Table 2 Negative binomial panel...

Table 2

Negative binomial panel regression with random effects. FBoD (2009–2016)

	Model 0	Model 1	Model 2	Model 3	Model 4
		Dependent variable: Number of acquisitions
Variable	Coefficient (SE)	Coefficient (SE)	Coefficient (SE)	Coefficient (SE)	Coefficient (SE)
FBoD		−3.086^** (1.345)
FBoD 1st generation			−3.605 (4.883)	−3.331 (4.857)	−3.486 (4.842)
FBoD 2nd generation				1.364 (1.765)	1.143 (1.762)
FBoD 3rd or later generations					−5.803^*** (1.963)
Previous acquisitions ₁	0.067^*** (0.009)	0.068^*** (0.009)	0.067^*** (0.009)	0.068^*** (0.009)	0.067^*** (0.009)
Firm size₋₁	2.213^*** (0.209)	2.119^*** (0.211)	2.199^*** (0.210)	2.129^*** (0.211)	2.129^*** (0.211)
Firm age₋₁	−0.258^*** (0.078)	−0.241^*** (0.078)	−0.265^*** (0.078)	−0.265^*** (0.078)	−0.225^*** (0.078)
Slack_-1	0.018 (0.033)	0.020 (0.032)	0.017 (0.033)	0.017 (0.033)	0.021 (0.033)
Tobin’s Q₋₁	0.073^*** (0.026)	0.070^*** (0.025)	0.073^*** (0.026)	0.074^*** (0.026)	0.070^*** (0.025)
Ab gen cash₋₁	0.000 (0.000)	0.000 (0.000)	0.000 (0.000)	0.000 (0.000)	0.000 (0.000)
R&D intensity₋₁	4.621 (4.423)	4.868 (4.448)	4.600 (4.430)	4.596 (4.429)	5.011 (4.468)
Cap intensity₋₁	−0.005 (0.004)	−0.005 (0.004)	−0.005 (0.004)	−0.005 (0.004)	−0.005 (0.004)
Leverage	−9.3E−06 (0.000)	−9.4E−06 (0.000)	−9.4E−06 (0.000)	−9.4E−06 (0.000)	−9.4E−06 (0.000)
Industry dummies	Included	Included	Included	Included	Included
Constant	−2.593^** (1.322)	−2.514^* (1.317)	−2.546^* (1.322)	−2.572^* (1.323)	−2.566^* (1.316)
Loglikelihood value	−2041.757	−2038.184	−2040.983	−2040.705	−2034.711
Wald chi2	306.94^***	311.55^***	307.96^***	308.32^***	313.24^***
N	2,425	2,424	2,424	2,424	2,424

	Model 0	Model 1	Model 2	Model 3	Model 4
		Dependent variable: Number of acquisitions
Variable	Coefficient (SE)	Coefficient (SE)	Coefficient (SE)	Coefficient (SE)	Coefficient (SE)
FBoD		−3.086^** (1.345)
FBoD 1st generation			−3.605 (4.883)	−3.331 (4.857)	−3.486 (4.842)
FBoD 2nd generation				1.364 (1.765)	1.143 (1.762)
FBoD 3rd or later generations					−5.803^*** (1.963)
Previous acquisitions ₁	0.067^*** (0.009)	0.068^*** (0.009)	0.067^*** (0.009)	0.068^*** (0.009)	0.067^*** (0.009)
Firm size₋₁	2.213^*** (0.209)	2.119^*** (0.211)	2.199^*** (0.210)	2.129^*** (0.211)	2.129^*** (0.211)
Firm age₋₁	−0.258^*** (0.078)	−0.241^*** (0.078)	−0.265^*** (0.078)	−0.265^*** (0.078)	−0.225^*** (0.078)
Slack_-1	0.018 (0.033)	0.020 (0.032)	0.017 (0.033)	0.017 (0.033)	0.021 (0.033)
Tobin’s Q₋₁	0.073^*** (0.026)	0.070^*** (0.025)	0.073^*** (0.026)	0.074^*** (0.026)	0.070^*** (0.025)
Ab gen cash₋₁	0.000 (0.000)	0.000 (0.000)	0.000 (0.000)	0.000 (0.000)	0.000 (0.000)
R&D intensity₋₁	4.621 (4.423)	4.868 (4.448)	4.600 (4.430)	4.596 (4.429)	5.011 (4.468)
Cap intensity₋₁	−0.005 (0.004)	−0.005 (0.004)	−0.005 (0.004)	−0.005 (0.004)	−0.005 (0.004)
Leverage	−9.3E−06 (0.000)	−9.4E−06 (0.000)	−9.4E−06 (0.000)	−9.4E−06 (0.000)	−9.4E−06 (0.000)
Industry dummies	Included	Included	Included	Included	Included
Constant	−2.593^** (1.322)	−2.514^* (1.317)	−2.546^* (1.322)	−2.572^* (1.323)	−2.566^* (1.316)
Loglikelihood value	−2041.757	−2038.184	−2040.983	−2040.705	−2034.711
Wald chi2	306.94^***	311.55^***	307.96^***	308.32^***	313.24^***
N	2,425	2,424	2,424	2,424	2,424

Note(s): 1. Significant at 1% (***), 5% (**) or 10% (*)

2. Model 0 shows only control variables and industry dummies. Model 1 shows control variables, industry dummies and the variable FBoD. Model 2 shows control variables, industry dummies and the variable FBoD 1st generation. Model 3 shows control variables, industry dummies and the independent variables FBoD 1st generation and FBoD 2nd generation. Model 4 shows control variables, industry dummies and the independent variables FBoD 1st generation, FBoD 2nd generation and FBoD 3rd or later generations

3. The reported findings are from the xtnbreg Stata command

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