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

Dierk Herzer and Niklas Schmelmer

Applied Economics, 2022, vol. 54, issue 41, 4732-4750

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.

Date: 2022
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DOI: 10.1080/00036846.2022.2035670

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