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The paper tests the pollution haven hypothesis in the context of three economies on the borders of the European Union in the Mediterranean Basin: Greece, Italy, and Turkey. Large differences in soft and hard aspects of green behaviour are revealed. Multinational firms are found to be more likely to use 'soft talk' strategies across the three economies. Yet the research also reveals that the multinationals are often more energy-intensive. Data for electricity consumption (where the largest regulatory differences exist across the EU border) show that there is a difference in the energy intensity of foreign and domestic firms in Turkey. At prices 45% lower than the unweighted EU average, the paper documents a 114% difference in electricity consumption by ownership. This difference in the difference between foreign and domestic firms' green behaviour across the three economies studied provides strong validation for the pollution haven hypothesis.

The paper tests the pollution haven hypothesis in the context of three economies on the borders of the European Union in the Mediterranean Basin: Greece, Italy, and Turkey. Large differences in soft and hard aspects of green behaviour are revealed. Multinational firms are found to be more likely to use 'soft talk' strategies across the three economies. Yet the research also reveals that the multinationals are often more energy-intensive. Data for electricity consumption (where the largest regulatory differences exist across the EU border) show that there is a difference in the energy intensity of foreign and domestic firms in Turkey. At prices 45% lower than the unweighted EU average, the paper documents a 114% difference in electricity consumption by ownership. This difference in the difference between foreign and domestic firms' green behaviour across the three economies studied provides strong validation for the pollution haven hypothesis.

The paper shows that the standing of theory in the field of mergers and acquisitions is weak for at least three reasons. Research is best described as a battlefield of ad hoc theory testing leaving behind a fragmented field. Research has focused traditionally on high intensity markets under the Anglo-Saxon variant of capitalism. Empirical evaluation is prone to be inexact and suffers among other from significant aggregation problems between the micro (firm performance) and macro level (economic growth). The deficiencies in the standing of theory will be reflected in weak institutions to handle the political processes concerning value, liquidity, efficiency and fairness aspects that affect the market for corporate assets within and across different variants of capitalism. - -Economic Growth, Institutions, Mergers and Acquisitions, the Resource Based View, Variants of Capitalism