −1 deno es pee i ms’ GIM&A decisions made
a ime −1 by o he i ms in he same indus y j. Con olsi,j, −1 and
Con ols−i,j, −1 include a ange o cha ac e is ic a iables a he i m and
indus y le els. Qua e and Fi m a e qua e and i m- ixed e ec s o
con ol o he ime e ec and indi idual he e ogenei y, espec i ely. A
clus e o obus s anda d e o s is adop ed due o he c oss-sec ional
co ela ion.
Explo ing mode a ing mechanisms o he GIM&A pee e ec
We use subg oup compa ison eg essions and mode a ion analysis o
es ima e he mode a ing e ec o he in e nal ac o s (i.e., a i m’s ESG
pe o mance and manage ial abili y) and ex e nal ac o s (i.e., en i-
onmen al policies) on he GIM&A pee e ec (Liu e al., 2022; Liang
e al., 2024; Zhao & Wang, 2024). Fo subg oup compa ison eg essions,
he models a e he same as model (2). Fo mode a ion analysis, he
models a e as ollows:
GIM&Ai,j, =β0+β1Pee GIM&A−i,j, −1+β2ESGi,j, −1
+β3Pee GIM&A−i,j, −1×ESGi,j, −1+β4Con olsi,j, −1
+β5Con ols−i,j, −1+∑Qua e +∑Fi m +
ε
i,j, (3)
GIM&Ai,j, =γ0+γ1Pee GIM&A−i,j, −1+γ2Managemen i,j, −1
+γ3Pee GIM&A−i,j, −1×Managemen i,j, −1+γ4Con olsi,j, −1
+γ5Con ols−i,j, −1+∑Qua e +∑Fi m +
ε
i,j,
(4)
GIM&Ai,j, =δ0+δ1Pee GIM&A−i,j, −1+δ2Policyj, −1
+δ3Pee GIM&A−i,j, −1×Policyj, −1+δ4Con olsi,j, −1
+δ5Con ols−i,j, −1+∑Qua e +∑Fi m +
ε
i,j, (5)
whe e ESGi,j, −1 is he ESG sco e o i m i a qua e -1, Managemen i,j, −1
is he manage ial abili y sco e o i m i a qua e -1, and Policyj, −1 is he
numbe o en i onmen al policies abou indus y j a qua e -1. The
o he a iables a e de ined as in model (2). By obse ing he coe icien
o he in e ac ion e m (β3, γ3and δ3), we can e alua e he mode a ing
in luence o ESG pe o mance, manage ial abili y, and en i onmen al
policy on he indus y pee e ec in GIM&As.
Resul s
Desc ip i e s a is ics
Table 1 p esen s he desc ip i e s a is ics o he p ima y a iables.
The mean alue o GIM&A is 0.0046, indica ing ha despi e he s eady
g ow h, GIM&As in China a e s ill in equen , wi h some sample i ms
no engaging in any GIM&As om 2010 o 2023. The s anda d de ia ion
o Pee _GIM&A is 0.0101, sugges ing ha he a ia ion in he a e age
numbe o GIM&As ac oss indus ies is ela i ely small. This is because,
in ou sample selec ion p ocess, we excluded indus ies whe e no
GIM&A had e e occu ed o minimize da a in e e ence. Addi ionally,
he mean alue o Pee _GIM&A is 0.0046, aligning wi h he mean alue
o GIM&A, hus suppo ing Hypo hesis 1. The a e age alue o ESG is
4.0983, co esponding o a B a ing acco ding o he Sino-Secu i ies
Index Sys em. The minimum alue o Managemen is nega i e
(−0.0980) e lec ing low manage ial abili y o ce ain i ms. The mini-
mum alue o Policy is 0, while he maximum alue is 137, highligh ing
signi ican di e ences among sample i ms ega ding he numbe o
en i onmen al policies.
Pee e ec in GIM&A
Acco ding o Hausman es esul s (P =0.0000), in his s udy, he
ixed e ec s models a e supe io o he andom e ec s models o all
models. Based on he ixed e ec s models, Table 2 p esen s he baseline
esul s o he pee e ec es ing model, which aims o es whe he he e
is an indus y pee e ec in Chinese GIM&As. Con ol a iables a e
added g adually o igo ous analysis. The signi ican ly posi i e coe i-
cien o Pee _GIM&A (0.1030) in column (1) p o ides solid e idence o
he exis ence o pee e ec in GIM&A, e i ying Hypo hesis 1. This
inding emains signi ican and simila a e con olling o qua e and
i m ixed e ec s (column (2)), i m-speci ic cha ac e is ics (column
(3)), and indus y cha ac e is ics (column (4)). Speci ically, in column
(4), all he con ol a iables a e included, and he coe icien o Pee _-
GIM&A (0.0808) emains signi ican ly posi i e a he 5 % s a is ical
le el. In economic e ms, o 1 uni inc ease in pee i ms’ GIM&A e-
quency, he ocal i m will inc ease i s GIM&A equency by 0.0808 uni .
I is no ewo hy ha , al hough se e al esea che s ha e s udied he
M&A pee e ec in Chinese lis ed i ms (Wan e al., 2016; Su, 2017;
Yuan & Wang, 2020), his pape eaches a mo e de ini i e conclusion
conside ing mo e equen da a. Speci ically, mos schola s examine he
M&A pee e ec based on annual da a, whe eas his s udy ob ains a
mo e accu a e esul on he GIM&A pee e ec by imp o ing he da a
equency (i.e., qua e ly da a) o he es ing model.
Mode a ing mechanisms o he GIM&A pee e ec
Mode a ing e ec o ESG pe o mance
To u he explo e he unde lying mechanisms d i ing he GIM&A
pee e ec , we o mula e ou hypo heses based on he epu a ion heo y,
i al y heo y, agency heo y and in o ma ion heo y. We examine he
in luence o ESG pe o mance, manage ial abili y, and en i onmen al
policy by employing mode a ion analysis and subg oup compa ison
eg essions.
Table 3 de ails he esul s ega ding he mode a ing mechanism o a
ocal i m’s ESG pe o mance on he GIM&A pee e ec . In column (1),
he coe icien o in e ac ion e m Pee _GIM&A*ESG is 0.0673 and sig-
ni ican a he 5 % le el, indica ing ha when he ocal i m’s ESG
Table 1
Desc ip i e s a is ics.
Va iables Obse a ions Mean S anda d
de ia ion
Min Max
GIM&A 147,767 0.0046 0.0674 0.0000 1.0000
Pee _GIM&A 147,767 0.0046 0.0101 0.0000 0.2500
ESG 147,767 4.0983 0.9715 1.0000 8.0000
Policy 147,767 5.2523 18.5542 0.0000 137.0000
Managemen 147,767 0.2117 0.1523 −0.0980 0.8195
Le e age 147,767 0.4323 0.2126 0.0519 0.9444
Size 147,767 22.2125 1.2940 19.7168 26.2094
G ow h 147,767 0.1911 0.5464 −0.6723 3.6349
CR 147,767 0.1699 0.1230 0.0129 0.6154
P ope y 147,767 0.3461 0.4757 0.0000 1.0000
Dual 147,767 0.2842 0.4510 0.0000 1.0000
LSH 147,767 0.3323 0.1468 0.0824 0.7306
Lis age 147,767 11.9912 7.6513 1.0000 34.0000
ESH 147,767 0.0683 0.1324 0.0000 0.5871
Pee _Le e age 147,767 0.4365 0.0992 0.2654 0.6950
Pee _Size 147,767 22.2117 0.6171 21.0426 24.1318
Pee _G ow h 147,767 0.6395 2.0038 −0.1717 15.9721
Pee _CR 147,767 0.1701 0.0424 0.0844 0.3155
Pee _P ope y 147,767 0.3461 0.2096 0.0000 1.0000
Pee _Dual 147,767 0.2842 0.1132 0.0000 0.7500
Pee _LSH 147,767 0.3326 0.0498 0.2343 0.5343
Pee _Lis age 147,767 11.9912 3.5318 1.8333 29.8333
Pee _ESH 147,767 0.0686 0.0399 0.0000 0.1732
No es: Table 1 epo s he desc ip i e s a is ics o main a iables. The i s col-
umn shows he sample size. The las ou columns a e he mean alue, s anda d
de ia ion, minimum alue, and maximum alue, espec i ely.
Y. Gu e al.
Jou nal o Inno a ion & Knowledge 10 (2025) 100734
5
pe o mance is highe , i is mo e sensi i e o i s pee s’ GIM&As. To
u he alida e his inding, we di ided ou sample in o wo subg oups
based on he ocal i ms’ ESG pe o mance and epea ed he baseline
eg essions. Columns (2) and (3) display he esul s o he highe ESG
pe o mance subg oup and he lowe ESG pe o mance subg oup,
espec i ely. I is e iden ha he coe icien o Pee _GIM&A is signi i-
can ly posi i e in column (2) bu no signi ican in column (3), sug-
ges ing ha only i ms wi h highe ESG pe o mance a e in luenced by
hei indus y pee s’ GIM&As.
Bo h he mode a ion analysis and subg oup compa ison eg essions
suppo he no ion ha a ocal i m’s ESG pe o mance ampli ies he
GIM&A pee e ec , he eby lending suppo o Hypo hesis 2. As o he
easons, bo h he epu a ion heo y and i al y heo y o e some in-
sigh s. Acco ding o hese heo ies, i ms imi a e hei pee s o main ain
hei compe i i e edge (Shi & Huang, 2024). Wi h g owing global
awa eness o en i onmen al issues, and pa icula ly a e China issued
he Guidelines o Disclosu e o En i onmen al In o ma ion o Lis ed Fi ms in
2010, g een epu a ion has g adually become a sou ce o compe i i e
ad an age o i ms. The highe a i m’s ESG pe o mance, he g ea e i s
g een epu a ion, and consequen ly, he mo e signi ican he p essu e i
aces o sus ain his high g een epu a ion (Zhang e al., 2024).
The e o e, i ms wi h highe ESG pe o mance a e mo e likely o engage
in g een ac i i ies consis en wi h hei pee s o p ese e hei epu a ion
and compe i i e ad an age.
Mode a ing e ec o manage ial abili y
Manage ial abili y is he o he in e nal mode a ing ac o ha we
s udy i s in luence on he GIM&A pee e ec . Table 4 illus a es he
esul s o he mode a ion model and subg oup eg essions. I can be seen
ha he coe icien o in e ac ion e m Pee _GIM&A*Managemen in
column (1) is signi ican ly nega i e (−0.3614) a he 10 % le el, sug-
ges ing ha a i m wi h highe manage ial abili y will be less a ec ed by
i s pee s’ GIM&As. This inding is consis en wi h he subg oup eg es-
sion esul s displayed in columns (2) and (3). The coe icien o Pee _-
GIM&A in column (3) is signi ican and posi i e (0.1274), while he
coe icien in column (2) is insigni ican . This indica es ha only i ms
wi h lowe manage ial abili y end o imi a e hei pee s’ GIM&As.
As demons a ed abo e, manage ial abili y exe s a signi ican
nega i e mode a ing in luence on he GIM&A pee e ec . Speci ically,
highe manage ial abili y is associa ed wi h a dec eased eliance on
indus y pee s’ GIM&A ac i i ies. This inding conclusi ely alida es
Hypo hesis 3. To analyze a i m’s manage ial abili y, we measu e i
using six indica o s. Among he six indica o s, independen di ec o
Table 2
Pee e ec in GIM&A.
Va iables (1) (2) (3) (4)
Pee _GIM&A 0.1030*** 0.0857** 0.0832** 0.0808**
(3.0752) (2.4437) (2.3805) (2.3082)
Le e age −0.0059*** −0.0059***
(−3.1151) (−3.0504)
Size −0.0004 −0.0004
(−0.8696) (−0.7641)
G ow h 0.0006* 0.0005*
(1.7319) (1.7043)
CR 0.0051** 0.0051**
(2.0729) (2.0292)
P ope y −0.0036** −0.0036**
(−2.2116) (−2.1903)
Dual 0.0011 0.0011
(1.5803) (1.5648)
LSH 0.0117*** 0.0116***
(3.3627) (3.3414)
Lis age 0.0003*** 0.0003*
(2.8847) (1.6520)
ESH 0.0052 0.0053
(1.2264) (1.2244)
Pee _Le e age 0.0010
(0.1583)
Pee _Size −0.0007
(−0.6722)
Pee _G ow h −0.0001
(−0.7705)
Pee _CR 0.0049
(0.5945)
Pee _P ope y −0.0043
(−1.1158)
Pee _Dual 0.0004
(0.0883)
Pee _LSH 0.0075
(0.6783)
Pee _Lis age −0.0000
(−0.0012)
Pee _ESH −0.0149
(−0.7533)
Cons an 0.0039*** 0.0018*** 0.0072 0.0209
(25.4483) (6.0124) (0.7207) (0.8983)
Qua e FE No Yes Yes Yes
Fi m FE No Yes Yes Yes
Obs. 140,979 140,979 140,979 140,979
Adj. R
2
0.0002 0.0009 0.0013 0.0013
No es: Table 2 p esen s he baseline esul s o he pee e ec in GIM&As. T-
s a is ics a e in pa en heses. The de ini ions o he a iables a e p esen ed in
Table C1 o Appendix C. *, ** and *** deno e s a is ical signi icance a he 10 %,
5 % and 1 % le els, espec i ely.
Table 3
The mode a ing e ec o ESG pe o mance on GIM&A pee e ec .
Va iables Full
Sample
Highe ESG
Pe o mance
Lowe ESG
Pe o mance
(1) (2) (3)
Pee _GIM&A 0.0824** 0.1706** −0.0039
(2.3553) (2.4563) (−0.1441)
ESG 0.0005
(1.4124)
Pee _GIM&A*ESG 0.0673**
(2.2249)
Pee Fi m A e age
Con ols
Yes Yes Yes
Fi m-Speci ic Fac o s
Con ols
Yes Yes Yes
Qua e FE Yes Yes Yes
Fi m FE Yes Yes Yes
Obs. 140,979 60,464 74,851
Adj. R
2
0.0014 0.0016 0.0007
No es: Table 3 p esen s he mode a ing in luence o ocal i ms’ ESG pe o -
mance on GIM&A pee e ec . T-s a is ics a e in pa en heses. The de ini ions o
he a iables a e p esen ed in Table C1 o Appendix C. ** deno es s a is ical
signi icance a he 5 % le el.
Table 4
The mode a ing e ec o manage ial abili y on GIM&A pee e ec .
Va iables Full
Sample
Highe
Manage ial
Abili y
Lowe
Manage ial
Abili y
(1) (2) (3)
Pee _GIM&A 0.0793** 0.0286 0.1274**
(2.3031) (0.8121) (2.2303)
Managemen 0.0001
(0.0063)
Pee _GIM&A*Managemen −0.3614*
(−1.8130)
Pee Fi m A e age Con ols Yes Yes Yes
Fi m-Speci ic Fac o s
Con ols
Yes Yes Yes
Qua e FE Yes Yes Yes
Fi m FE Yes Yes Yes
Obs. 140,979 66,516 72,629
Adj. R
2
0.0013 0.0010 0.0016
No es: Table 4 p esen s he mode a ing in luence o manage ial abili y on
GIM&A pee e ec . T-s a is ics a e in pa en heses. The de ini ions o he a i-
ables a e p esen ed in Table C1 o Appendix C. * and ** deno e s a is ical sig-
ni icance a he 10 % and 5 % le els.
Y. Gu e al.
Jou nal o Inno a ion & Knowledge 10 (2025) 100734
6
a io, execu i e sha eholding a io, ins i u ional sha eholding a io, and
CEO duali y e lec a i m’s capaci y o sol e agency p oblems, while he
na u e o p ope y igh s and lis age a e ela ed o he p o essionalism
and expe ience o a co po a e decision-making eam. The e o e, in ou
pape , supe io manage ial abili y, as cap u ed by hese indica o s,
sugges s enhanced capaci ies o mi iga e agency con lic s and ele a ed
p o essionalism in s a egic decision-making (Li & Wang, 2022; Liang
e al., 2024). Consequen ly, i ms wi h s ong manage ial abili ies a e
mo e likely o o mula e GIM&A decisions aligned wi h hei unique
cha ac e is ics and long- e m de elopmen objec i es a he han
me ely imi a ing pee s’ beha io .
Mode a ing e ec o en i onmen al policy
We also explo e he mode a ing mechanism o ex e nal in o ma ion
adequacy on he GIM&A pee e ec , wi h he esul s shown in Table 5.
To be speci ic, we employ he numbe o en i onmen al policies as a
p oxy o ex e nal in o ma ion adequacy. In e ms o mode a ion anal-
ysis, he coe icien o in e ac ion e m Pee _GIM&A*Policy in column (1)
is signi ican ly nega i e a he 5 % le el, wi h a alue o −0.0021. I
means ha al hough he magni ude o he e ec is small, he numbe o
en i onmen al policies mi iga es he GIM&A pee e ec . In e ms o
subg oup eg ession, he compa ison o columns (2) and (3) u he
co obo a es his inding. Bo h coe icien s o Pee _GIM&A a e signi i-
can in Table 5, ye he coe icien in column (3) (0.1207) is sligh ly
highe han ha in column (2) (0.1153), indica ing ha he GIM&A pee
e ec is mo e p onounced when ewe en i onmen al policies a e in
place.
The indings om Table 5 con i m Hypo hesis 4, which posi s ha
he quan i y o en i onmen al policies nega i ely in luences he GIM&A
pee e ec . This may be a ibu ed o he ac ha , in his s udy, he
numbe o en i onmen al policies se es as an indica o o he adequacy
o ex e nal in o ma ion. The g ea e he numbe o policies, he mo e
comp ehensi e he in o ma ion abou g een de elopmen a ailable o
i ms. Acco ding o in o ma ion heo y, when i ms lack su icien in-
o ma ion, hey a e mo e likely o imi a e hei pee s o achie e
indus y-a e age e u ns o a oid missing ou on ce ain in es men
oppo uni ies, which is a isk-mi iga ion s a egy (Im e al., 2021; Liang
e al., 2024). Con e sely, as he numbe o policies in he indus y in-
c eases and he in o ma ion en i onmen imp o es, i ms a e mo e in-
clined o make independen decisions based on hei own in o ma ion
se s.
Case s udy
This sec ion conduc s h ee cases o elucida e he mode a ing
mechanisms o ESG pe o mance, manage ial abili y, and en i onmen al
policy on he GIM&A pee e ec . And each case con ains wo speci ic
i ms o compa e hei di e en GIM&A decisions unde di e en
backg ounds. Table 6 summa izes he undamen al p o iles o all he
i ms in h ee cases.
Fo analyzing he mode a ing mechanism o ESG pe o mance, he
case in ol es wo i ms om he ubbe and plas ic p oduc s indus y:
King a G oup and Zhuhai Zhong u G oup. King a G oup is a publicly
lis ed Chinese company ocusing on plas ics manu ac u ing; i holds a
leading posi ion globally in ad anced ma e ials p oduc ion. Conse-
quen ly, he company has consis en ly main ained a high ESG a ing,
wi h a sco e o 5.5 in he ou h qua e o 2018. On Decembe 19, 2018,
King a G oup announced i s acquisi ion o Ningbo Haiyue New Ma e ials
Company, a company specializing in ad anced low-ene gy chemical
ma e ial p oduc ion aimed a enhancing en i onmen al e iciency and
p ocess s abili y. This acquisi ion signi ican ly con ibu ed o King a
G oup’s e o s o expand i s g een- ela ed business and sus ain i s s ong
g een epu a ion. In con as , Zhuhai Zhong u G oup, a pee company in
he same indus y, did no ini ia e any GIM&A ac i i ies du ing he
ou h qua e o 2018. Bo h Zhuhai Zhong u G oup and King a G oup
ope a ed unde he same egula o y en i onmen —nei he aced
indus y-speci ic en i onmen al policies ela ed o he ubbe and
plas ic p oduc s indus y. Addi ionally, hei manage ial capabili ies
we e simila , wi h espec i e manage ial sco es o 0.2044 and 0.2078.
Table 5
The mode a ing e ec o en i onmen al policy on GIM&A pee e ec .
Va iables Full Sample Mo e
En i onmen al
Policies
Less
En i onmen al
Policies
(1) (2) (3)
Pee _GIM&A 0.0823** 0.1153** 0.1207**
(2.3536) (2.0891) (1.9916)
Policy −0.0007***
(−2.7449)
Pee _GIM&A*Policy −0.0021**
(−2.5298)
Pee Fi m A e age
Con ols
Yes Yes Yes
Fi m-Speci ic Fac o s
Con ols
Yes Yes Yes
Qua e FE Yes Yes Yes
Fi m FE Yes Yes Yes
Obs. 140,979 54,770 59,855
Adj. R
2
0.0014 0.0014 0.0017
No es: Table 5 p esen s he mode a ing in luence o ex e nal en i onmen al
policies on GIM&A pee e ec . T-s a is ics a e in pa en heses. The de ini ions o
he a iables a e p esen ed in Table C1 o Appendix C. ** and *** deno e s a-
is ical signi icance a he 5 % and 1 % le els.
Table 6
Case in o ma ion o GIM&A pee e ec .
Panel A: Case In o ma ion o Mechanism Analysis o ESG Pe o mance
Fi m King a G oup Zhuhai Zhong u G oup
GIM&A Yes No
Pee GIM&A 1 1
ESG Sco e 5.5 1.5
Policy Numbe 0 0
Manage ial Sco e 0.2078 0.2044
Time 2018Q4 2018Q4
Indus y Rubbe and Plas ic P oduc s
Panel B: Case In o ma ion o Mechanism Analysis o Manage ial Abili y
Fi m Qingdao Tianneng Hea y Indus y Company TZE G oup
GIM&A Yes No
Pee GIM&A 2 2
ESG Sco e 5.5 5.5
Policy Numbe 6 6
Manage ial Sco e −0.0069 0.2153
Time 2019Q3 2019Q3
Indus y Mechanical Manu ac u ing
Panel C: Case In o ma ion o Mechanism Analysis o En i onmen al Policy
Fi m Guibao Technology Company Dyma ic
G oup
GIM&A Yes No
Pee GIM&A 1 6
ESG Sco e 5.5 5.5
Policy Numbe 0 11
Manage ial
Sco e
0.0997 0.0651
Time 2016Q2 2023Q4
Indus y Chemical Raw Ma e ial and P oduc
Manu ac u ing
No es: Table 6 p esen s he undamen al p o iles o he case s udies o GIM&A
pee e ec . All h ee se s o cases om Panel A o C ollow he co e logic o
andom pu posi e sampling (Gumbi & Twinomu inzi, 2025), based on he
ollowing h ee p inciples: a. he pee i ms o he ocal i m expe ienced GIM&A
e en s in he p io pe iod; b. wo cases we e selec ed pe g oup o allow o
compa a i e analysis, e ealing how he mode a ing a iable a ec s he GIM&A
pee e ec ; c. apa om he mode a ing a iable o in e es , all o he a iables
we e kep as simila and consis en as possible ac oss each pai o cases.
Y. Gu e al.
Jou nal o Inno a ion & Knowledge 10 (2025) 100734
7
The p io occu ence o one GIM&A ansac ion wi hin he indus y
u he sugges s ha bo h i ms we e exposed o he same pee in-
luences. The key di e ence be ween hem, howe e , lies in hei ESG
pe o mance. Zhuhai Zhong u G oup had an ESG sco e o only 1.5,
signi ican ly lowe han King a G oup’s 5.5. This dispa i y implies ha ,
unlike King a G oup, Zhuhai Zhong u G oup aced less p essu e o up-
hold a s ong g een epu a ion (Ma e al., 2024). Consequen ly, despi e
he p e ailing end o GIM&A ac i i ies among indus y pee s, Zhuhai
Zhong u G oup had li le incen i e o ollow sui pu ely o he sake o
main aining i s s anding ega ding ESG pe o mance. This compa a i e
case s udy illus a es how ESG pe o mance ampli ies he GIM&A pee
e ec , demons a ing ha i ms wi h highe ESG pe o mance a e mo e
likely o engage in such ac i i ies as a means o sa egua ding hei g een
epu a ion.
Fo he mode a ing mechanism o manage ial abili y, we analyze
Qingdao Tianneng Hea y Indus y Company and TZE G oup om he
mechanical manu ac u ing indus y. Qingdao Tianneng Hea y Indus y
Company is a leading Chinese manu ac u e and supplie o wind u -
bine owe s, specializing in he p oduc ion and sale o megawa wind
u bine owe s and ela ed componen s. In he hi d qua e o 2019, he
company announced i s acquisi ion o Jingbian Feng un Wind Powe
Co., L d., a wind powe gene a ion company. Following he acquisi ion,
he a ge company was in eg a ed in o Qingdao Tianneng Hea y In-
dus y Company’s new ene gy business segmen . A de ailed analysis o
he p e-acquisi ion en i onmen su ounding Qingdao Tianneng Hea y
Indus y Company e eals se e al key ac o s in luencing i s GIM&A
decision. The company had an ESG sco e o 5.5 and a manage ial sco e
o −0.0069. A he ime o his acquisi ion, six en i onmen al policies
ele an o i s indus y we e in place, and wo GIM&A ansac ions had
al eady occu ed wi hin he mechanical manu ac u ing indus y. These
combined condi ions likely con ibu ed o he company’s decision o
pu sue GIM&A. Howe e , TZE G oup, a pee company in he same in-
dus y, did no engage in any GIM&A ac i i ies. Despi e he o e all
simila i y be ween he wo i ms, TZE G oup had a manage ial sco e o
0.2153—subs an ially highe han Qingdao Tianneng Hea y Indus y
Company. This sugges s ha highe manage ial abili y educed TZE
G oup’s suscep ibili y o pee in luence, he eby indica ing ha mana-
ge ial abili y can se e as a mi iga ing ac o in he GIM&A pee e ec
(Liu e al., 2022).
To analyze he mode a ing e ec o en i onmen al policy, we
examine wo i ms om he chemical aw ma e ial and p oduc
manu ac u ing indus y: Guibao Technology Company and Dyma ic
G oup. Guibao Technology specializes in he p oduc ion o high-end
o ganic silicon sealan s, silane coupling agen s, and ho -mel p essu e-
sensi i e adhesi es. On June 30, 2016, he company announced i s
acquisi ion o GBXF Silicones, a na ional high- ech en e p ise engaged in
he esea ch, p oduc ion, and sales o o ganic silicon new ma e ials and
ine chemical p oduc s. This ansac ion ep esen s a ypical case o
GIM&A. No ably, a simila GIM&A had al eady occu ed wi hin he
indus y p io o his acquisi ion, sugges ing ha Guibao Technology
Company’s decision may ha e been in luenced by pee GIM&A ac i -
i ies. In con as , Dyma ic G oup, which ope a es in he same indus y
and sha es simila ESG and manage ial sco es wi h Guibao Technology
Company, exhibi ed a di e en decision-making pa e n ega ding
GIM&A. Ou analysis ocuses on Dyma ic G oup’s GIM&A decision in
2019. Compa ed o 2016, he numbe o en i onmen al policies ela ed
o he chemical aw ma e ial and p oduc manu ac u ing indus y had
inc eased om 0 o 11 by 2019. This expansion o en i onmen al eg-
ula ions enhanced anspa ency in he GIM&A in o ma ion en i on-
men , he eby educing i ms’ incen i es o ely on pee beha io o
na iga e en i onmen al unce ain ies (Im e al., 2021). Consequen ly,
despi e he occu ence o six GIM&A ansac ions wi hin he indus y—a
signi ican ly highe numbe compa ed o he single case obse ed in
2016 when Guibao Technology Company made i s decision—Dyma ic
G oup e ained om ini ia ing a GIM&A. This case p o ides p ac ical
e idence ha he p esence o en i onmen al policies signi ican ly
mode a es he GIM&A pee e ec . Speci ically, a g ea e numbe o
en i onmen al policies weakens he in luence o pee GIM&A ac i i ies
on i ms’ acquisi ion decisions.
Endogenei y es s and obus ness es s
Endogenei y es s
We implemen ins umen al a iable app oach and p opensi y sco e
ma ching o add ess he po en ial endogenei y s emming om he ocal
i m’s me ge s and acquisi ions o g een inno a ion (GIM&As) and i s
in e ac ions wi h o imi a ion o pee i ms wi hin he same indus y,
which can be seen as endogenous choices.
Ins umen al a iable app oach
Despi e employing lagged Pee _GIM&A and mul iple ixed e ec s o
pa ly alle ia e his conce n, we u he e ine ou analysis h ough he
ins umen al a iable (IV) me hodology. A alid IV mus sa is y wo
c ucial c i e ia: ele ance and exogenei y. D awing upon p e ious
li e a u e on pee e ec s (Ma e al., 2024), we use he in ensi y o g een
inno a ion policies in he ocal i m’s indus y as he IV. I is easonable
ha , wi h mo e indus y g een inno a ion policies, he e will be mo e
GIM&As in ce ain indus ies. Howe e , a speci ic i m’s decision on
GIM&As could be a ec ed by di e en ac o s no necessa ily di ec ly
in luenced by policy in ensi y. The e o e, he in ensi y o g een inno-
a ion policies is an app op ia e IV o he Pee _GIM&A heo e ically. In
addi ion, conside ing ha i akes ime o policies o be ealized in o
co po a e decision-making a e hei in oduc ion, we use he
one-pe iod lag o policy in ensi y as he inal IV (Bialek & Weichen-
iede , 2021; Shen e al., 2023; Yang e al., 2023; Lyu e al., 2024). The
esul s o he IV app oach wo-s age leas squa es (2SLS) model is p e-
sen ed in columns (1) and (2) o Table 7. Fi s , we can see ha he
Kleibe gen–Paap k LM s a is ic is 133.956 (P =0.0000), indica ing he
ejec ion o he noniden i iable hypo hesis. Then, he C agg-Donald
Wald F s a is ic is 134.017, abo e he h eshold o 10, indica ing he
ejec ion o he weak ins umen al a iable hypo hesis. A e he basic
es s, we can ind ha he coe icien o Policy_In ensi y (0.0044) is
signi ican ly posi i e a he 1 % le el, sugges ing Policy_In ensi y is an
app op ia e IV o Pee _GIM&A. In he second s age eg ession, he co-
e icien o Pee _GIM&A (1.2099) is signi ican ly posi i e a he 5 %
le el, which is consis en wi h he baseline esul s and u he e i ies
ha GIM&A pee e ec exis s in he Chinese ma ke .
In addi ion, o be e add ess endogenei y conce ns and enhance he
Table 7
IV app oach.
1s S age 2nd S age 1s S age 2nd
S age
Pee _GIM&A M&A Pee _GIM&A M&A
Va iables (1) (2) (1) (2)
Policy_In ensi y 0.0044***
(11.5752)
Pee _IR −0.1200***
(−8.9831)
Pee _GIM&A1.2099** 1.0799*
(1.9879) (1.6672)
Kleibe gen–Paap k LM 133.956*** 79.961***
C agg-Donald Wald F 134.017 103.193
Pee Fi m A e age
Con ols
Yes Yes Yes Yes
Fi m-Speci ic Fac o s
Con ols
Yes Yes Yes Yes
Qua e FE Yes Yes Yes Yes
Fi m FE Yes Yes Yes Yes
Obs. 140,698 140,698 140,900 140,900
No es: Table 7 p esen s he esul s o ins umen al a iable app oach. T-s a is ics
a e in pa en heses. The de ini ions o he a iables a e p esen ed in Table C1 o
Appendix C. ** and *** deno e s a is ical signi icance a he 5 % and 1 % le els.
Y. Gu e al.
Jou nal o Inno a ion & Knowledge 10 (2025) 100734
8
Table C1 (con inued)
Va iable Symbol De ini ion
Cash a io o pee i ms Pee _CR
-i,j, −1
he a e age alue o CR
i,j, −1
in indus y j a ime -1 excluding i m i
Na u e o p ope y o pee i ms Pee _P ope y
-i,j, −1
he a e age alue o P ope y
i,j, −1
in indus y j a ime -1 excluding i m i
CEO duali y o pee i ms Pee _Dual
-i,j, −1
he a e age alue o Dual
i,j, −1
in indus y j a ime -1 excluding i m i
La ges sha eholding a io o pee i ms Pee _LSH
-i,j, −1
he a e age alue o LSH
i,j, −1
in indus y j a ime -1 excluding i m i
Lis age o pee i ms Pee _Lis age
-i,j, −1
he a e age alue o Lis age
i,j, −1
in indus y j a ime -1 excluding i m i
Execu i e sha eholding a io o pee i ms Pee _ESH
-i,j, −1
he a e age alue o ESH
i,j, −1
in indus y j a ime -1 excluding i m i
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