Note(s): This table presents the average treatment effect of TREATMENT on ACAR by regressing acquirers' cumulative abnormal return around the deal announcement dates on TREATMENT and a set of control variables. The treatment (control) group includes deals with acquirers (not) having ESG scores and ESG controversies scores available pre-merger respectively. The treatment group is recorded as 1, and 0 otherwise. Columns (1) and (2) show the regression results with an acquirer's cummulative abnormal return 3 and 5 days around the deal announcement date, respectively, using the market-adjusted model. Columns (3) and (4) show the regression results with an acquirer's cumulative abnormal return 3 and 5 days around the deal announcement date, respectively, using the market 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. z-statistics reported in parentheses. *, ** and *** denote statistical significance at the 10%, 5% and 1% levels, respectively