This study examines whether targets' environmental, social, and governance (ESG) performance is associated with acquirers' post-merger ESG outcomes and market valuation over the merger year and the subsequent two years. We treat controversies-adjusted ESG scores (ESGC) as outcome-based...

Using a difference-in-differences design and a global database of startups, investors and deals, we study the effect of exits (IPOs and acquisitions) of unicorn companies - privately held startups valued over USD 1 billion - on the subsequent investment activity of their investors. We find that...