Unité mixte de recherche 7235

Impact of Environmental Regulation on Cross-Border M&A for high and low pollutant sectors

Intervenant : Juliette Milgram Baleix (Université de Granada)

Co-auteur : Federico Carril-Caccia (University of Granada)

Résumé : This study contributes to the literature seeking to test the pollution haven’s hypothesis (PHH), by focusing on the influence of environmental policy on the location’s decision of cross-border Mergers and Acquisitions (M&As). To this end, we build an original database for M&As for 34 host countries, 100 source countries, 54 sectors during the period 1995-2015. An important contribution of the study is to implement a structural gravity approach that accounts for omitted bias, border effects and simultaneity bias. This is the first study applying this method to bilateral FDI at the sector level. Our aim is to test whether laxer environmental regulation may favour inward M&As in general or in more polluting sectors in particular. Our preliminary results confirm that more stringent environmental policies make countries less attractive to foreign investors planning to invest through M&As. This especially the case, as expected, when sectors of destination contaminate more than the average as measured by greenhouse gases emissions per employee. Finally, the effect of more stringent environmental policy does not significantly affect the amount invested (intensive margin).

AGENDA

mardi 31 janvier 2023

Recherche et Economie et Socioéconomie Politique, des Institutions et des Régulations (RESPIR)

Nathalie Heinich (EHESS)

ANNULÉ ET REPORTÉ À UNE DATE ULTÉRIEURE

Valeur et mesure: aux limites de l’approche économique

mardi 31 janvier 2023

Series of Webinars on Economics of Environment, Energy and Transport (SWEEET)

Aurelien Saussay(OFCE, Sciences Po, Paris), Misato Sato, (London School of Economics and Political Science) Francesco Vona (University of Milan) Layla O’Kane(Lightcast)

En visio

Who’s fit for the low-carbon transition? Emerging skills and wage gaps in job ad data

jeudi 2 février 2023

Lunch

Nabil Daher, Michaël Guilloussou, Daniela Lima Rente, Maryam Soltani

Nouveaux doctorants

jeudi 2 février 2023

Groupe de travail Economie Comportementale

Carole Treibich (Laboratoire d'Economie Appliquée de Grenoble GAEL)

Salle 101

Disentangling peer effects in transportation mode choice: the example of active commuting

jeudi 2 février 2023

Groupe de travail « Intelligence artificielle »

Aurélien Quignon (Université du Luxembourg)

Salle : G614B

Crowd-Based Feedback and Early-Stage Entrepreneurial Performance: Evidence from a Digital Platform

mardi 7 février 2023

Recherche et Economie et Socioéconomie Politique, des Institutions et des Régulations (RESPIR)

Tristan Velardo (Sciences Po Bordeaux, Centre Emile Durkheim)

From the primitive mentality to the civilization of capitalism: Schumpeter, reader of Lévy-Bruh

mardi 7 février 2023

Développement Durable Environnement et Energie (DDEE)

Emmanuelle Lavaine (CEE-M - University of Montpellier)

Flood Risk Information: Evidence from Paris Housing Markets

jeudi 9 février 2023

Doctorants

Claire Mollier

Gender, competitiveness, and reaction to defeat

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