Table 1. Descriptive statistics Whole... | Emerald Publishing

Table 1.

Descriptive statistics

	Whole sample				Transparent targets	Opaque targets	P-value
Variables	Mean	SD	Min	Max	Mean	Mean	(difference)
Time until completion	6.51	11.15	0.03	175.67	7.86	5.80	0.00***
Cash payment	0.65	0.48	0.00	1.00	0.60	0.58	0.40
Industry difference	0.12	0.32	0.00	1.00	0.13	0.18	0.00***
GDP growth	2.96	1.52	−2.78	4.69	2.96	2.99	0.70
Total stock traded growth	0.22	0.25	−0.30	0.58	0.23	0.22	0.43
Value of transaction	4.78	2.23	−2.30	11.40	5.50	4.41	0.00***
Ownership percentage	0.64	0.44	0.00	1.00	0.69	0.75	0.00***
Acquirer size	7.18	2.11	1.36	13.40	7.75	6.77	0.00***
Acquirer cash flow	0.08	0.10	0.00	0.86	0.07	0.11	0.00***
Acquirer leverage	0.53	0.21	0.01	1.48	0.56	0.50	0.00***
Acquirer Tobin’s Q	2.03	1.54	0.48	20.01	2.10	2.07	0.73
Accruals quality	0.05	0.05	0.00	0.38	0.01	0.08	0.00***
Size of the target	5.49	1.97	−1.23	12.13	6.36	4.86	0.00***

	Whole sample				Transparent targets	Opaque targets	P-value
Variables	Mean	SD	Min	Max	Mean	Mean	(difference)
Time until completion	6.51	11.15	0.03	175.67	7.86	5.80	0.00***
Cash payment	0.65	0.48	0.00	1.00	0.60	0.58	0.40
Industry difference	0.12	0.32	0.00	1.00	0.13	0.18	0.00***
GDP growth	2.96	1.52	−2.78	4.69	2.96	2.99	0.70
Total stock traded growth	0.22	0.25	−0.30	0.58	0.23	0.22	0.43
Value of transaction	4.78	2.23	−2.30	11.40	5.50	4.41	0.00***
Ownership percentage	0.64	0.44	0.00	1.00	0.69	0.75	0.00***
Acquirer size	7.18	2.11	1.36	13.40	7.75	6.77	0.00***
Acquirer cash flow	0.08	0.10	0.00	0.86	0.07	0.11	0.00***
Acquirer leverage	0.53	0.21	0.01	1.48	0.56	0.50	0.00***
Acquirer Tobin’s Q	2.03	1.54	0.48	20.01	2.10	2.07	0.73
Accruals quality	0.05	0.05	0.00	0.38	0.01	0.08	0.00***
Size of the target	5.49	1.97	−1.23	12.13	6.36	4.86	0.00***

Note:

***p < 0.05