Just Do It! Performance Feedback on Green Innovation and Postmergers' and Acquisitions' Green Innovation Performance: Evidence From Emerging Economy Firms
研究新兴经济企业如何通过并购提升绿色创新水平，发现绩效反馈与并购后绿色创新呈U型关系，收购发达经济体目标企业可显著改善绿色创新，尤其对正面反馈企业效果更佳。
ABSTRACT Can emerging economy firms (EEFs) enhance their green innovation (GI) levels through mergers and acquisitions (M&As)? Utilizing the Behavioral Theory of the Firm (BTF), we analyzed 1214 M&A deals completed by Chinese enterprises and obtained several key findings: (1) A significant U‐shaped relationship exists between GI performance feedback and postmerger GI outcomes, with the influence of negative feedback intensifying and that of positive feedback diminishing over time. (2) EEFs acquiring targets in developed economies can markedly improve their GI levels within 1‐ to 2‐year postdeal, especially when they have positive feedback; conversely, firms with only slightly above‐aspiration GI levels may fail to realize such benefits. (3) EEFs engaged in waste management derive greater benefits from M&As in terms of GI. This research not only enriches the BTF but also offers practical insights for EEFs, suggesting that strong motivation coupled with actionable strategies can effectively bolster GI levels despite existing challenges.