Table 1 Summary statistics and all...

Table 1

Summary statistics and all observations

	Mean	SD	Min	Max
Operating loss	0.12	0.32	0.00	1.00
Ultimate owner	0.47	0.50	0.00	1.00
Ownership concentration	50.19	15.00	8.88	94.67
Leverage	44.37	19.27	0.71	98.24
Current liability ratio	85.59	15.52	0.00	100.00
Year since acquisitions	1.80	1.09	1.00	5.00
Event types	1.04	0.25	1.00	3.00
Targets	1.82	0.62	1.00	3.00
Cash payment	0.89	0.31	0.00	1.00
No. of acquisitions	2.28	1.51	1.00	11.00
Firm size	7.79	1.17	2.56	11.93
Tangible asset ratio	94.60	5.58	33.24	100.00
Firm age	12.55	4.89	1.50	36.50
Board independence	35.96	6.06	0.13	66.67
Number of directors	9.07	1.80	3.00	19.00
Industry median ROA	3.78	1.84	−19.31	12.36
Incentive schemes	0.11	0.31	0.00	1.00
Year	2009.98	3.16	2003.00	2014.00
Region	1.54	0.77	1.00	3.00
Operating loss five-year prior	0.09	0.29	0.00	1.00

	Mean	SD	Min	Max
Operating loss	0.12	0.32	0.00	1.00
Ultimate owner	0.47	0.50	0.00	1.00
Ownership concentration	50.19	15.00	8.88	94.67
Leverage	44.37	19.27	0.71	98.24
Current liability ratio	85.59	15.52	0.00	100.00
Year since acquisitions	1.80	1.09	1.00	5.00
Event types	1.04	0.25	1.00	3.00
Targets	1.82	0.62	1.00	3.00
Cash payment	0.89	0.31	0.00	1.00
No. of acquisitions	2.28	1.51	1.00	11.00
Firm size	7.79	1.17	2.56	11.93
Tangible asset ratio	94.60	5.58	33.24	100.00
Firm age	12.55	4.89	1.50	36.50
Board independence	35.96	6.06	0.13	66.67
Number of directors	9.07	1.80	3.00	19.00
Industry median ROA	3.78	1.84	−19.31	12.36
Incentive schemes	0.11	0.31	0.00	1.00
Year	2009.98	3.16	2003.00	2014.00
Region	1.54	0.77	1.00	3.00
Operating loss five-year prior	0.09	0.29	0.00	1.00

Source(s): CSMAR 2003–2014

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