Business School, East China University of Political Science and Law, Shanghai 200042, China.
Int J Environ Res Public Health. 2021 Jul 8;18(14):7333. doi: 10.3390/ijerph18147333.
Carrying out green innovation is beneficial for firms to cope with environmental protection pressure and achieve sustainable development. Existing research has paid enough attention to the driver of green innovation, but still does not reveal how green innovation can be conceived and realized. This paper answers the above question from the perspective of international M&As, examines the relationship between exploratory international M&As, exploitative international M&As and green innovation performance, and further probes into how strategic and environmental factors moderate the green innovation effectiveness of exploratory and exploitative M&As. Results indicate that exploratory and exploitative international M&As both are beneficial for green innovation performance, and to maximize green innovation performance, implementing exploratory M&As is more beneficial for firms pursuing high green image and operating in a high green subsidy environment. By contrast, carrying out exploitative M&As is more effective for firms pursuing low green image and operating in a low green subsidy environment. Theoretical and managerial implications are discussed.
开展绿色创新有利于企业应对环境保护压力，实现可持续发展。现有研究已经充分关注了绿色创新的驱动因素，但仍未揭示绿色创新如何被构思和实现。本文从国际并购的角度回答了上述问题，考察了探索性国际并购、开发性国际并购与绿色创新绩效之间的关系，并进一步探讨了战略和环境因素如何调节探索性和开发性并购的绿色创新效果。结果表明，探索性和开发性国际并购都有利于绿色创新绩效，为了最大化绿色创新绩效，对于追求高绿色形象和在高绿色补贴环境下运营的企业，实施探索性并购更有利。相比之下，对于追求低绿色形象和在低绿色补贴环境下运营的企业，开展开发性并购更为有效。本文讨论了理论和管理方面的意义。
