Table A1. Multinomial logistic...

Table A1.

Multinomial logistic regression

Statistic	Value
No. of obs	6,183
LR chi²(40)	400.38
Prob > chi²	0.0000
Pseudo R²	0.0255
Log likelihood = −7643.8061

Financial ratios (by delisting reason)
Acquired	Coefficient
(base outcome)	(base outcome)	SE	z	p >\|z\|	[95% conf. interval]
DEBT_RATIO	0.1190679	0.1586495	0.75	0.453	−0.1918793	0.4300151
SIZE	−1.49e-09	8.14e-10	−1.84	0.066	−3.09e-09	1.02e-10
AUD_RATIO	−227.8989	71.67488	−3.18	0.001	−368.3791	−87.41873
MTB	−0.0065152	0.0383832	−0.17	0.867	−0.0826244	0.0695941
NPM	0.297903	0.0893597	3.33	0.000	0.1454388	0.4508447
_cons	−3.683352	0.2479069	−14.86	0.000	−4.169241	−3.197464
LISTREQ
DEBT_RATIO	0.5376214	0.0644204	8.35	0.000	0.6638832	0.4113597
SIZE	−9.85e-12	1.02e-11	−0.96	0.335	−2.99e-11	1.02e-11
AUD_RATIO	1.299856	0.4863866	2.67	0.008	0.3645911	2.235121
MTB	0.0020604	0.0026467	0.78	0.436	−0.0031269	0.0072478
NPM	0.0007539	0.0123535	0.06	0.951	−0.0249622	0.0249699
_cons	−0.1737474	0.0433069	−4.01	0.000	−0.2586274	−0.0888674
Liquidation
DEBT_RATIO	0.1759862	0.0528966	3.33	0.001	0.0723108	0.2796615
SIZE	−8.30e-10	2.05e-10	−4.06	0.000	−1.23e-09	−4.30e-10
AUD_RATIO	−7.249997	1.189625	−6.09	0.000	−3.056623	1.606623
MTB	−0.0043	0.010557	−0.42	0.675	−0.0251234	0.0165294
NPM	−0.1545472	0.0182357	−2.28	0.023	−0.0772825	−0.0058118
_cons	−2.250973	0.074389	−30.26	0.000	−2.396773	−2.105174
Merged
DEBT_RATIO	−0.5343677	0.0653963	−8.17	0.000	−0.6625421	−0.4061932
SIZE	5.85e-11	8.33e-12	7.03	0.000	4.22e-11	7.49e-11
AUD_RATIO	0.2463955	0.9916592	0.25	0.804	−1.697221	2.190012
MTB	−0.0103906	0.0067858	−1.53	0.126	−0.0236904	0.0029093
NPM	0.0258689	0.027533	0.94	0.347	−0.0280947	0.0798325
_cons	−1.928324	0.0657947	−29.31	0.000	−2.057279	−1.799368
Moved_to_AltX
DEBT_RATIO	−0.5466333	0.0645225	−8.47	0.000	−0.673095	−0.4201716
SIZE	−7.08e-09	2.83e-09	−2.50	0.013	−1.26e-08	−1.52e-09
AUD_RATIO	2.132001	0.5171615	4.12	0.000	1.118383	3.145619
MTB	−0.033717	0.0408299	−0.83	0.409	−0.1137421	0.0463081
NPM	0.0019505	0.0273656	0.07	0.943	−0.0555861	0.0516852
_cons	−3.50291	0.1672214	−20.95	0.000	−3.830658	−3.175162
Voluntary
DEBT_RATIO	0.0278485	0.1275938	0.22	0.827	−0.2222307	0.2779277
SIZE	−1.88e-09	7.34e-10	−2.56	0.010	−3.32e-09	−4.43e-10
AUD_RATIO	2.044832	0.5264234	3.88	0.000	1.010361	3.076603
MTB	−0.0111708	0.0256982	−0.43	0.664	−0.0615383	0.0391967
NPM	0.0368714	0.0320718	1.15	0.250	−0.0259882	0.0997309
_cons	−3.413481	0.1445899	−23.61	0.000	−3.696872	−3.13009

Source(s): Author’s own compilation

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