IDEAS home Printed from https://ideas.repec.org/a/gam/jeners/v15y2022i3p1065-d739595.html
   My bibliography  Save this article

The Dominant Motives of Mergers and Acquisitions in the Energy Sector in Western Europe from the Perspective of Green Economy

Author

Listed:
  • Jerzy Niemczyk

    (Department of Strategy and Management Methods, Wroclaw University of Economics & Business, 118/120 Komandorska Street, 53-345 Wroclaw, Poland)

  • Aleksandra Sus

    (Department of Management, General Tadeusz Kościuszko Military University of Land Forces, Piotra Czajkowskiego Street 109, 51-147 Wroclaw, Poland)

  • Kamil Borowski

    (Independent Researcher, 01-063 Warsaw, Poland)

  • Bartosz Jasiński

    (Department of Strategy and Management Methods, Wroclaw University of Economics & Business, 118/120 Komandorska Street, 53-345 Wroclaw, Poland)

  • Katarzyna Jasińska

    (Department of Theory o Organization and Management, Wroclaw University of Economics & Business, 118/120 Komandorska Street, 53-345 Wroclaw, Poland)

Abstract

The aim of the research, the results of which are used in this publication, was to identify the motives for mergers and acquisitions in the energy sector after the introduction of green economy elements in Western Europe. The mentioned region is the group of countries where changes related to the move to green energy are most visible (in addition to some countries from other regions, such as Singapore, New Zealand, or countries of the Arabian Peninsula). The research assumed the hypothesis that over the years since the Paris Conference the themes of mergers and acquisitions have changed from motives close to the views related to energy generation in traditional systems (black energy in large, monopolistic systems) to motives close to green energy (the research hypothesis). This was confirmed in the research, as business risk diversification (defined as diversification of the power sources from black to green) was the most popular M&A motive. In addition to emphasizing the direction of changes in the M&A motives, the authors of this study decided to check whether since 2015 (when the Paris Conference was organized) the motives behind the M&A transactions conducted by companies operating in the electrical energy generation sector have changed, making their motives close to the green energy dominant in Western Europe. Apart from verification of the abovementioned hypothesis, the aim of the research was to check whether there are any characteristic directions of changes in M&A motives across companies from particular Western European countries. The motives are changing from positional approaches to motives closer to resource approaches (green economy). The research used a critical analysis of the literature on the subject, a study that used desk research based on openly available sources and our own analytical tool developed for the needs of this analysis, which is the transformation of the concept of analysis of the M&A motives proposed in K. Borowski’s research: “The strategic development of the technology companies. The mergers and acquisitions perspective”.

Suggested Citation

  • Jerzy Niemczyk & Aleksandra Sus & Kamil Borowski & Bartosz Jasiński & Katarzyna Jasińska, 2022. "The Dominant Motives of Mergers and Acquisitions in the Energy Sector in Western Europe from the Perspective of Green Economy," Energies, MDPI, vol. 15(3), pages 1-17, January.
    • Handle: RePEc:gam:jeners:v:15:y:2022:i:3:p:1065-:d:739595
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/1996-1073/15/3/1065/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/1996-1073/15/3/1065/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Karolis Andriuškevičius & Dalia Štreimikienė, 2021. "Developments and Trends of Mergers and Acquisitions in the Energy Industry," Energies, MDPI, vol. 14(8), pages 1-14, April.
    2. Ohsung Kwon & Sangmin Lim & Duk Hee Lee, 2018. "Acquiring startups in the energy sector: a study of firm value and environmental policy," Business Strategy and the Environment, Wiley Blackwell, vol. 27(8), pages 1376-1384, December.
    3. Mirosław Wasilewski & Serhiy Zabolotnyy & Dmytro Osiichuk, 2021. "Characteristics and Shareholder Wealth Effects of Mergers and Acquisitions Involving European Renewable Energy Companies," Energies, MDPI, vol. 14(21), pages 1-20, November.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Artur Jaworski & Maksymilian Mądziel & Hubert Kuszewski, 2022. "Sustainable Public Transport Strategies—Decomposition of the Bus Fleet and Its Influence on the Decrease in Greenhouse Gas Emissions," Energies, MDPI, vol. 15(6), pages 1-14, March.
    2. Hawkes, Adam & Muûls, Mirabelle & Hamilton, James W., 2023. "Big oil and the energy transition: Evidence from M&A," Energy Policy, Elsevier, vol. 183(C).
    3. Joanna Toborek-Mazur & Karol Partacz & Marcin Surówka, 2022. "Energy Security as a Premise for Mergers and Acquisitions on the Example of the Multi-Energy Concern PKN Orlen in the Face of the Challenges of the 2020s," Energies, MDPI, vol. 15(14), pages 1-28, July.
    4. Artur Jaworski & Vasyl Mateichyk & Hubert Kuszewski & Maksymilian Mądziel & Paweł Woś & Bożena Babiarz & Mirosław Śmieszek & Sławomir Porada, 2023. "Towards Cleaner Cities: An Analysis of the Impact of Bus Fleet Decomposition on PM and NO X Emissions Reduction in Sustainable Public Transport," Energies, MDPI, vol. 16(19), pages 1-18, October.
    5. Aleksandra Sus & Rafał Trzaska & Maciej Wilczyński & Joanna Hołub-Iwan, 2023. "Strategies of Energy Suppliers and Consumer Awareness in Green Energy Optics," Energies, MDPI, vol. 16(4), pages 1-23, February.
    6. Karolis Andriuškevičius & Dalia Štreimikienė, 2022. "Sustainability Framework for Assessment of Mergers and Acquisitions in Energy Sector," Energies, MDPI, vol. 15(13), pages 1-20, June.
    7. Tomasz Zema & Adam Sulich, 2022. "Models of Electricity Price Forecasting: Bibliometric Research," Energies, MDPI, vol. 15(15), pages 1-18, August.
    8. Viktoriya Gonchar & Oleksandr Kalinin & Olena Khadzhynova & Killian J. McCarthy, 2022. "False Friends? On the Effect of Bureaucracy, Informality, Corruption and Conflict in Ukraine on Foreign and Domestic Acquisitions," JRFM, MDPI, vol. 15(4), pages 1-14, April.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Natalia Wasilewska & Mirosław Wasilewski & Serhiy Zabolotnyy & Dmytro Osiichuk, 2022. "The Impact of M&As on the Competitive Positioning of European Energy Firms and Market Power Concentration on EU National Energy Markets," Energies, MDPI, vol. 15(23), pages 1-19, November.
    2. Jia Xu & Jiuchang Wei & Liangdong Lu, 2019. "Strategic stakeholder management, environmental corporate social responsibility engagement, and financial performance of stigmatized firms derived from Chinese special environmental policy," Business Strategy and the Environment, Wiley Blackwell, vol. 28(6), pages 1027-1044, September.
    3. Joanna Toborek-Mazur & Karol Partacz & Marcin Surówka, 2022. "Energy Security as a Premise for Mergers and Acquisitions on the Example of the Multi-Energy Concern PKN Orlen in the Face of the Challenges of the 2020s," Energies, MDPI, vol. 15(14), pages 1-28, July.
    4. Luis Gautier & Mahelet G. Fikru, 2024. "Are Big Mergers Welfare Enhancing When There Is Environmental Externality?," Natural Resource Management and Policy, in: Handbook of Merger Control and Environmental Policy, chapter 0, pages 145-173, Springer.
    5. Ibrahim Y. Tawbe & Jihad Elnaboulsi, 2024. "Maternal residential proximity to the most polluting facilities and birth weight in France," Working Papers 2024-15, CRESE.
    6. Ohsung Kwon, 2020. "A study on how startups approach sustainable development through intellectual property," Sustainable Development, John Wiley & Sons, Ltd., vol. 28(4), pages 613-625, July.
    7. Wassim Daher & Jihad Elnaboulsi & Mahelet G. Fikru & Luis Gautier, 2024. "An Analysis of Mergers in the Presence of Uncertainty in Renewable Energy Integration Costs," Working Papers 2024-14, CRESE.
    8. Ioannis Tampakoudis & Evgenia Anagnostopoulou, 2020. "The effect of mergers and acquisitions on environmental, social and governance performance and market value: Evidence from EU acquirers," Business Strategy and the Environment, Wiley Blackwell, vol. 29(5), pages 1865-1875, July.
    9. Karolis Andriuškevičius & Dalia Štreimikienė, 2022. "Energy M&A Market in the Baltic States Analyzed through the Lens of Sustainable Development," Energies, MDPI, vol. 15(21), pages 1-21, October.
    10. Barros, Victor & Verga Matos, Pedro & Miranda Sarmento, Joaquim & Rino Vieira, Pedro, 2022. "M&A activity as a driver for better ESG performance," Technological Forecasting and Social Change, Elsevier, vol. 175(C).
    11. Khanindra Ch. Das, 2023. "What Affects Startup Acquisition in Emerging Economy? Evidence from India," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 22(2), pages 111-134, June.
    12. RAHMAN, Md. Atiqur & USHER, Lauren, 2022. "A Critical Review Of Neoclassical And Behavioural Theories Of Merger Waves," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 26(1), pages 6-22, March.
    13. Barbieri, Elisa & Huang, Manli & Pi, Shenglei & Pollio, Chiara & Rubini, Lauretta, 2021. "Investigating the linkages between industrial policies and M&A dynamics: Evidence from China," China Economic Review, Elsevier, vol. 69(C).
    14. Luis Gautier & Mahelet G. Fikru, 2024. "The Design of Emission Taxes in Markets with New Firm Acquisitions," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 87(6), pages 1371-1388, June.
    15. Niculaescu, Corina-Elena & Sangiorgi, Ivan & Bell, Adrian R., 2023. "Venture capital financing in the eSports industry," Research in International Business and Finance, Elsevier, vol. 65(C).
    16. Vincenzo Vastola & Angeloantonio Russo, 2021. "Exploring the effects of mergers and acquisitions on acquirers' sustainability orientation: Embedding, adding, or losing sustainability," Business Strategy and the Environment, Wiley Blackwell, vol. 30(2), pages 1094-1104, February.
    17. Hawkes, Adam & Muûls, Mirabelle & Hamilton, James W., 2023. "Big oil and the energy transition: Evidence from M&A," Energy Policy, Elsevier, vol. 183(C).
    18. Michał Bańka & Mariusz Salwin & Maria Kukurba & Szymon Rychlik & Joanna Kłos & Monika Sychowicz, 2022. "Start-Up Accelerators and Their Impact on Sustainability: Literature Analysis and Case Studies from the Energy Sector," Sustainability, MDPI, vol. 14(20), pages 1-30, October.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jeners:v:15:y:2022:i:3:p:1065-:d:739595. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.