ESG factors in M&A in India: Performance and market insights from 2010 to 2023 Manoj Panda, Pankaj Sharma, Vasa László, Manohar Kapse, Vinod Sharma, and Yogesh Mahajan LLC CPC Business Perspectives This study assesses the impact of mergers and acquisitions on Environmental, Social, and Governance (ESG) performance and market value of acquiring companies operating in India. Data were collected and analyzed from 69 M&A announcements from January 2010 to June 2023, sourced from the Bloomberg database. The analysis reveals a positive correlation between the post-merger market value of acquiring firms and their ESG performance, indicating that an improvement in ESG factors is associated with increased market value after mergers. Additionally, a positive correlation was identified between acquiring companies’ post-merger ESG performance and their target firms’ pre-merger ESG performance. This finding suggests that when acquiring a target firm with high ESG performance, the acquirer is likely to experience an improvement in its own post-merger ESG performance. Moreover, both the post-merger market value and ESG performance of the acquirer are likely to improve with the profitability and size of firms but will have a negative impact based on the leverage components of the acquiring firms. 
The Impact of Fintech Acquisition on Acquirers in India: A Study on Financial Performance and Parameters M Panda, P Sharma, M Kapse, V Sharma Australasian Accounting, Business and Finance Journal 19 (1) 2025
“ESG factors in M&A in India: Performance and market insights from 2010 to 2023” M Panda, P Sharma, V Lszl, M Kapse, V Sharma, Y Mahajan "Investment Management and Financial Innovations" 21 (2), 309-322 2024
Impact of cross-border mergers and acquisitions on short-term gain to shareholders of target firms in India–effect of the mode of payment and industry relatedness M Panda, M Joshipura Afro-Asian Journal of Finance and Accounting 12 (5), 648-677 2022
Effect of mergers and acquisitions on short-term gain to equity shareholders of acquiring firms in India M Joshipura, M Panda Afro-Asian Journal of Finance and Accounting 9 (1), 1-20 2019
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Effect of mergers and acquisitions on short-term gain to equity shareholders of acquiring firms in India M Joshipura, M Panda Afro-Asian Journal of Finance and Accounting 9 (1), 1-20 2019 Citations: 3
Impact of cross-border mergers and acquisitions on short-term gain to shareholders of target firms in India–effect of the mode of payment and industry relatedness M Panda, M Joshipura Afro-Asian Journal of Finance and Accounting 12 (5), 648-677 2022 Citations: 1