CONCLUSION
Continuing the line of many other scientific papers in fields of M&A performance evaluation, this article contributes to the research gap. This article supports main idea that can be viewed in literature review: the connection of M&A activity and financial performance of the acquirer is debatable and depends on several important points. Geographical, industrial and many other aspects must be taken into account for such analysis, and still result could be controversial. In this research it was revealed that M&A activity of Russian companies that create ecosystems has some connection with their financial performance on the stock market, but very limited. This connection lies in the short-term results, primarily viewed as a rapidly rising and then falling hype around Russian digital ecosystems. Still, there can be stated that: M&A activity is related with abnormal returns in first day of the deal (the day of announcement) and in the event window of the day before and day after (-1;+1). This relatedness also is supported by: Factor that the deal is done for ecosystem. At least, this variable show low enough p-value on event window of 3 days to state such point. Relative deal value. The more deal has value relatively to the acquirer market value, the worse AR are. Price-to-book value. The more this ratio is, the worse AR are. Previous performance of the acquirer. Market expects that if there were high AR of certain acquirer during the M&A activity, than there will be high AR again and vice versa.  
M&A активность российских компаний, создающих цифровые экосистемы, имеет связь с их финансовым показателем на рынке, но очень ограниченную. Эта связь лежит в коротких результатах, которые чаще всего рассматриваются как быстро растущий и затем падающий хайп вокруг российских цифровых экосистем.