Variable definitions
| Variable definitions | |
|---|---|
| Dependent variables | |
| MtoB | Equity market value divided by the equity book value |
| Independent variables | |
| Voting_S | Equal to 1 if the Voting Syndicates Agreement is signed; 0 otherwise |
| IncludedShares | Percentage of shares involved in the voting syndicates agreement |
| Sas | A scale of 0–6 where 0 denotes no SAs and 6 denotes six signed SAs |
| SA_NoV | A scale of 0–5 where 0 denotes no SAs and 5 denotes five signed SAs (Voting_S are excluded) |
| Consultation_S | Equal to 1 if an agreement establishing obligations of prior consultation before exercising voting rights is signed; 0 otherwise |
| Block_S | Equal to 1 if an agreement limiting the transfer of shares or related financial instruments is signed; 0 otherwise |
| Purchase_S | Equal to 1 if an agreement concerning the purchase of shares or related financial instruments is signed; 0 otherwise |
| Control_S | Equal to 1 if an agreement intended to exercise dominant influence, including joint control, is signed; 0 otherwise |
| Opa_S | Equal to 1 if an agreement aiming to support or oppose a takeover bid, including commitments not to tender shares, is signed; 0 otherwise |
| Size | The natural logarithm of total assets at the end of the fiscal year |
| Leverage | Total debts scaled by total assets at the end of the fiscal year |
| LargeSH | The percentage of total shares owned by the largest (first) shareholder |
| ROA | Ratio of earnings before interest and taxes to total assets |
| Variable definitions | |
|---|---|
| MtoB | Equity market value divided by the equity book value |
| Voting_S | Equal to 1 if the Voting Syndicates Agreement is signed; 0 otherwise |
| IncludedShares | Percentage of shares involved in the voting syndicates agreement |
| Sas | A scale of 0–6 where 0 denotes no SAs and 6 denotes six signed SAs |
| SA_NoV | A scale of 0–5 where 0 denotes no SAs and 5 denotes five signed SAs (Voting_S are excluded) |
| Consultation_S | Equal to 1 if an agreement establishing obligations of prior consultation before exercising voting rights is signed; 0 otherwise |
| Block_S | Equal to 1 if an agreement limiting the transfer of shares or related financial instruments is signed; 0 otherwise |
| Purchase_S | Equal to 1 if an agreement concerning the purchase of shares or related financial instruments is signed; 0 otherwise |
| Control_S | Equal to 1 if an agreement intended to exercise dominant influence, including joint control, is signed; 0 otherwise |
| Opa_S | Equal to 1 if an agreement aiming to support or oppose a takeover bid, including commitments not to tender shares, is signed; 0 otherwise |
| Size | The natural logarithm of total assets at the end of the fiscal year |
| Leverage | Total debts scaled by total assets at the end of the fiscal year |
| LargeSH | The percentage of total shares owned by the largest (first) shareholder |
| Ratio of earnings before interest and taxes to total assets | |
The table reports the definition of the variables used in the study
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