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The effects of greenfield foreign direct investment and cross‐border mergers and acquisitions on energy intensity in upper-middle income countries and low- and lower-middle income countries

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  • Dierk Herzer
  • Niklas Schmelmer

Abstract

This study examines the effects of greenfield foreign direct investment (FDI) and cross‐border mergers and acquisitions (M&As) on energy intensity for a sample of 35 upper-middle-income countries (UMICs) and a sample of 49 low- and lower-middle-income countries (LLMICs). It is the first to examine the energy intensity effects of greenfield FDI and cross‐border M&As for subgroups of developing countries with different levels of income. It is also the first study of its kind to use stationary and non-stationary panel methods. The main findings are: first, both greenfield FDI and cross-border M&As have an insignificant impact on energy intensity in LLMICs, and second, while the effect of cross-border M&As on energy intensity is insignificant in UMICs, greenfield FDI exerts a negative and significant impact on energy intensity in UMICs.

Suggested Citation

  • Dierk Herzer & Niklas Schmelmer, 2022. "The effects of greenfield foreign direct investment and cross‐border mergers and acquisitions on energy intensity in upper-middle income countries and low- and lower-middle income countries," Applied Economics, Taylor & Francis Journals, vol. 54(41), pages 4732-4750, September.
    • Handle: RePEc:taf:applec:v:54:y:2022:i:41:p:4732-4750
    DOI: 10.1080/00036846.2022.2035670
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    Cited by:

    1. Jacint Balaguer & Ana Cuadros & Jose García-Quevedo, 2023. "Does foreign ownership promote environmental protection? Evidence from firm-level data," Small Business Economics, Springer, vol. 60(1), pages 227-244, January.
    2. Herzer, Dierk & Schmelmer, Niklas, 2023. "How do South-South and North-South FDI affect energy intensity in developing countries?," MPRA Paper 118179, University Library of Munich, Germany.

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