Research Dashboard
Comprehensive overview of HIP score impact on M&A performance across 754 Chinese firms
High-HIP firms outperformed early (2016-2020) but the pattern reversed after 2021, creating a structural crossover.
A long-short strategy (long High HIP, short Low HIP) returned -14.20%, challenging the ESG alpha hypothesis.
8 out of 11 years show statistically significant differences between HIP groups (ANOVA, p<0.05).
Total Firms
0
Years Analyzed
0
Best R²
0.000
Model 3
Significant Variables
0
M&A Transactions
0
Significant ANOVA
8/11
years p<0.05
8/11 years show significant differences between HIP groups (p<0.05)
OLS regression results across three model specifications
| Variable | Model 1 | Model 2 | Model 3 |
|---|---|---|---|
| Intercept | -0.032 | -0.032 | -0.089*** |
| HIPRating | 0.089** | - | - |
| Health | - | -0.036 | - |
| Wealth | - | -0.275*** | - |
| Earth | - | 0.011 | - |
| Equality | - | 0.033 | - |
| Trust | - | 0.084 | - |
| ManagementPractices | - | - | 0.652*** |
| Accountability | - | - | -0.478*** |
| R-squared | 0.045 | 0.029 | 0.056 |
| F-statistic | 8.92 | 4.51 | 8.96 |
High HIP firms outperformed in early years (2016-2020) but underperform in recent years (2022-2026). The crossover occurred around 2021-2022.
High HIP Leads
Low HIP Leads
Long High HIP / Short Low HIP
-14.20%
Cumulative return providing direct evidence of the structural reversal. Challenges the idea that ESG investing generates excess returns.
years show significant group differences (p<0.05), confirming that HIP group membership meaningfully separates firm performance in most years.