Is it more profitable to acquire cleaner or dirtier firms

摘要: When polluting firms acquire in the same industry, do they seek out greener to make use of their cleaner technology, especially under threat penalty for pollution? How does pollution affect incentive acquisition? The result this study indicates that who are penalized not necessarily acquire. Our suggests it is more profitable takeover dirtier and shut them down. also that, at lower levels emission tax, acquiring a firm increases with an increase tax but opposite true higher tax.