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Erscheinungsjahr: 
2021
Quellenangabe: 
[Journal:] Environmental and Resource Economics [ISSN:] 1573-1502 [Volume:] 80 [Issue:] 3 [Publisher:] Springer Netherlands [Place:] Dordrecht [Year:] 2021 [Pages:] 603-636
Verlag: 
Springer Netherlands, Dordrecht
Zusammenfassung: 
Strict environmental regulation may deter foreign direct investment (FDI). The paper develops the hypothesis that regulation predominantly discourages FDI that is conducted as Greenfield investment rather than mergers and acquisitions (M&A). The hypothesis is tested with German firm-level FDI data. Empirically, stricter regulation reduces new Greenfield projects in polluting industries, but indeed has a much smaller impact on the number of M&As. This significant difference is compatible with the fact that existing operations often benefit from grandfathering rules, which provide softer regulation for pre-exisiting plants, and with the expectation that for M&As part of the regulation is capitalized in the purchase price. The heterogeneous effects help explaining mixed results in previous studies that have neglected the mode of entry.
Schlagwörter: 
Environmental stringency
Entry mode
Pollution haven hypothesis
Foreign direct investment
JEL: 
F23
F64
Q50
Q58
Persistent Identifier der Erstveröffentlichung: 
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Dokumentart: 
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Dokumentversion: 
Published Version

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