Note(s): This table presents the relationship between an acquirer's greenwashing level and a target's relative ESGC score. Column (1) reports the OLS estimate of Equation (1). Columns (2) and (3) show the first and second stages of the 2SLS estimate, respectively. Control variables include characteristics of acquirers (AMKCAP, AASSETS, ALEV, AMTB, AROE) and of targets (TMKCAP, TASSETS, TLEV, TMTB, TROE).  Appendix 2 provides definitions of all variables. t-statistics reported in parentheses are calculated using standard errors adjusted for heteroskedasticity and acquirer country clustering. *, ** and *** denote statistical significance at the 10%, 5% and 1% levels, respectively