Leadership at the Helm: How Top Executive Team Traits Catalyze Green Mergers and Innovation in Pollution-Intensive Industries
This study aims to investigate the impact of green mergers and acquisitions (GMAs) and the characteristics of the top management team (TMT) on green innovation within heavily polluting industries. By analyzing data from listed companies in China's heavily polluting industries between 2012 and 2021, the study finds that GMAs significantly promote green innovation, particularly in non-state-owned enterprises (non-SOEs). Combining sustainable development theory, the resource-based view (RBV), and upper echelons theory, the study reveals the mechanisms through which GMAs facilitate corporate green transformation by acquiring clean technologies and resources. The results indicate that GMAs have a significant positive impact on corporate green patent applications, with this effect being more pronounced in non-SOEs. Furthermore, the study highlights the importance of TMT characteristics on green innovation. Specifically, TMTs with higher gender diversity, higher educational attainment, and international experience are more effective in fostering green innovation. Teams with a higher proportion of female executives, advanced education levels, and overseas backgrounds show a stronger propensity to promote green innovation. Additionally, younger TMTs also exhibit greater green innovation capabilities.
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