Note(s): This table reports the results from five logit models on the two sub-samples, public and private target firms samples. The dependent variable is a binomial outcome with the public target firms sample as 1, and the private sample as 0. Main test variables are country-level variables, including the quality of government (GovQuality), the quality of economic freedom (EcoFreedom), the development of financial markets (FinDevelop) and the cultural distance between the target and bidder countries (CulDistance). GDP Growth and GDP per capita are proxies for macroeconomic conditions. Relatedness, Cash, and Toehold are proxies for deal-specific characteristics; while Size, RelSize, Public bidder and Emerging bidder are firm-level control variables. In all specifications, we also include year, industry, geographic location dummies to control for year, industry and location effects, respectively, but do not report their coefficients. Robust standard errors are shown in parentheses. Symbols ***, ** and * indicate significance at the 1%, 5% and 10% levels, respectively