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<p>This study utilizes Emissions Trading System (ETS) in China as a quasi-natural experiment, using the data of A-share listed companies during 2009–2018 and the difference-in-differences (DID) method, to examine the impact of ETS on corporate green strategic behaviors. Our findings indicate that the implementation of the ETS can significantly reshape corporate green strategic behaviors, which is reflected in promoting pilot firms to carry out both internal carbon reduction innovation activities and external green merger &amp; acquisition (M&amp;A). Besides, heterogeneous factors, including ETS design features, firm-specific characteristics, and industry attributes, exert differential impacts on firms’ green strategic behaviors. Further analysis confirms that internal innovation and external M&amp;A are complementary.</p>

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Does ETS reshape corporate green strategic behaviors? Evidence from innovation and merger & acquisition

  • 期刊论文

  • 出版模式：

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  • 发表日期：

    2026年3月26日

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  • Lu Shen,
  • Shi Chen

摘要

This study utilizes Emissions Trading System (ETS) in China as a quasi-natural experiment, using the data of A-share listed companies during 2009–2018 and the difference-in-differences (DID) method, to examine the impact of ETS on corporate green strategic behaviors. Our findings indicate that the implementation of the ETS can significantly reshape corporate green strategic behaviors, which is reflected in promoting pilot firms to carry out both internal carbon reduction innovation activities and external green merger & acquisition (M&A). Besides, heterogeneous factors, including ETS design features, firm-specific characteristics, and industry attributes, exert differential impacts on firms’ green strategic behaviors. Further analysis confirms that internal innovation and external M&A are complementary.