Journal of Business Economics

, Volume 83, Issue 6, pp 605–630 | Cite as

Valuation effects of corporate strategic transactions in the cleantech industry

  • Houdou Basse-MamaEmail author
  • Nicolas Koch
  • Alexander Bassen
  • Theo Bank
Original Paper


This paper investigates capital market reactions to announcements of corporate strategic transactions in the clean technology, or cleantech, industry. Using the event study method in a multi-country setting, we exploit a dataset of 328 hand-collected announcements of mergers and acquisitions, joint ventures, and asset disposals that took place between 2001 and 2011. We provide strong evidence of significant wealth gains from cleantech deals. On average, cleantech companies earn significantly higher abnormal returns than non-cleantech companies, confirming the beneficial idiosyncrasies of the cleantech industry. These high premia are likely driven by government interventions that are believed to be a necessary pre-condition for development of clean technology. Alternatively, the premia are commanded by the acquisition of cutting-edge environmental innovations and the positive credibility spillover inherent in cleantech deals.


Cleantech Renewable energy Mergers and acquisitions Event study 

JEL classification

G14 Q28 Q42 


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Copyright information

© Springer-Verlag Berlin Heidelberg 2013

Authors and Affiliations

  • Houdou Basse-Mama
    • 1
    Email author
  • Nicolas Koch
    • 2
  • Alexander Bassen
    • 2
  • Theo Bank
    • 3
  1. 1.ESCP Europe Business School Berlin, Chair of International Financial MarketsBerlinGermany
  2. 2.University of Hamburg, School of Business, Economics and Social Sciences, Chair of Capital Markets and ManagementHamburgGermany
  3. 3.The Boston Consulting Group GmbH, Chilehaus AHamburgGermany

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