Signal Transmission and Green Development: Does Transition Climate Risk Drive Green Mergers and Acquisitions?

DOI

10.2991/978-94-6239-825-2_17How to use a DOI?

Keywords

Transition climate risk; Green mergers and acquisitions; Government subsidy; Investor attention

Abstract

Given the mounting worldwide perils stemming from climatic changes, ecological sustainability has turned into an indispensable condition for enduring corporate operations. In this setting, acquisitions and mergers that are environmentally focused constitute a primary strategic avenue for advancing industrial greening. Drawing on the tenets of signaling theory, our research probes the linkage between transition climate risks and the undertaking of green M&A, while also considering how state subsidies and investor vigilance moderate this relationship. To conduct this investigation, we assemble an unbalanced panel of firms listed on China’s A-share markets from 2013 through 2023, and we rely on logistic regression to estimate the specified models. The empirical outcomes demonstrate a robust positive effect of transition climate risk on the probability of engaging in green M&A, and we find that this effect becomes more pronounced when fiscal assistance and market surveillance are stronger. Extending signaling theory into the relatively uncharted territory of climate policy uncertainty associated with green acquisitions, this paper not only advances academic understanding but also offers actionable implications for corporate executives and regulatory bodies.

Copyright

© 2026 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Ran He
AU  - Yang Yang
AU  - Haifeng Guo
PY  - 2026
DA  - 2026/11/10
TI  - Signal Transmission and Green Development: Does Transition Climate Risk Drive Green Mergers and Acquisitions?
BT  - Proceedings of the 2026 5th International Conference on Public Service, Economic Management and Sustainable Development (PESD 2026)
PB  - Atlantis Press
SP  - 168
EP  - 186
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6239-825-2_17
DO  - 10.2991/978-94-6239-825-2_17
ID  - He2026
ER  -