Table 3. Robustness checks based on the...

Table 3.

Robustness checks based on the target companies’ acquired share

Dep.Var	N.PAT	N.PAT	RTA	RTA	INT.COL	INT.COL	EXT.COL	EXT.COL
Lag	t + 3	t + 3	t + 3	t + 3	t + 3	t + 3	t + 3	t + 3
Model n.	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
Constant	1.066 (1.395)	1.037 (1.396)	2.272 (2.452)	2.270 (2.452)	−1.039 (1.308)	−1.068 (1.306)	−0.091 (0.682)	−0.101 (0.682)
N.CBA (Acq.Share > 25%)	0.168*** (0.027)		0.001 (0.017)		0.164*** (0.032)		0.048* (0.019)
N.CBA (Acq.Share > 50%)		0.171*** (0.029)		0.004 (0.017)		0.167*** (0.035)		0.052* (0.021)
Cluster controls
IND.SIZE	0.305*** (0.031)	0.306*** (0.032)	0.190*** (0.020)	0.189*** (0.020)	0.240*** (0.032)	0.240*** (0.032)	0.134*** (0.019)	0.134*** (0.019)
IND.RTA	0.138*** (0.016)	0.138*** (0.016)	0.218*** (0.021)	0.218*** (0.021)	0.102*** (0.014)	0.102*** (0.014)	0.017** (0.006)	0.017** (0.006)
Region controls
PAT.CAP	−0.010 (0.015)	−0.010 (0.015)	−0.046 (0.030)	−0.046 (0.030)	−0.010 (0.013)	−0.010 (0.014)	−0.003 (0.006)	−0.002 (0.006)
REG.DIV	0.040 (0.029)	0.040 (0.029)	0.063 (0.035)	0.063 (0.035)	0.009 (0.026)	0.009 (0.025)	0.022 (0.012)	0.022 (0.012)
EMP.RATE	−0.096 (0.167)	−0.096 (0.167)	−0.166 (0.295)	−0.166 (0.295)	−0.080 (0.166)	−0.080 (0.166)	−0.101 (0.075)	−0.100 (0.075)
HUM.CAP	0.135* (0.061)	0.137* (0.060)	0.092 (0.095)	0.092 (0.095)	0.014 (0.063)	0.016 (0.062)	0.005 (0.035)	0.005 (0.035)
POP.DEN	0.002 (0.269)	0.008 (0.268)	−0.197 (0.422)	−0.196 (0.422)	0.455 (0.242)	0.461 (0.240)	0.209 (0.133)	0.210 (0.133)
Region FE	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Time FE	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
R²	0.833	0.833	0.224	0.224	0.742	0.742	0.675	0.676
Adjusted R²	0.830	0.830	0.209	0.209	0.737	0.737	0.669	0.669
F Statistic	247.934***	247.902***	14.388***	14.388***	143.125***	143.111***	103.557***	103.575***

Dep.Var	N.PAT	N.PAT	RTA	RTA	INT.COL	INT.COL	EXT.COL	EXT.COL
Lag	t + 3	t + 3	t + 3	t + 3	t + 3	t + 3	t + 3	t + 3
Model n.	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
Constant	1.066 (1.395)	1.037 (1.396)	2.272 (2.452)	2.270 (2.452)	−1.039 (1.308)	−1.068 (1.306)	−0.091 (0.682)	−0.101 (0.682)
N.CBA (Acq.Share > 25%)	0.168*** (0.027)		0.001 (0.017)		0.164*** (0.032)		0.048* (0.019)
N.CBA (Acq.Share > 50%)		0.171*** (0.029)		0.004 (0.017)		0.167*** (0.035)		0.052* (0.021)
Cluster controls
IND.SIZE	0.305*** (0.031)	0.306*** (0.032)	0.190*** (0.020)	0.189*** (0.020)	0.240*** (0.032)	0.240*** (0.032)	0.134*** (0.019)	0.134*** (0.019)
IND.RTA	0.138*** (0.016)	0.138*** (0.016)	0.218*** (0.021)	0.218*** (0.021)	0.102*** (0.014)	0.102*** (0.014)	0.017** (0.006)	0.017** (0.006)
Region controls
PAT.CAP	−0.010 (0.015)	−0.010 (0.015)	−0.046 (0.030)	−0.046 (0.030)	−0.010 (0.013)	−0.010 (0.014)	−0.003 (0.006)	−0.002 (0.006)
REG.DIV	0.040 (0.029)	0.040 (0.029)	0.063 (0.035)	0.063 (0.035)	0.009 (0.026)	0.009 (0.025)	0.022 (0.012)	0.022 (0.012)
EMP.RATE	−0.096 (0.167)	−0.096 (0.167)	−0.166 (0.295)	−0.166 (0.295)	−0.080 (0.166)	−0.080 (0.166)	−0.101 (0.075)	−0.100 (0.075)
HUM.CAP	0.135* (0.061)	0.137* (0.060)	0.092 (0.095)	0.092 (0.095)	0.014 (0.063)	0.016 (0.062)	0.005 (0.035)	0.005 (0.035)
POP.DEN	0.002 (0.269)	0.008 (0.268)	−0.197 (0.422)	−0.196 (0.422)	0.455 (0.242)	0.461 (0.240)	0.209 (0.133)	0.210 (0.133)
Region FE	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Time FE	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
R²	0.833	0.833	0.224	0.224	0.742	0.742	0.675	0.676
Adjusted R²	0.830	0.830	0.209	0.209	0.737	0.737	0.669	0.669
F Statistic	247.934***	247.902***	14.388***	14.388***	143.125***	143.111***	103.557***	103.575***

Notes:

*p < 0.05; **p < 0.01; ***p < 0.001; clustered (at region level) robust standard errors are in parentheses; regional clusters are defined as industry-region pairs with RCA > 1

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