Meta regression analysis
| S. no. | Broad factor | Variable | Coefficient value | Standard error |
|---|---|---|---|---|
| 1 | Type of Data | Panel data | 0.0315119*** | 0.006429 |
| Time series data | −0.098685 | 0.096345 | ||
| Cross-section data | 0.150282** | 0.059394 | ||
| 2 | Estimation Method | Probit | 0.062993** | 0.026808 |
| Tobit | 0.096987 | 0.081472 | ||
| 2SLS/3SLS | −0.04972** | 0.021325 | ||
| Endogeneity parametric approach | 0.096356 | 0.071805 | ||
| OLS | 0.018177* | 0.010254 | ||
| Dummy | 0.159402*** | 0.013829 | ||
| Control Variables | −0.16192*** | 0.013365 | ||
| 3 | Characteristics of Deal | Industry Relatedness | 0.065157*** | 0.018086 |
| Focused Merger | 0.096164 | 0.067022 | ||
| Target Type | 0.160303*** | 0.043586 | ||
| Country/Cross-border | −0.13236*** | 0.028485 | ||
| Year | −0.04836 | 0.056757 | ||
| Acquisition type (Hostile or Friendly) | −0.05776*** | 0.016812 | ||
| Merger Dummy | −0.01917 | 0.021337 | ||
| 4 | Management Dimensions | Ownership | −0.03589* | 0.019316 |
| Labour Union (A or T) | 0.24596** | 0.113929 | ||
| Employment cost (operating expense) | −0.12013 | 0.136077 | ||
| 5 | Payment Options | Cash | 0.1663994*** | 0.0130108 |
| Equity | −0.1846*** | 0.038743 | ||
| Premium | 0.014575 | 0.030851 | ||
| 6 | Capital Structure Dimensions: Book Perspective | Relative leverage | −0.06602 | 0.150286 |
| Pre-merger leverage deviation | 0.172071** | 0.085736 | ||
| Loan loss provisions | −0.14272 | 0.158676 | ||
| 7 | Capital Structure Dimensions: Market Perspective | Tobin Q/Relative Q Ratio | −0.05523** | 0.023512 |
| Market to Book Ratio | 0.067029* | 0.035814 | ||
| Pre-Acquisition Adjusted Performance | −0.08632 | 0.14038 | ||
| 8 | Revenues/Income | Revenue Ratio | 0.441577*** | 0.115372 |
| Sales | 0.185366*** | 0.038847 | ||
| Profitability of Acquirer | −0.0879* | 0.06369 | ||
| Profitability of Target | −0.09715* | 0.063687 | ||
| Non-interest income (operating) | −0.09344 | 0.129227 | ||
| 9 | Liquidity Related Variables | Cash flow correlation | 0.511162*** | 0.079793 |
| Pre-acquisition Cash Reserve | −0.05172 | 0.087733 | ||
| Cash Acquirer/FCF/Cash liquidity | −0.57656*** | 0.071952 | ||
| Cash Target | −0.55204*** | 0.087955 | ||
| Cash book asset | 0.191464*** | 0.04709 | ||
| Relative Cash Liquidity | 0.265463*** | 0.100816 | ||
| Cash cycle | 0.238716*** | 0.085361 | ||
| CF Equity | 0.588166*** | 0.072238 | ||
| Bidder Liquidity | 0.042338 | 0.055648 | ||
| 10 | Regulations | Corporate Governance A | −0.02781 | 0.096202 |
| Regulation | −0.0398 | 0.123167 | ||
| Bidder E-index Presence | 0.020179 | 0.128833 | ||
| Post-merger integration duration | 0.156527*** | 0.055686 | ||
| 11 | Asset size | Return on Assets | −0.02188* | 0.011779 |
| Log Size/Size | 0.019455* | 0.011256 | ||
| Target Relative Size | −0.0462* | 0.028814 | ||
| Bidder Capital Stock | −0.18417*** | 0.038767 | ||
| 12 | Market Returns | Stock Return/BHAR/CAR | 0.006004 | 0.010499 |
| Bidder Stock Price Run-up | −0.17141*** | 0.037965 | ||
| Bond Yield | 0.185946*** | 0.050078 |
| S. no. | Broad factor | Variable | Coefficient value | Standard error |
|---|---|---|---|---|
| 1 | Type of Data | Panel data | 0.0315119*** | 0.006429 |
| Time series data | −0.098685 | 0.096345 | ||
| Cross-section data | 0.150282** | 0.059394 | ||
| 2 | Estimation Method | Probit | 0.062993** | 0.026808 |
| Tobit | 0.096987 | 0.081472 | ||
| 2SLS/3SLS | −0.04972** | 0.021325 | ||
| Endogeneity parametric approach | 0.096356 | 0.071805 | ||
| 0.018177* | 0.010254 | |||
| Dummy | 0.159402*** | 0.013829 | ||
| Control Variables | −0.16192*** | 0.013365 | ||
| 3 | Characteristics of Deal | Industry Relatedness | 0.065157*** | 0.018086 |
| Focused Merger | 0.096164 | 0.067022 | ||
| Target Type | 0.160303*** | 0.043586 | ||
| Country/Cross-border | −0.13236*** | 0.028485 | ||
| Year | −0.04836 | 0.056757 | ||
| Acquisition type (Hostile or Friendly) | −0.05776*** | 0.016812 | ||
| Merger Dummy | −0.01917 | 0.021337 | ||
| 4 | Management Dimensions | Ownership | −0.03589* | 0.019316 |
| Labour Union (A or T) | 0.24596** | 0.113929 | ||
| Employment cost (operating expense) | −0.12013 | 0.136077 | ||
| 5 | Payment Options | Cash | 0.1663994*** | 0.0130108 |
| Equity | −0.1846*** | 0.038743 | ||
| Premium | 0.014575 | 0.030851 | ||
| 6 | Capital Structure Dimensions: Book Perspective | Relative leverage | −0.06602 | 0.150286 |
| Pre-merger leverage deviation | 0.172071** | 0.085736 | ||
| Loan loss provisions | −0.14272 | 0.158676 | ||
| 7 | Capital Structure Dimensions: Market Perspective | Tobin Q/Relative Q Ratio | −0.05523** | 0.023512 |
| Market to Book Ratio | 0.067029* | 0.035814 | ||
| Pre-Acquisition Adjusted Performance | −0.08632 | 0.14038 | ||
| 8 | Revenues/Income | Revenue Ratio | 0.441577*** | 0.115372 |
| Sales | 0.185366*** | 0.038847 | ||
| Profitability of Acquirer | −0.0879* | 0.06369 | ||
| Profitability of Target | −0.09715* | 0.063687 | ||
| Non-interest income (operating) | −0.09344 | 0.129227 | ||
| 9 | Liquidity Related Variables | Cash flow correlation | 0.511162*** | 0.079793 |
| Pre-acquisition Cash Reserve | −0.05172 | 0.087733 | ||
| Cash Acquirer/FCF/Cash liquidity | −0.57656*** | 0.071952 | ||
| Cash Target | −0.55204*** | 0.087955 | ||
| Cash book asset | 0.191464*** | 0.04709 | ||
| Relative Cash Liquidity | 0.265463*** | 0.100816 | ||
| Cash cycle | 0.238716*** | 0.085361 | ||
| CF Equity | 0.588166*** | 0.072238 | ||
| Bidder Liquidity | 0.042338 | 0.055648 | ||
| 10 | Regulations | Corporate Governance A | −0.02781 | 0.096202 |
| Regulation | −0.0398 | 0.123167 | ||
| Bidder E-index Presence | 0.020179 | 0.128833 | ||
| Post-merger integration duration | 0.156527*** | 0.055686 | ||
| 11 | Asset size | Return on Assets | −0.02188* | 0.011779 |
| Log Size/Size | 0.019455* | 0.011256 | ||
| Target Relative Size | −0.0462* | 0.028814 | ||
| Bidder Capital Stock | −0.18417*** | 0.038767 | ||
| 12 | Market Returns | Stock Return/BHAR/CAR | 0.006004 | 0.010499 |
| Bidder Stock Price Run-up | −0.17141*** | 0.037965 | ||
| Bond Yield | 0.185946*** | 0.050078 |
Note(s):***, **, * indicates at 1%, 5%, 10% significance levels, respectively
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