Note(s): This table shows the relationship between abnormal return around the deal announcement date and acquirer greenwashing score. Column (1) and Column (4) present the OLS estimate from the regression of an acquirer's cumulative abnormal return 3 and 5 days around the deal announcement date on the acquirer's greenwashing score, respectively. Column (2) shows the first stage of the 2SLS estimate from that regression, while Columns (3) and (5) exhibit the second stages. ACAR is measured by the market-adjusted model. Control variables include characteristics of deals (DSIZE, DDIV, DCROSS, DMUL, DCASH, DSTOCK), 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 target country clustering. *, ** and *** denote statistical significance at the 10%, 5% and 1% levels, respectively