Note(s): This table presents the impact of an acquirer's greenwashing on the cumulative abnormal return around the deal announcement date according to the target's relative ESGC score. HighTRESG is a dummy variable that equals one (or “high’) if a target's relative ESGC score is greater than the median ESGC score and zero otherwise. Columns (1) and (2) show the moderating effect of HighTRESG on the relationship between AGWPRE and abnormal returns for different length event windows. 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