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EXAMINING GREEN MERGERS AND ACQUISITIONS: A BIBLIOMETRIC ANALYSIS

Yıl 2025, Sayı: 33, 28 - 40, 03.09.2025

Öz

In the past few decades, Mergers and acquisitions (M&A) have been a key tactic for competitive positioning since organizations face pressure to implement sustainable practices as environmental degradation and climate change become a worldwide concern. M&A that prioritize sustainability objectives or ecologically conscious methods are called Green Mergers and Acquisitions (GMA). GMA is increasingly becoming a viable option for highly polluting businesses to embark on green transformation journeys and achieve their emissions reduction and energy-saving goals, prompting scholars to conduct research in this area to investigate how these business tactics support environmental goals and reduce companies’ ecological impacts. This study addresses the increasing importance of green M&A trends. This study aims to investigate GMA using the content analysis method on randomly selected journals included in the Web of Science (WOS) index from 2015 to 2024. Additionally, the study examines current M&A transactions by considering global M&A indicators. The findings show that the vast majority of publications on GMA (86%) were made between 2020 and 2024, and Chinese writers accounted for 44% of all GMA publications. Joint publishing by three or more academics from different countries accounted for 61.5% of the articles published between 2020 and 2024. Scholars from several nations are working together to explore the topic, which suggests that it has universal significance. Green innovation (14%), green M&A (14%), heavy pollution (11%), carbon issues (11%), and cross-border M&A (8%) were the most explored subjects in the reviewed publications.

Kaynakça

  • Abbas, Q., Hunjra, A. I., Azam, R. I., Ijaz M. S., & Zahid, M. (2014). Financial performance of banks in Pakistan after merger and acquisition. Journal of Global Entrepreneurship Research, 4(13), 1-15.
  • Adhikari, B., Kavanagh, M., & Hampson, B. (2023). A comparative analysis of the financial performance of commercial banks after mergers and acquisitions using Nepalese data. Central Bank Review, 23(3), 100128.
  • Arjona, L., Herfurth, J., Nielsen, J., Barrett, C., Cornet, G., & Degen, D. (2023). Capitalizing on ESG synergies in M&A. BCG M&A Transactions and PMI. https://www.bcg.com/publications/2023/capitalizing-on-esg-synergies-in-mergers-and-acquisitions
  • Barth, M. E., & McNichols, M. F. (1994). Estimation and market valuation of environmental liabilities relating to superfund sites. Journal of Accounting Research, 32, 177-209.
  • Bocken, N.M.P. (2015). Sustainable venture capital-catalyst for sustainable start-up success?. Journal of Cleaner Production, 108, 647-658.
  • Boston Consulting Group (BCG), (2024). M&A activity by year: The BCG M&A report collection. https://www.bcg.com/capabilities/mergers-acquisitions-transactions-pmi/mergers-acquisitions-activity-by-year?utm_source=search&utm_medium=cpc&utm_campaign=none&utm_description=paid&utm_topic=ma-pmi&utm_geo=global&utm_content=search_m&a_report&gad_source=1&gbraid=0AAAAACKyBhpA4U_05wSpZkdKfGgvYvVFb&gclid=EAIaIQobChMItuq8mMXCiQMVIhkGAB0ebCfSEAAYAiAAEgI2wPD_BwE&gclsrc=aw.ds
  • Bui, K., Le, T., & Ngo, T. (2025). Drivers of mergers and acquisitions activities in Vietnam: Insights from targets’ perspectives and deal characteristics. International Journal of Financial Studies, 13(1), 19.
  • Cartwright, S., & Cooper, C. L. (1990). The impact of mergers and acquisitions on people at work: Existing research and issues. British Journal of Management, 1(2), 65-76.
  • Cartwright, S., & Schoenberg, R. (2006). Thirty years of mergers and acquisitions research: Recent advances and future opportunities. British Journal of Management, 17(1), 1-5.
  • Christensen, D., Serafeim, G., & Sikochi, A. (2022). Why is corporate virtue in the eye of the beholder? The case of ESG ratings. The Accounting Review, 97(1), 8-29.
  • Clarkson, P. M., Li, Y., & Richardson, G. D. (2004). The market valuation of environmental capital expenditures by pulp and paper companies. The Accounting Review, 79(2), 329-353.
  • DePamphilis, D. (2011). Mergers and acquisitions basics All you need to know. Elsevier.
  • Erel, I., Liao, R. C., & Weisbach, M. S. (2012). Determinants of cross-border mergers and acquisitions. The Journal of Finance, 67(3), 1045-1082.
  • Faulkner, D., Teerinkangas, S., & Joseph, R. (2012). Handbook of mergers and acquisitions. Oxford, U.K.:Oxford University Press.
  • Feyisetan, O. O., Alkaraan, F., & Le, C. (2025). The influence of ESG on mergers and acquisitions decisions and organisational performance in UK firms: Comparison between financial and non-financial sectors. Journal of Applied Accounting Research, Advance online publication. https://doi.org/10.1108/JAAR-09-2024-0340
  • Gupta, P. K. (2012). Mergers and acquisitions (M&A): The strategic concepts for the nuptials of corporate sector. Innovative Journal of Business Management, 1, 60-68.
  • Haleblian, J., Devers, C. E., McNamara, G., Carpenter, C.A., & Davison, R.B. (2009). Taking stock of what we know about mergers and acquisitions: A review and research agenda. Journal of Management, 35(3), 469-502.
  • Junni, P., & Teerikangas, S. (2019). Mergers and Acquisitions. Oxford Research Encyclopedia of Business and Management, Retrieved 7 Nov. 2024, from https://oxfordre.com/business/view/10.1093/acrefore/9780190224851.001.0001/acrefore-9780190224851-e-15.
  • Karpoff, J. M., Lott, Jr. J. R., & Wehrly, E. W. (2005). The reputational penalties for environmental violations: Empirical evidence. Journal of Law and Economics, 68, 653-675.
  • Kengelbach, J., Friedman, D., Keienburg, G., Nielsen, J., Söllner, T., Wang, Y., & Sievers, S. (2022). Green deals gain steam: The 2022 M&A report. Boston Consulting Group (BSG). https://www.bcg.com/publications/2022/green-deals-on-the-rise-according-to-the-latest-mergers-and-acquisitions-report#:~:text=The%202022%20M%26A%20Report,-October%2020%2C%202022&text=A%20BCG%20study%20found%20that,5%25%20of%20all%20M%26A%20transactions.
  • King, D. R., Dalton, D. R., Daily, C. M., & Covin, J. G. (2004). Meta-analyses of post-acquisition performance: Indicators of unidentified moderators. Strategic Management Journal, 25(2), 187-200.
  • Lebedev, S., Peng, M. W., Xie, E., Stevens, C. E. (2015). Mergers and acquisitions in and out of emerging economies. Journal of World Business, 50(4), 651-662.
  • Liang, X., Li, S., Luo, P., & Li, Z. (2022). Green mergers and acquisitions and green innovation: An emprical study on heavily polluting enterprises. Environmental Science and Pollution Research, 29, 48937-48952.
  • Liu, D., Xiong, Y., Wang, L., & Yao, S. (2025). Corporate carbon risk and green M&As. Research in International Business and Finance, 75, 102714.
  • LSEG Data & Analytics, (2023). Global mergers & acquisitions review, full year 2023. https://www.kroll.com/-/media/kroll-images/pdfs/q4-2023-global-financial-review.pdf
  • Lu, J. (2021). Can the green merger and acquisition strategy improve the environmental protection investment of listed company?. Environmental Impact Assessment Review, 86, 106470.
  • Ma, J., Pagan, J. A., & Chu, Y. (2009). Abnormal returns to mergers and acquisitions in ten Asian stock markets. International Journal of Business, 14(3), 235-250.
  • Ma, J., Li, Z., & Guo, Z. (2025). The effect of green mergers and acquisitions on the green transformation of heavily polluting enterprises: Empirical evidence from China. Data Science and Management, In Press, Journal Pre-proof.
  • Mergermarket, (2024). Global and regional M&A rankings 9M 2024. ION Analytics, https://ionanalytics.com/wp-content/uploads/2024/10/Global_and_Regional_MA_Rankings_9M_2024__Financial_Advisors.pdf
  • Pan, A. L., Liu, X., Qiu, J. L., & Shen, Y. (2019). Can green M&A under media pressure lead to substantial transformation of heavy polluters. China Industrial Economics, 371(02), 174-192.
  • Qiu, J. L., Pan, A. L., & Zhang, G. Z. (2018). Formal environmental regulation, informal environmental regulation and green mergers and acquisitions of heavy polluters. Guangdong Social Science, 02, 51-59.
  • Raberger, N., Rompen, F., Tanoli, T., & Van Oostende, M. (2024). Creating value from green M&A. McKinsey& Company. https://www.mckinsey.com/capabilities/m-and-a/our-insights/creating-value-from-green-m-and-a
  • Renneboog, L., & Vansteenkiste, C. (2019). Failure and success in mergers and acquisitions. Journal of Corporate Finance, 58, 650-699.
  • Salvi, A., Petruzzella, F., & Giakoumelou, A. (2018). Green M&A deals and bidders’ value creation: The role of sustainability in post-acquisition performance. International Business Research, 11(7), 96.
  • Shen, R., Tang, Y., & Chen, G. (2013). When the role fits: How firm status differentials affect corporate takeovers. Strategic Management Journal, 35(13), 2012-2030.
  • Sherman, A. (2011). Mergers and acquisitions: From A to Z (3rd edn). AMACOM.
  • Shi, P., & Huang, Q. (2024). Green mergers and acquisitions and corporate environmental responsibility: Substantial transformation or strategic arbitrage?. Economic Analysis and Policy, 83, 1023-1040.
  • Sonali, B., & Gould, R. (2023). Goldman tops M&A advisory ranking as rivals maneuver. Bloomberg, https://www.bloomberg.com/news/articles/2023-12-29/goldman-tops-m-a-advisory-ranking-as-rivals-maneuver-for-rebound?leadSource=uverify%20wall
  • Splawski, P., & Lukacs, E. (2022). What is ESG? ESG explained article series exploring ESG from the very basics. Deloitte. https://www.deloitte.com/ce/en/services/consulting/perspectives/esg-explained-1-what-is-esg.html
  • Statista, (2024). Number of mergers and acquisitions (M&A) transactions worldwide from 1985 to May 2024. https://www.statista.com/statistics/267368/number-of-mergers-and-acquisitions-worldwide-since-2005/
  • Stavi, P. A., Kyriazopoulas, A. P., Halbac-Cotoara-Zamff, R., Si, M. S., Suska-Malawska, M., Savic, D., Pinho, J., Thalheimer, L., & Williams, D. S. (2021). Multidimensional food security nexus in drylands under the slow onset effects of climate change, Land, 10(2), 1350.
  • Ullah, N., & Rashid, M. M. (2024). Merger and acquisition strategy for banks- An intensive contemporary literature review. International Journal of Multidisciplinary and Current Educational Research, 6(4), 41-55.
  • Zhou, C., Xie, J., & Wang, Q. (2016). Failure to complete cross-border M&As: “To” vs “from” emerging markets. Journal of International Business Studies, 47, 1077-1105.

YEŞİL BİRLEŞME VE SATIN ALMALARIN İNCELENMESİ: BİBLİYOMETRİK BİR ANALİZ

Yıl 2025, Sayı: 33, 28 - 40, 03.09.2025

Öz

Son yıllarda, çevresel bozulmanın ve iklim değişikliğinin dünya çapında bir endişe haline gelmesiyle, kuruluşlar sürdürülebilir uygulamalara yöneldiler. Rekabetçi konumlandırma için önemli bir taktik olan birleşme ve satınalmalar, sürdürülebilirlik hedeflerine öncelik verdiklerinde "Yeşil Birleşme ve Satınalma" olarak adlandırılır. Yeşil Birleşme ve Satınalmalar, işletmelerin yeşil dönüşüm yolculuklarına başlamaları, emisyon azaltmaları ve enerji tasarrufu hedeflerine ulaşmaları için uygulanabilir bir seçenektir. Bu durum, bilim insanlarının bu alanda araştırma yaparak çevresel hedeflerin nasıl desteklendiği ve şirketlerin ekolojik etkilerini nasıl azalttığını araştırmalarına sebep olmaktadır. Bu çalışma, 2015'ten 2024'e kadar WOS endeksine dahil edilen dergilerde içerik analizi yöntemi kullanarak, Yeşil Birleşme ve Satınalmalar konusunu araştırmayı amaçlamaktadır. Ek olarak çalışma, birleşme ve satınalmaların küresel göstergelerini incelemektedir. Çalışmanın bulguları, Yeşil Birleşme ve Satınalmalar konulu yayınların büyük çoğunluğunun (%86) 2020 ile 2024 arasında yapıldığını ve Çinli yazarların bu yayınlarının %44'ünü oluşturduğunu göstermektedir. Farklı ülkelerden üç veya daha fazla akademisyenin ortak yayınları, 2020-2024 yılları arasında yayınlanan makalelerin %61,5'ini oluşturmaktadır. Farklı ülkelerden araştırmacıların konuyu araştırmak için birlikte çalışması, konunun evrensel bir öneme sahip olduğunu düşündürmektedir. İncelenen yayınlarda en çok araştırılan konuların yeşil inovasyon (%14), yeşil birleşme ve satın almalar (%14), ağır kirlilik (%11), karbon sorunları (%11) ve sınır ötesi birleşme ve satın almalar (%8) olduğu gözlemlenmiştir.

Kaynakça

  • Abbas, Q., Hunjra, A. I., Azam, R. I., Ijaz M. S., & Zahid, M. (2014). Financial performance of banks in Pakistan after merger and acquisition. Journal of Global Entrepreneurship Research, 4(13), 1-15.
  • Adhikari, B., Kavanagh, M., & Hampson, B. (2023). A comparative analysis of the financial performance of commercial banks after mergers and acquisitions using Nepalese data. Central Bank Review, 23(3), 100128.
  • Arjona, L., Herfurth, J., Nielsen, J., Barrett, C., Cornet, G., & Degen, D. (2023). Capitalizing on ESG synergies in M&A. BCG M&A Transactions and PMI. https://www.bcg.com/publications/2023/capitalizing-on-esg-synergies-in-mergers-and-acquisitions
  • Barth, M. E., & McNichols, M. F. (1994). Estimation and market valuation of environmental liabilities relating to superfund sites. Journal of Accounting Research, 32, 177-209.
  • Bocken, N.M.P. (2015). Sustainable venture capital-catalyst for sustainable start-up success?. Journal of Cleaner Production, 108, 647-658.
  • Boston Consulting Group (BCG), (2024). M&A activity by year: The BCG M&A report collection. https://www.bcg.com/capabilities/mergers-acquisitions-transactions-pmi/mergers-acquisitions-activity-by-year?utm_source=search&utm_medium=cpc&utm_campaign=none&utm_description=paid&utm_topic=ma-pmi&utm_geo=global&utm_content=search_m&a_report&gad_source=1&gbraid=0AAAAACKyBhpA4U_05wSpZkdKfGgvYvVFb&gclid=EAIaIQobChMItuq8mMXCiQMVIhkGAB0ebCfSEAAYAiAAEgI2wPD_BwE&gclsrc=aw.ds
  • Bui, K., Le, T., & Ngo, T. (2025). Drivers of mergers and acquisitions activities in Vietnam: Insights from targets’ perspectives and deal characteristics. International Journal of Financial Studies, 13(1), 19.
  • Cartwright, S., & Cooper, C. L. (1990). The impact of mergers and acquisitions on people at work: Existing research and issues. British Journal of Management, 1(2), 65-76.
  • Cartwright, S., & Schoenberg, R. (2006). Thirty years of mergers and acquisitions research: Recent advances and future opportunities. British Journal of Management, 17(1), 1-5.
  • Christensen, D., Serafeim, G., & Sikochi, A. (2022). Why is corporate virtue in the eye of the beholder? The case of ESG ratings. The Accounting Review, 97(1), 8-29.
  • Clarkson, P. M., Li, Y., & Richardson, G. D. (2004). The market valuation of environmental capital expenditures by pulp and paper companies. The Accounting Review, 79(2), 329-353.
  • DePamphilis, D. (2011). Mergers and acquisitions basics All you need to know. Elsevier.
  • Erel, I., Liao, R. C., & Weisbach, M. S. (2012). Determinants of cross-border mergers and acquisitions. The Journal of Finance, 67(3), 1045-1082.
  • Faulkner, D., Teerinkangas, S., & Joseph, R. (2012). Handbook of mergers and acquisitions. Oxford, U.K.:Oxford University Press.
  • Feyisetan, O. O., Alkaraan, F., & Le, C. (2025). The influence of ESG on mergers and acquisitions decisions and organisational performance in UK firms: Comparison between financial and non-financial sectors. Journal of Applied Accounting Research, Advance online publication. https://doi.org/10.1108/JAAR-09-2024-0340
  • Gupta, P. K. (2012). Mergers and acquisitions (M&A): The strategic concepts for the nuptials of corporate sector. Innovative Journal of Business Management, 1, 60-68.
  • Haleblian, J., Devers, C. E., McNamara, G., Carpenter, C.A., & Davison, R.B. (2009). Taking stock of what we know about mergers and acquisitions: A review and research agenda. Journal of Management, 35(3), 469-502.
  • Junni, P., & Teerikangas, S. (2019). Mergers and Acquisitions. Oxford Research Encyclopedia of Business and Management, Retrieved 7 Nov. 2024, from https://oxfordre.com/business/view/10.1093/acrefore/9780190224851.001.0001/acrefore-9780190224851-e-15.
  • Karpoff, J. M., Lott, Jr. J. R., & Wehrly, E. W. (2005). The reputational penalties for environmental violations: Empirical evidence. Journal of Law and Economics, 68, 653-675.
  • Kengelbach, J., Friedman, D., Keienburg, G., Nielsen, J., Söllner, T., Wang, Y., & Sievers, S. (2022). Green deals gain steam: The 2022 M&A report. Boston Consulting Group (BSG). https://www.bcg.com/publications/2022/green-deals-on-the-rise-according-to-the-latest-mergers-and-acquisitions-report#:~:text=The%202022%20M%26A%20Report,-October%2020%2C%202022&text=A%20BCG%20study%20found%20that,5%25%20of%20all%20M%26A%20transactions.
  • King, D. R., Dalton, D. R., Daily, C. M., & Covin, J. G. (2004). Meta-analyses of post-acquisition performance: Indicators of unidentified moderators. Strategic Management Journal, 25(2), 187-200.
  • Lebedev, S., Peng, M. W., Xie, E., Stevens, C. E. (2015). Mergers and acquisitions in and out of emerging economies. Journal of World Business, 50(4), 651-662.
  • Liang, X., Li, S., Luo, P., & Li, Z. (2022). Green mergers and acquisitions and green innovation: An emprical study on heavily polluting enterprises. Environmental Science and Pollution Research, 29, 48937-48952.
  • Liu, D., Xiong, Y., Wang, L., & Yao, S. (2025). Corporate carbon risk and green M&As. Research in International Business and Finance, 75, 102714.
  • LSEG Data & Analytics, (2023). Global mergers & acquisitions review, full year 2023. https://www.kroll.com/-/media/kroll-images/pdfs/q4-2023-global-financial-review.pdf
  • Lu, J. (2021). Can the green merger and acquisition strategy improve the environmental protection investment of listed company?. Environmental Impact Assessment Review, 86, 106470.
  • Ma, J., Pagan, J. A., & Chu, Y. (2009). Abnormal returns to mergers and acquisitions in ten Asian stock markets. International Journal of Business, 14(3), 235-250.
  • Ma, J., Li, Z., & Guo, Z. (2025). The effect of green mergers and acquisitions on the green transformation of heavily polluting enterprises: Empirical evidence from China. Data Science and Management, In Press, Journal Pre-proof.
  • Mergermarket, (2024). Global and regional M&A rankings 9M 2024. ION Analytics, https://ionanalytics.com/wp-content/uploads/2024/10/Global_and_Regional_MA_Rankings_9M_2024__Financial_Advisors.pdf
  • Pan, A. L., Liu, X., Qiu, J. L., & Shen, Y. (2019). Can green M&A under media pressure lead to substantial transformation of heavy polluters. China Industrial Economics, 371(02), 174-192.
  • Qiu, J. L., Pan, A. L., & Zhang, G. Z. (2018). Formal environmental regulation, informal environmental regulation and green mergers and acquisitions of heavy polluters. Guangdong Social Science, 02, 51-59.
  • Raberger, N., Rompen, F., Tanoli, T., & Van Oostende, M. (2024). Creating value from green M&A. McKinsey& Company. https://www.mckinsey.com/capabilities/m-and-a/our-insights/creating-value-from-green-m-and-a
  • Renneboog, L., & Vansteenkiste, C. (2019). Failure and success in mergers and acquisitions. Journal of Corporate Finance, 58, 650-699.
  • Salvi, A., Petruzzella, F., & Giakoumelou, A. (2018). Green M&A deals and bidders’ value creation: The role of sustainability in post-acquisition performance. International Business Research, 11(7), 96.
  • Shen, R., Tang, Y., & Chen, G. (2013). When the role fits: How firm status differentials affect corporate takeovers. Strategic Management Journal, 35(13), 2012-2030.
  • Sherman, A. (2011). Mergers and acquisitions: From A to Z (3rd edn). AMACOM.
  • Shi, P., & Huang, Q. (2024). Green mergers and acquisitions and corporate environmental responsibility: Substantial transformation or strategic arbitrage?. Economic Analysis and Policy, 83, 1023-1040.
  • Sonali, B., & Gould, R. (2023). Goldman tops M&A advisory ranking as rivals maneuver. Bloomberg, https://www.bloomberg.com/news/articles/2023-12-29/goldman-tops-m-a-advisory-ranking-as-rivals-maneuver-for-rebound?leadSource=uverify%20wall
  • Splawski, P., & Lukacs, E. (2022). What is ESG? ESG explained article series exploring ESG from the very basics. Deloitte. https://www.deloitte.com/ce/en/services/consulting/perspectives/esg-explained-1-what-is-esg.html
  • Statista, (2024). Number of mergers and acquisitions (M&A) transactions worldwide from 1985 to May 2024. https://www.statista.com/statistics/267368/number-of-mergers-and-acquisitions-worldwide-since-2005/
  • Stavi, P. A., Kyriazopoulas, A. P., Halbac-Cotoara-Zamff, R., Si, M. S., Suska-Malawska, M., Savic, D., Pinho, J., Thalheimer, L., & Williams, D. S. (2021). Multidimensional food security nexus in drylands under the slow onset effects of climate change, Land, 10(2), 1350.
  • Ullah, N., & Rashid, M. M. (2024). Merger and acquisition strategy for banks- An intensive contemporary literature review. International Journal of Multidisciplinary and Current Educational Research, 6(4), 41-55.
  • Zhou, C., Xie, J., & Wang, Q. (2016). Failure to complete cross-border M&As: “To” vs “from” emerging markets. Journal of International Business Studies, 47, 1077-1105.
Toplam 43 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular İşletme
Bölüm Makale
Yazarlar

Sezin Açık Taşar 0000-0002-0406-7734

Yayımlanma Tarihi 3 Eylül 2025
Gönderilme Tarihi 17 Şubat 2025
Kabul Tarihi 15 Nisan 2025
Yayımlandığı Sayı Yıl 2025 Sayı: 33

Kaynak Göster

APA Açık Taşar, S. (2025). EXAMINING GREEN MERGERS AND ACQUISITIONS: A BIBLIOMETRIC ANALYSIS. Denetişim(33), 28-40. https://doi.org/10.58348/denetisim.1641801

Denetişim dergisi yayımladığı çalışmalarla; alanındaki profesyoneller, akademisyenler ve düzenleyiciler arasında etkili bir iletişim ağı kurarak, Dünyada etkin bir denetim ve yönetim sistemine ulaşma yolculuğunda önemli mesafelerin kat edilmesine katkı sağlamaktadır.