The Impact of Green M&A Listed Companies’ Size on the Rural Ecological Environment—Digitalization as Moderating Effect
Abstract
:1. Introduction
2. Literature Review
2.1. Environment Protection and Corporate Development
2.2. Rural Ecological Environment Assessment
2.3. The Moderating Role of Digitalization Level
2.4. Rural Ecological Environment Evaluation Index System
3. Methodology
3.1. Research Design
3.2. Variables Setting
- In real life, many variables are not only influenced by contemporary-related factors but also related to their previous values. Considering that the rural ecological environment will be affected by its early environmental construction, the lag period of the rural ecological environment index is included in the model as an instrumental variable (L.environment).
- Road construction is a necessary form of infrastructure for regional and business development. Provincial road construction in China plays a vital role in the spatial penetration and growth of towns and cities. It is a critical link to articulate and coordinate the development of rural roads. This study considers the correlation between provincial road construction mileage and the development of green-listed companies and sets it as an instrumental variable.
- At the same time, the congestion level of road traffic reflects the development of the regional economy from the side. The congestion level of road traffic demonstrates the capacity of road traffic and the carrying capacity of regional economic activities. In this study, road congestion level is used as another instrumental variable.
3.3. Data Sources
4. Results
4.1. Rural Ecological Environment Index Values
4.2. Industry Distribution of Green M&A Listed Companies
4.3. Quantity of Green M&A Listed Companies
4.4. Analysis of Heavily Polluting Listed Companies and Rural Ecology
4.5. Heterogeneity Analysis of Rural Ecology and Heavily Pollution Listed Companies
4.6. Impact of Digitalization on Heavily Pollution Listed Companies and Rural Ecology
5. Conclusions and Policy Implications
5.1. Conclusions
- The average value of the Ecoregion Index for the 22 rural provinces in China ranged from 17.32 to 65.17. The index is higher in the southeastern coastal region, with the highest values in Jiangsu, Guangdong, Zhejiang, and Fujian provinces.
- From 2010–2020, green M&A listed companies were divided into 14 sectors. The industries with the highest number of green M&A are the raw chemical, non-metallic, rubber, and plastic industries.
- The number of listed green M&A companies shows a decreasing trend from the southeast coastal provinces to the inland provinces. The number of listed companies in green M&A rose significantly between 2010 and 2016 but declined between 2017 and 2020. This result is very similar to that of Li, Yang [13], which indicated that the ecological livability index in China is unbalanced and has spatial heterogeneity.
- The size of green M&A listed companies has a negative effect on the rural ecological environment and shows regional heterogeneity. In regions with low rural ecological environment levels, the size of green M&A listed companies has a less negative impact on the rural ecological environment. In contrast, in areas with high rural ecological environment levels, the size of green M&A listed companies has more negatively affected the rural ecological environment. Heavily polluting industries harm the ecological environment, and this result has also been confirmed in the study by Qi, Wei [54].
- Increased rural digitalization has a positive moderating effect on the relationship between the size of green M&A listed companies and the rural ecological environment. Increasing the level of digitalization will help reduce the negative impact of the size of green M&A listed companies on the rural ecological environment. Similarly, Xiong, Ning [55] confirm a significant correlation between a region’s ecological carrying capacity and the digital transformation of heavy metal companies.
5.2. Policy Implications
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
References
- Qin, M.; Sun, M.; Li, J. Impact of environmental regulation policy on ecological efficiency in four major urban agglomerations in eastern China. Ecol. Indic. 2021, 130, 108002. [Google Scholar] [CrossRef]
- Zhang, S.; Yu, Y.; Zhu, Q.; Qiu, C.M.; Tian, A. Green Innovation Mode under Carbon Tax and Innovation Subsidy: An Evolutionary Game Analysis for Portfolio Policies. Sustainability 2020, 12, 1385. [Google Scholar] [CrossRef] [Green Version]
- Li, M.; Du, W.; Tang, S. Assessing the impact of environmental regulation and environmental co-governance on pollution transfer: Micro-evidence from China. Environ. Impact Assess. Rev. 2021, 86, 106467. [Google Scholar] [CrossRef]
- Liang, X.; Li, S.; Luo, P.; Li, Z. Green mergers and acquisitions and green innovation: An empirical study on heavily polluting enterprises. Environ. Sci. Pollut. Res. 2022, 29, 48937–48952. [Google Scholar] [CrossRef]
- Han, L.; Zhou, W.; Li, W.; Qian, Y. Urbanization strategy and environmental changes: An insight with relationship between population change and fine particulate pollution. Sci. Total. Environ. 2018, 642, 789–799. [Google Scholar] [CrossRef]
- He, L.; Sun, Y.; Xia, Y.; Zhong, Z. Construction of a green development performance index of industrial enterprises: Based on the empirical study of 458 listed industrial enterprises in China. Ecol. Indic. 2021, 132, 108239. [Google Scholar] [CrossRef]
- Hou, N.; Zhu, Q.; Zhao, W.; Luo, Y.; Liu, W. Study on the impact of green management of paper enterprises on carbon performance in the background of carbon peaking and carbon neutrality. Energy Rep. 2022, 8, 10991–11002. [Google Scholar] [CrossRef]
- Jin, B. Research on performance evaluation of green supply chain of automobile enterprises under the background of carbon peak and carbon neutralization. Energy Rep. 2021, 7, 594–604. [Google Scholar] [CrossRef]
- Wang, L.; Long, Y.; Li, C. Research on the impact mechanism of heterogeneous environmental regulation on enterprise green technology innovation. J. Environ. Manag. 2022, 322, 116127. [Google Scholar] [CrossRef]
- Zhang, B.; Yu, L.; Sun, C. How does urban environmental legislation guide the green transition of enterprises? Based on the perspective of enterprises’ green total factor productivity. Energy Econ. 2022, 110, 106032. [Google Scholar] [CrossRef]
- Wan, Q.; Miao, X.; Afshan, S. Dynamic effects of natural resource abundance, green financing, and government environmental concerns toward the sustainable environment in China. Resour. Policy 2022, 79, 102954. [Google Scholar] [CrossRef]
- Engler, D.; Gutsche, G.; Simixhiu, A.; Ziegler, A. On the relationship between corporate CO2 offsetting and pro-environmental activities in small- and medium-sized firms in Germany. Energy Econ. 2023, 118, 106487. [Google Scholar] [CrossRef]
- Li, X.; Yang, H.; Jia, J.; Shen, Y.; Liu, J. Index system of sustainable rural development based on the concept of ecological livability. Environ. Impact Assess. Rev. 2020, 86, 106478. [Google Scholar] [CrossRef]
- Liu, Y.; Yang, R.; Sun, M.; Zhang, L.; Li, X.; Meng, L.; Wang, Y.; Liu, Q. Regional sustainable development strategy based on the coordination between ecology and economy: A case study of Sichuan Province, China. Ecol. Indic. 2021, 134, 108445. [Google Scholar] [CrossRef]
- Dokl, D.; Rogelj, V.; Bogataj, D. Smart Age-Friendly Villages: Literature Review and Research Agenda. IFAC-PapersOnLine 2022, 55, 928–933. [Google Scholar] [CrossRef]
- Zhu, L.; Liu, H. From economic assumption to ecological assumption: Game analysis of enterprises’ pollution treatment behaviors. Environ. Technol. Innov. 2021, 24, 101772. [Google Scholar] [CrossRef]
- Mesagan, E.P.; Adewuyi, T.C.; Olaoye, O. Corporate finance, industrial performance and environment in Africa: Lessons for policy. Sci. Afr. 2022, 16, e01207. [Google Scholar] [CrossRef]
- Al-Ayouty, I.; Hassaballa, H.; Rizk, R. Clean manufacturing industries and environmental quality: The case of Egypt. Environ. Dev. 2017, 21, 19–25. [Google Scholar] [CrossRef]
- Cowie, P.; Townsend, L.; Salemink, K. Smart rural futures: Will rural areas be left behind in the 4th industrial revolution? J. Rural. Stud. 2020, 79, 169–176. [Google Scholar] [CrossRef]
- Khattak, A.; Yousaf, Z. Digital Social Responsibility towards Corporate Social Responsibility and Strategic Performance of Hi-Tech SMEs: Customer Engagement as a Mediator. Sustainability 2021, 14, 131. [Google Scholar] [CrossRef]
- Ronaghi, M.H. Contextualizing the impact of blockchain technology on the performance of new firms: The role of corporate governance as an intermediate outcome. J. High Technol. Manag. Res. 2022, 33, 100438. [Google Scholar] [CrossRef]
- Zhu, N.; Zhang, Y. The impact of management’s characteristics on corporate environmental responsibility performance of energy systems in the digital age—Evidence from China’s traditional energy listed companies industry. Energy Rep. 2022, 8, 8821–8829. [Google Scholar] [CrossRef]
- Zeng, H.; Ran, H.; Zhou, Q.; Jin, Y.; Cheng, X. The financial effect of firm digitalization: Evidence from China. Technol. Forecast. Soc. Chang. 2022, 183, 121951. [Google Scholar] [CrossRef]
- Feng, S.; Zhang, R.; Li, G. Environmental decentralization, digital finance and green technology innovation. Struct. Chang. Econ. Dyn. 2022, 61, 70–83. [Google Scholar] [CrossRef]
- Sevgi, H. Analysis of the digital economy and society index (desi) through a cluster analysis. Trak. Üniv. Sos. Bilim. Derg. 2021, 23, 37–51. [Google Scholar] [CrossRef]
- Li, L.; Su, F.; Zhang, W.; Mao, J.-Y. Digital transformation by SME entrepreneurs: A capability perspective. Inf. Syst. J. 2017, 28, 1129–1157. [Google Scholar] [CrossRef]
- Beier, G.; Niehoff, S.; Ziems, T.; Xue, B. Sustainability aspects of a digitalized industry—A comparative study from China and Germany. Int. J. Precis. Eng. Manuf.-Green Technol. 2017, 4, 227–234. [Google Scholar] [CrossRef]
- Imran, M.; Liu, X.; Wang, R.; Saud, S.; Zhao, Y.; Khan, M.J. The Influence of Digital Economy and Society Index on Sustainable Development Indicators: The Case of European Union. Sustainability 2022, 14, 11130. [Google Scholar] [CrossRef]
- Vasileiou, E.; Georgantzis, N.; Attanasi, G.; Llerena, P. Green innovation and financial performance: A study on Italian firms. Res. Policy 2022, 51, 104530. [Google Scholar] [CrossRef]
- Kurniawati, M.A. ICT infrastructure, innovation development and economic growth: A comparative evidence between two decades in OECD countries. Int. J. Soc. Econ. 2020, 48, 141–158. [Google Scholar] [CrossRef]
- Pradhan, R.P.; Arvin, M.B.; Nair, M.; Bennett, S.E.; Bahmani, S. Some Determinants and Mechanics of Economic Growth in Middle-Income Countries: The Role of ICT Infrastructure Development, Taxation and Other Macroeconomic Variables. Singap. Econ. Rev. 2020. [Google Scholar] [CrossRef]
- Cheng, C.-Y.; Chien, M.-S.; Lee, C.-C. ICT diffusion, financial development, and economic growth: An international cross-country analysis. Econ. Model. 2020, 94, 662–671. [Google Scholar] [CrossRef]
- Yang, Y.; Wang, L.; Yang, F.; Hu, N.; Liang, L. Evaluation of the coordination between eco-environment and socioeconomy under the “Ecological County Strategy” in western China: A case study of Meixian. Ecol. Indic. 2021, 125, 107585. [Google Scholar] [CrossRef]
- Cai, J.; Li, X.; Liu, L.; Chen, Y.; Wang, X.; Lu, S. Coupling and coordinated development of new urbanization and agro-ecological environment in China. Sci. Total. Environ. 2021, 776, 145837. [Google Scholar] [CrossRef]
- Zhao, Y.; Wang, S.; Zhou, C. Understanding the relation between urbanization and the eco-environment in China’s Yangtze River Delta using an improved EKC model and coupling analysis. Sci. Total. Environ. 2016, 571, 862–875. [Google Scholar] [CrossRef]
- Marks, S.J.; Kumpel, E.; Guo, J.; Bartram, J.; Davis, J. Pathways to sustainability: A fuzzy-set qualitative comparative analysis of rural water supply programs. J. Clean. Prod. 2018, 205, 789–798. [Google Scholar] [CrossRef]
- Jianlong, L.; Xiaofei, L.; Jingjing, Z.; Linyun, M.; Lin, Z.; Zengrang, X.; Weihong, Z. The Current Status, Problems and Prospects of Researches on the Carrying Capacities of Ecological Environment in China. J. Resour. Ecol. 2019, 10, 605. [Google Scholar] [CrossRef]
- Abreu, I.; Mesías, F.; Ramajo, J. Design and validation of an index to measure development in rural areas through stakeholder participation. J. Rural. Stud. 2022, 95, 232–240. [Google Scholar] [CrossRef]
- Yusheng, K.; Ntarmah, A.H. Developing a rural ecological assessment index for Jiangsu Province, China. J. Nat. Conserv. 2021, 64, 126093. [Google Scholar] [CrossRef]
- Jun, L.; Jundong, H.; Yang, L. Analysis of Rural Ecological Environment Governance in the Two-oriented Society Construction: A Case Study of Xiantao City in Hubei Province. Procedia Environ. Sci. 2011, 11, 1278–1284. [Google Scholar] [CrossRef] [Green Version]
- Torre, A.; Wallet, F.; Huang, J. A collaborative and multidisciplinary approach to knowledge-based rural development: 25 years of the PSDR program in France. J. Rural. Stud. 2023, 97, 428–437. [Google Scholar] [CrossRef]
- Chen, Q.; Lu, S.; Xiong, K.; Zhao, R. Coupling analysis on ecological environment fragility and poverty in South China Karst. Environ. Res. 2021, 201, 111650. [Google Scholar] [CrossRef] [PubMed]
- Xiao, Y.; Li, Y.; Huang, H. Conflict or coordination? Assessment of coordinated development between socioeconomic and ecological environment in resource-based cities: Evidence from Sichuan province of China. Environ. Sci. Pollut. Res. 2021, 28, 66327–66339. [Google Scholar] [CrossRef] [PubMed]
- Xiao, Y.; Tian, K.; Yuan, M.; Ouyang, Y.; Huang, H. Examining the complex relationships between socioeconomic development and the improvement of ecological environment in post-disaster reconstruction: The case of Wenchuan earthquake disaster area in Western China. J. Clean. Prod. 2022, 337, 130581. [Google Scholar] [CrossRef]
- Fan, W.; Yan, L.; Chen, B.; Ding, W.; Wang, P. Environmental governance effects of local environmental protection expenditure in China. Resour. Policy 2022, 77, 102760. [Google Scholar] [CrossRef]
- Baron, R.M.; Kenny, D.A. The moderator-mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. J. Pers. Soc. Psychol. 1986, 51, 1173–1182. [Google Scholar] [CrossRef]
- Wang, Y.; Zhang, R.; Worden, S.; Cao, H.; Li, C. Public Participation in Environmental Governance Initiatives of Chemical Industrial Parks. J. Clean. Prod. 2021, 305, 127092. [Google Scholar] [CrossRef]
- Chu, Z.; Bian, C.; Yang, J. How can public participation improve environmental governance in China? A policy simulation approach with multi-player evolutionary game. Environ. Impact Assess. Rev. 2022, 95, 106782. [Google Scholar] [CrossRef]
- Qian, M.; Cheng, Z.; Wang, Z.; Qi, D. What Affects Rural Ecological Environment Governance Efficiency? Evidence from China. Int. J. Environ. Res. Public Health. 2022, 19, 5925. [Google Scholar] [CrossRef]
- Liu, W.; Shao, X.; De Sisto, M.; Li, W.H. A new approach for addressing endogeneity issues in the relationship between corporate social responsibility and corporate financial performance. Finance Res. Lett. 2020, 39, 101623. [Google Scholar] [CrossRef]
- Yu, F.; Jiang, D.; Zhang, Y.; Du, H. Enterprise digitalisation and financial performance: The moderating role of dynamic capability. Technol. Anal. Strat. Manag. 2021, 1–17. [Google Scholar] [CrossRef]
- Podhorska, I.; Siekelova, A. Enterprises Financial Performance in a Globalized World. SHS Web Conf. 2020, 74, 05018. [Google Scholar] [CrossRef]
- Malichová, E.; Ďurišová, M. Evaluation of Financial Performance of Enterprises in IT Sector. Procedia Econ. Financ. 2015, 34, 238–243. [Google Scholar] [CrossRef]
- Qi, Y.; Wei, X.; Zhao, M.; Pan, W.; Jiang, C.; Wu, J.; Li, W. Heavy metal pollution characteristics and potential ecological risk assessment of soils around three typical antimony mining areas and watersheds in China. Front. Environ. Sci. 2022, 10, 913293. [Google Scholar] [CrossRef]
- Xiong, L.; Ning, J.; Wang, J.; Dong, Y. Coupling degree evaluation of heavy metal ecological capacity and enterprise digital transformation in river basins. Ecol. Indic. 2021, 133, 108358. [Google Scholar] [CrossRef]
- Lin, B.; Xu, C. Does environmental decentralization aggravate pollution emissions? Microscopic evidence from Chinese industrial enterprises. Sci. Total. Environ. 2022, 829, 154640. [Google Scholar] [CrossRef] [PubMed]
- Shen, L.; Wang, Y. Supervision mechanism for pollution behavior of Chinese enterprises based on haze governance. J. Clean. Prod. 2018, 197, 571–582. [Google Scholar] [CrossRef]
- Zhang, F.; Li, Y.; Li, Y.; Xu, Y.; Chen, J. Nexus among air pollution, enterprise development and regional industrial structure upgrading: A China’s country panel analysis based on satellite retrieved data. J. Clean. Prod. 2022, 335, 130328. [Google Scholar] [CrossRef]
- Yang, L.; Qin, H.; Xia, W.; Gan, Q.; Li, L.; Su, J.; Yu, X. Resource Slack, Environmental Management Maturity and Enterprise Environmental Protection Investment: An Enterprise Life Cycle Adjustment Perspective. J. Clean. Prod. 2021, 309, 127339. [Google Scholar] [CrossRef]
- Chang, Y.; Chen, L.; Zhou, Y.; Meng, Q. Elements, characteristics, and performances of inter-enterprise knowledge recombination: Empirical research on green innovation adoption in China’s heavily polluting industry. J. Environ. Manag. 2022, 310, 114736. [Google Scholar] [CrossRef]
Variable | Variable Types | Mean | Std.Dev. | Min | Max |
---|---|---|---|---|---|
ln_E_index | Dependent variable | 1.2065 | 0.1266 | 0.6975 | 1.4600 |
ln_size | Core variables | 22.1634 | 0.9852 | 19.5756 | 26.0589 |
ln_road | Instrumental variable | 2.1997 | 0.0909 | 1.9336 | 2.3565 |
ln_congestion | −0.6783 | 0.4152 | −1.6094 | 0.1988 | |
ln_L.environment | 3.3704 | 0.4066 | 2.0089 | 4.3062 | |
ln_digital | Moderating variables | 1.5940 | 0.4195 | −2.0317 | 1.9818 |
TANPR | Control variables | 0.0032 | 0.0059 | 1.8106 | 0.0490 |
CAR10 | 0.0175 | 0.0910 | −0.3101 | 0.4147 | |
TATR | 0.6350 | 0.2840 | 0.1096 | 2.0696 | |
Cash ratio | 0.1471 | 0.0694 | 0.0123 | 0.4690 | |
Size of M&A | 2.8654 | 0.0640 | 2.6448 | 3.0377 | |
Tobin’s Q | 2.3593 | 2.9006 | 0.8903 | 40.2803 |
VARIABLES | (1) | (2) | (3) | (4) |
---|---|---|---|---|
OLS | OLS | 2sls | Iv-gmm | |
ln_size | −0.0863 *** | −0.0913 *** | −1.769 *** | −1.723 *** |
(0.0292) | (0.0324) | (0.525) | (0.518) | |
TANPR | −11.51 ** | −38.84 * | −35.30 | |
(5.232) | (22.78) | (22.82) | ||
CAR10 | −0.518 * | −1.870 | −1.936 | |
(0.314) | (1.309) | (1.266) | ||
TATR | 0.312 *** | −0.412 | −0.459 | |
(0.101) | (0.359) | (0.344) | ||
Cash ratio | −0.352 | −9.701 *** | −9.836 *** | |
(0.443) | (2.824) | (2.759) | ||
Size of M&A | −0.584 | 3.948 | 3.000 | |
(0.442) | (3.048) | (2.880) | ||
Tobin’s Q | −0.00391 | −0.438 ** | −0.448 ** | |
(0.0109) | (0.198) | (0.196) | ||
Constant | 5.296 *** | 6.991 *** | 34.19 *** | 36.00 *** |
(0.648) | (1.416) | (10.09) | (9.773) | |
Observations | 214 | 214 | 188 | 188 |
R-squared | 0.039 | 0.122 | - | - |
VARIABLES | (5) | (6) | (7) | (8) | (9) |
---|---|---|---|---|---|
(0.1) | (0.25) | (0.5) | (0.75) | (0.9) | |
ln_size | 0.0125 | −0.0333 | −0.0903 *** | −0.129 *** | −0.175 *** |
(0.0676) | (0.0468) | (0.0339) | (0.0421) | (0.0614) | |
TANPR | −5.112 | −7.617 | −10.74 ** | −12.87 ** | −15.40 * |
(9.010) | (6.144) | (4.429) | (5.517) | (8.208) | |
CAR10 | −0.651 | −0.587 | −0.507 | −0.452 | −0.388 |
(0.638) | (0.434) | (0.312) | (0.389) | (0.581) | |
TATR | 0.364 * | 0.361 ** | 0.357 *** | 0.355*** | 0.352 * |
(0.219) | (0.149) | (0.107) | (0.133) | (0.199) | |
Cash ratio | 0.378 | 0.0469 | −0.366 | −0.647 | −0.982 |
(0.933) | (0.638) | (0.460) | (0.573) | (0.850) | |
Size of M&A | −0.381 | −0.564 | −0.791 * | −0.946 * | −1.131 |
(0.921) | (0.627) | (0.452) | (0.563) | (0.839) | |
Tobin’s Q | −0.00645 | −0.00773 | −0.00931 | −0.0104 | −0.0117 |
(0.0147) | (0.0100) | (0.00721) | (0.00898) | (0.0134) | |
Observations | 214 | 214 | 214 | 214 | 214 |
VARIABLES | (10) | (11) | (12) | (13) | (14) | (15) | (16) |
---|---|---|---|---|---|---|---|
OLS | OLS | OLS | 2sls | 2sls | Iv-gmm | Iv-gmm | |
ln_size | −0.105 *** | −0.0757 | −1.933 *** | −4.277 ** | −1.922 *** | −5.522 ** | |
(0.0316) | (0.0796) | (0.573) | (1.953) | (0.569) | (2.357) | ||
ln_digital | 0.0351 *** | 0.164 | 0.0856 *** | −14.49 * | 0.0856 *** | −19.09 ** | |
(0.00941) | (0.319) | (0.0276) | (7.643) | (0.0276) | (9.196) | ||
ln_size × ln_digital | −0.00595 | 0.674 * | 0.888 ** | ||||
(0.0148) | (0.351) | (0.421) | |||||
TANPR | −10.18 * | −10.98 ** | −10.83 ** | −39.93 | −56.61 ** | −39.00 | −67.28 ** |
(5.298) | (5.077) | (5.102) | (24.39) | (25.89) | (24.13) | (31.93) | |
CAR10 | −0.474 | −0.577 * | −0.593 * | −2.103 | 1.031 | −2.187 | 1.652 |
(0.319) | (0.305) | (0.308) | (1.407) | (1.640) | (1.350) | (2.056) | |
TATR | 0.357 *** | 0.263 *** | 0.261 *** | −0.576 | 0.0953 | −0.583 | 0.146 |
(0.101) | (0.0987) | (0.0990) | (0.395) | (0.296) | (0.391) | (0.356) | |
Cash ratio | 0.135 | −0.258 | −0.245 | −10.04*** | −7.059 ** | −10.02 *** | −8.909 *** |
(0.414) | (0.430) | (0.432) | (2.977) | (2.843) | (2.962) | (3.453) | |
Size of M&A | −0.703 | −0.670 | −0.685 | 4.252 | 4.461 | 4.097 | 4.942 |
(0.447) | (0.429) | (0.432) | (3.337) | (2.847) | (3.256) | (3.201) | |
Tobin’s Q | 0.00282 | −0.00311 | −0.00333 | −0.480 ** | −0.0788 | −0.481 ** | −0.0913 |
(0.0108) | (0.0105) | (0.0106) | (0.212) | (0.0712) | (0.211) | (0.0850) | |
Constant | 5.187 *** | 7.390 *** | 6.800 *** | 36.80 *** | 84.36 ** | 37.01 *** | 110.1 ** |
(1.284) | (1.378) | (2.014) | (10.67) | (41.02) | (10.58) | (48.82) | |
Observations | 214 | 214 | 214 | 188 | 188 | 188 | 188 |
R-squared | 0.088 | 0.178 | 0.179 | - | - | - | - |
Disclaimer/Publisher’s Note: The statements, opinions and data contained in all publications are solely those of the individual author(s) and contributor(s) and not of MDPI and/or the editor(s). MDPI and/or the editor(s) disclaim responsibility for any injury to people or property resulting from any ideas, methods, instructions or products referred to in the content. |
© 2023 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/).
Share and Cite
Zhou, L.; Li, W.; Teo, B.S.-X.; Yusoff, S.K.M. The Impact of Green M&A Listed Companies’ Size on the Rural Ecological Environment—Digitalization as Moderating Effect. Sustainability 2023, 15, 6068. https://doi.org/10.3390/su15076068
Zhou L, Li W, Teo BS-X, Yusoff SKM. The Impact of Green M&A Listed Companies’ Size on the Rural Ecological Environment—Digitalization as Moderating Effect. Sustainability. 2023; 15(7):6068. https://doi.org/10.3390/su15076068
Chicago/Turabian StyleZhou, Lingling, Wenqi Li, Brian Sheng-Xian Teo, and Siti Khalidah Md Yusoff. 2023. "The Impact of Green M&A Listed Companies’ Size on the Rural Ecological Environment—Digitalization as Moderating Effect" Sustainability 15, no. 7: 6068. https://doi.org/10.3390/su15076068