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Quantitative Analysis of ESG Impact on Post-Acquisition Returns
754 Chinese Firms · 2016–2026 · HIP Investor Framework
Logan Lisowski · Rollins College · Professor Marc Sardy, Advisor
Chinese Firms
Years Analyzed
Regression Models
HIP Variables
M&A Transactions
Significant Years
High-ESG firms outperformed from 2016-2020, but the advantage completely reversed post-2021 as low-rated companies began consistently outperforming.
A strategy buying high-ESG and shorting low-ESG firms would have lost 14.20%, directly challenging the popular ESG alpha hypothesis.
Regression analysis reveals management practices, not ESG scores, are the strongest predictor of post-acquisition success.
Lisowski, L. (2026). HIP Rating Impact on M&A Performance: A Quantitative Analysis of ESG Factors in Chinese Acquisitions. Rollins College. Advisor: Professor Marc Sardy.