Note(s): This table shows the impact of a target's relative ESGC score (TRESG) on the change in an acquirer's ESG score (AGWCHANGE) around the deal. Column (1) reports the OLS estimate. Columns (2) and (3) show the first and second stages of the 2SLS estimate, respectively. Control variables include characteristics of deals (DSIZE, DDIV, DCROSS, DMUL, DCASH, DSTOCK), acquirers (AMKCAP, AASSETS, ALEV, AMTB, AROE, ABSIZE, AINST, AIDIR) and 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