Table IV Descriptive statistics of...

Table IV

Descriptive statistics of explanatory variables

	Mean	Median	Min.	Max.	SD	Skewness	Kurtosis
Abnormal return (dependent variable)
CAR[−1, +1] (%)	1.98	0.68	–	–	7.64	–	–
Corporate governance variables
Shareholder protection (acquirer)	0.69	0.77	0.43	0.87	0.12	−0.20	−1.65
Shareholder protection (target)	0.57	0.57	0.17	0.80	0.20	−0.15	−1.52
Shareholder protection (difference)	0.12	0.08	−0.30	0.63	0.21	0.15	−0.30
Creditor protection (target)	0.52	0.50	0.08	1.00	0.21	0.07	−0.94
Creditor protection (difference)	0.24	0.20	−0.60	0.83	0.26	0.12	0.06
Transparency (target)	0.46	0.44	0.11	0.89	0.15	10.00	0.85
Corruption (target)	0.38	0.41	0.10	0.61	0.11	−0.33	−0.87
Rule-of-law (acquirer)	0.79	0.83	0.40	0.89	0.11	−2.38	4.45
Rule-of-law (target)	0.46	0.51	0.13	0.70	0.11	−0.70	0.76
Political and economic variables
Political stability	0.42	0.46	0.02	0.70	0.15	−0.79	0.41
Economic freedom (target)	0.46	0.44	0.11	0.89	0.15	0.10	0.85
Market value/GDP (target)	1.117	0.742	0.037	2.766	0.912	0.51	−1.25
GDP growth (target)	0.041	0.040	−0.089	0.226	0.026	0.57	8.34
GDP/capita (target)	3,788.12	3,203.24	189.59	11,219.43	2,664.45	0.50	−0.69
Urbanization (target)	0.025	0.020	−0.003	0.062	0.012	0.750	0.230
Cultural variables
Cultural difference	1.49	1.23	0.17	4.46	1.10	0.76	0.01
Control variables
Acquirer size (million $)	9,356.57	1,699.67	8.43	340,730.6	26,387.08	3.75	19.30
Market-to-book (acquirer)	1.90	1.41	0.23	11.64	1.63	3.48	15.12
ROA (acquirer)	0.15	2.82	−171.07	70.72	21.13	−4.53	35.57
Free CF (acquirer) (%)	−17.91	3.37	−718.58	57.22	114.51	−5.22	28.02
Transaction value (million $)	327.99	40.20	5.00	15,025.00	1,161.00	8.02	81.10

	Mean	Median	Min.	Max.	SD	Skewness	Kurtosis
Abnormal return (dependent variable)
CAR[−1, +1] (%)	1.98	0.68	–	–	7.64	–	–
Corporate governance variables
Shareholder protection (acquirer)	0.69	0.77	0.43	0.87	0.12	−0.20	−1.65
Shareholder protection (target)	0.57	0.57	0.17	0.80	0.20	−0.15	−1.52
Shareholder protection (difference)	0.12	0.08	−0.30	0.63	0.21	0.15	−0.30
Creditor protection (target)	0.52	0.50	0.08	1.00	0.21	0.07	−0.94
Creditor protection (difference)	0.24	0.20	−0.60	0.83	0.26	0.12	0.06
Transparency (target)	0.46	0.44	0.11	0.89	0.15	10.00	0.85
Corruption (target)	0.38	0.41	0.10	0.61	0.11	−0.33	−0.87
Rule-of-law (acquirer)	0.79	0.83	0.40	0.89	0.11	−2.38	4.45
Rule-of-law (target)	0.46	0.51	0.13	0.70	0.11	−0.70	0.76
Political and economic variables
Political stability	0.42	0.46	0.02	0.70	0.15	−0.79	0.41
Economic freedom (target)	0.46	0.44	0.11	0.89	0.15	0.10	0.85
Market value/GDP (target)	1.117	0.742	0.037	2.766	0.912	0.51	−1.25
GDP growth (target)	0.041	0.040	−0.089	0.226	0.026	0.57	8.34
GDP/capita (target)	3,788.12	3,203.24	189.59	11,219.43	2,664.45	0.50	−0.69
Urbanization (target)	0.025	0.020	−0.003	0.062	0.012	0.750	0.230
Cultural variables
Cultural difference	1.49	1.23	0.17	4.46	1.10	0.76	0.01
Control variables
Acquirer size (million $)	9,356.57	1,699.67	8.43	340,730.6	26,387.08	3.75	19.30
Market-to-book (acquirer)	1.90	1.41	0.23	11.64	1.63	3.48	15.12
ROA (acquirer)	0.15	2.82	−171.07	70.72	21.13	−4.53	35.57
Free CF (acquirer) (%)	−17.91	3.37	−718.58	57.22	114.51	−5.22	28.02
Transaction value (million $)	327.99	40.20	5.00	15,025.00	1,161.00	8.02	81.10

Notes: Rule-of-law is from the World Bank’s “Worldwide Governance Indicators” (WGI project). Shareholder (creditor) protection is the level of shareholder (creditor protection) multiplied by the rule-of-law. Corruption is the level of corruption in the target country by Transparency International. CAR is the cumulative abnormal return. The other variables are defined in Table AI

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