Environmental capabilities and corporate strategy: exploring acquisitions among US manufacturing firms

• 成果类型: Article
• 署名作者: Berchicci, Luca; Dowell, Glen; King, Andrew A.
• 署名单位: Cornell University; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Dartmouth College
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.1960
• 发表日期: 2012
• 页码: 1053-1071
• 关键词: environmental capabilities; acquisitions; corporate strategy; ownership change; GEOGRAPHIC DISTANCE

摘要

In this article, we investigate whether environmental capabilities influence firms' corporate strategies, a topic that has received little attention to date. We hypothesize that firms are more likely to acquire facilities when ownership facilitates the transfer of capabilities either to or from the facility. Using a panel from the U.S. government's Toxics Release Inventory Program, we find firms with superior environmental capabilities are significantly more likely to acquire physically proximate facilities with inferior environmental capabilities and vice versa. Our results extend theories of both corporate and environmental strategy. Copyright (c) 2012 John Wiley & Sons, Ltd.