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A large volume (more than 4.0 million m3) of treated construction and demolition waste (CDW) is planned to be used in the construction of the Xi'an-Xianyang north loop line freeway in West China. These CDW were preliminarily separated into broken concretes, bricks, and porcelains in the treatment plants. In this study, a total of 190 CDW samples including 80 concretes, 80 bricks, 20 porcelains, and 10 mixed samples were collected from five treatment plants. Five farmland soil samples near treatment plants were collected as controls. The contents of 10 elements including cadmium (Cd), arsenic (As), copper (Cu), nickel (Ni), zinc (Zn), chromium (Cr), lead (Pb), manganese (Mn), silver (Ag), and mercury (Hg) in these samples were measured. The contents of 8 elements (Cu, Ni, Zn, Cr, Pb, Mn, Ag, and Hg) in all CDW samples were qualified for the third-level criterion of the Standard of Soil Environment (GB15618-2008). However, Cd contents in 37 concretes, 34 bricks, 6 porcelain samples, and 4 mixed CDW samples exceeded the national third-level standards (1 mg/kg) in GB15618-2008. And As contents in 28 concretes, 21 bricks, 5 porcelain samples, and 3 mixed CDW samples were higher than the national third-level standards (40 mg/kg). The total exceeding standard rates (ESRs) of Cd and As were 42.6% and 30%, respectively. The leaching tests for Cd and As were also done due to their higher ESRs. The results showed that the release amounts (μg/kg) of Cd and As from CDW were increased with increasing liquid to solid ratio (0.4–10 l/kg) but decreased with increasing pH (4–7). The leached concentrations of Cd and As from four types of CDW samples were both in a descending order: brick, mixed materials, concrete, and porcelain. The measured concentrations (μg/L) of Cd and As in leachate were all lower than second-grade criteria of Standard for Groundwater Quality (GB3838-2002). By comparing the leached concentrations of Cd and As with the value in European criteria (EU Council Decision 2003/33/EC) for hazardous wastes, all the CDW samples should be classified as inert or non-hazardous wastes. Thus, it could be concluded that heavy metals in these CDW would not pollute surrounding soil, surface water, and groundwater environment when applied in freeway construction. [ABSTRACT FROM AUTHOR]

An increasing number of heavy pollution enterprises are enthusiastically involved in green merger and acquisition (GMA), but the impact on green technology innovation (eco-innovation) has yet to be explored. Does it stimulate the quantity or quality of eco-innovation? By manually collecting GMA engagements of China's heavy pollution enterprises from 2010 to 2020, this study employed the staggered DID method to explore this issue. The empirical results show that: (1) GMA significantly improves the quantity rather than the quality of eco-innovation. After a battery of robustness checks, such as the parallel trend test, placebo test, substitution variables, and an adjusted sample interval, the conclusion remains valid. (2) Through analyzing the motivation of GMA, we find that the desire to obtain government green innovation subsidies and enjoy tax preferences prevails, which results in the scale and quality of GMA tending to be smaller and worse, respectively. (3) Moreover, the decline in the quality of environmental disclosure and CSR provides further evidence that the quality of eco-innovation did not improve. Briefly, this study enriches theoretical grounding regarding strategies of GMA in heavy pollution enterprises and provides implications for governments in emerging economies to guide enterprises to sincerely promote both the quantity and quality of eco-innovation via GMA deals. • Green mergers and acquisitions (GMA) stimulate the quantity rather than the quality of green technology innovation. • The real motivation for GMA is to obtain government green innovation subsidies and enjoy more tax preferences. • The scale of GMA tends to be smaller, and the quality of transactions is prone to be worse. • Following GMA, both the quality of environmental information disclosure and CSR exhibit a significant downward trend. [ABSTRACT FROM AUTHOR]

Green merger and acquisition (GMA) is becoming a growing tendency for heavily polluting enterprises in recent years; however, the realization path of green transformation through GMA is still unexplored. Taking 48 Chinese heavily polluting enterprises that had GMA in 2018 as the research object, this paper constructs the "M&A attributes, Organizational characteristics, and External environment" (M-O-E) framework, by using the method of fuzzy-set qualitative comparative analysis (fsQCA) to reveal the configurations of conditions that lead to high levels of green innovation performance. The results show that the high green technology innovation performance after GMA of heavily polluting enterprises is the outcome of multiple antecedents, and no singular antecedent is sufficient for achieving it. Besides, there are three equivalent configurations of conditions to achieve green transformation: professional buyer, internal leading, and internal-external linkage. Among them, the professional buyer configuration highlights that the combination of M&A experience and M&A scale is of great importance, the internal leading configuration emphasizes that the existence of environmental awareness and organizational resources is the core conditions, and the internal-external linkage configuration requires simultaneous efforts of M&A experience and government environmental regulations. Our research contributes to the understanding of green transformation in heavily polluting enterprises from a configurational perspective, and provides a practice-oriented guide to achieve green transformation for the government and heavily polluting enterprises., (© 2022. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

Identifying whether and how merger and acquisition (M&A) goodwill influences corporate technology innovation is a critical topic in the context of growing M&A activities. Based on the panel data of 2,634 Chinese non-financial listed companies from 2007 to 2019, this paper adopts multiple linear regression and the Bootstrap method to investigate the impact of M&A goodwill on corporate technological innovation and the mechanism through which M&A goodwill affects technological innovation. The results show that: (1) There is a significant negative correlation between M&A goodwill and technological innovation input, with financial constraints acting as the main channels. (2) Non-private corporations enjoy a higher level of financing capacity in terms of debt and equity compared with private corporations, resulting in the absence of the disincentive effect of M&A goodwill on corporate technological innovation inputs, despite the fact that M&A activities also cause massive resource consumption. (3) Stock pledges by controlling shareholders are effective in alleviating the negative impact of M&A goodwill on technological innovation inputs. Furthermore, our results highlight that simple stock pledge measures capture a significant influence of alleviating financing constraints, thereby decreasing the adverse impact of M&A, and hence need to be adequately considered in future M&A and innovation studies. While enriching the literature on the economic consequences of M&A and the research on stock pledge, this paper also provides micro-evidence for an in-depth understanding of the effect of M&A goodwill on technological innovation., Competing Interests: The authors have declared that no competing interests exist.

The distribution and ecological risks of 11 phenolic compounds were studied in Weihe River, Northwest China. The concentrations of phenolic compounds were determined by ultra-high performance liquid chromatography (UPLC). The total concentration of 11 phenolic compounds (∑PC 11 ) ranged from 0.06 to 14.12 μg/L with an average of 5.22 μg/L in water, from 0.92 to 34,885 μg/g with an average of 4,446 μg/g in suspended particulate matter (SPM), and from 3.54 to 34.09 μg/g with an average of 11.09 μg/g in sediment. For individual phenolic compound, the mean concentration of pentachlorophenol was the highest in water (2.65 μg/L) and in SPM (3,865 μg/g), while in sediment the mean concentration of 2,4,6-trichlorophenol was the highest (3.05 μg/g). The total concentration of 5 chlorophenols (∑CP 5 ) was significantly higher than that of 6 non-chlorophenols (∑NCP 6 ) in all three studied compartments. The phenolic compounds in Weihe River were at moderate levels in water and at high levels in sediment. The ecological risk assessment results indicated that phenolic compounds exhibited a high ecological risk in Weihe River water. In most sites, the distribution coefficient (Kd) (SPM) was much higher than Kd (sediment), which probably suggested fresh phenolic compounds input in Weihe River.