Does geopolitical risk promote mergers and acquisitions of listed companies in energy and electric power industries

被引：61
作者：
Shen, Huayu [1 ]
Liang, Yue [1 ]
Li, Hanwen [2 ]
Liu, Jie [3 ]
Lu, Guangxi [4 ]
机构：
[1] North China Elect Power Univ, Sch Econ & Management, Beijing 102206, Peoples R China
[2] Guizhou Univ Finance & Econ, Sch Big Data Applicat & Econ, Guiyang 550025, Guizhou, Peoples R China
[3] Guizhou Univ Finance & Econ, Sch Accounting, Guiyang 550025, Guizhou, Peoples R China
[4] Jiangxi Univ Finance & Econ, Sch Publ Finance & Publ Adm, Nanchang 330013, Jiangxi, Peoples R China
来源：
ENERGY ECONOMICS | 2021年 / 95卷
基金：
中国国家自然科学基金;
关键词：
Geopolitical risk; Mergers and acquisitions (M& A); Energy and electric power; CROSS-BORDER MERGERS; REAL OPTIONS THEORY; UNCERTAINTY; DECISIONS; RETURNS; TRADE; PANEL;
D O I：
10.1016/j.eneco.2021.105115
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Based on Chinese firm-level panel data in energy and electric power industries from year 2007 to 2018, we adopt panel data OLS regression model to empirically study the impact of geopolitical risk (GPR) on mergers and acquisitions (M&A). We find that GPR significantly promotes M & A, and GPR significantly positively affects M & A through possible mechanisms of real option and prospect synergy effect. Further researches indicate that debt ratio and ownership property attenuate the positive influence of GPR on M&A. Instrumental variable and other robustness tests still stand on our results. (c) 2021 Elsevier B.V. All rights reserved.
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页数：9
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