Robustness check of different combinations of types of sanction – cross-border M&A
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| Variables | Merger | |||||
| Arms | 0.395 | 0.386 | 0.542 | 0.289 | 0.161 | |
| (0.406) | (0.408) | (0.434) | (0.458) | (0.459) | ||
| Military | -0.885*** | -0.884*** | -0.882*** | -0.600*** | -0.858*** | |
| (0.231) | (0.232) | (0.232) | (0.190) | (0.224) | ||
| Trade | -0.706*** | -0.722*** | -0.710*** | -0.663*** | -0.295*** | |
| (0.210) | (0.203) | (0.202) | (0.199) | (0.158) | ||
| Financial | 0.173 | 0.214 | -0.010 | 0.147 | 0.162 | |
| (0.362) | (0.350) | (0.367) | (0.352) | (0.362) | ||
| Travel | -0.459 | -0.077 | 0.129 | -0.093 | ||
| (0.419) | (0.442) | (0.418) | (0.441) | |||
| Other | -0.926** | -0.924** | -0.795* | |||
| (0.434) | (0.427) | (0.429) | ||||
| Unemployment_ratio | -3.089 | -3.145 | -3.150 | -4.421* | -3.385 | -4.264* |
| (2.230) | (2.234) | (2.229) | (2.254) | (2.233) | (2.235) | |
| Bank_branch | -0.692 | -0.740 | -0.753 | -0.717 | -0.746 | -0.807 |
| (1.145) | (1.140) | (1.138) | (1.106) | (1.123) | (1.101) | |
| Openess | 0.653 | 0.661 | 0.640 | 0.543 | 0.646 | 0.652 |
| (0.470) | (0.471) | (0.473) | (0.473) | (0.468) | (0.471) | |
| Government_size | 2.214 | 2.197 | 2.617 | 3.515 | 2.574 | 4.613 |
| (4.374) | (4.378) | (4.452) | (4.449) | (4.404) | (4.430) | |
| Population_density | 0.191*** | 0.191*** | 0.190*** | 0.186*** | 0.189*** | 0.151** |
| (0.063) | (0.063) | (0.063) | (0.061) | (0.062) | (0.059) | |
| Constant | 5.395*** | 5.381*** | 5.348*** | 5.153*** | 5.379*** | 4.988*** |
| (0.999) | (1.001) | (1.012) | (0.999) | (0.999) | (0.979) | |
| Observations | 1,040 | 1,040 | 1,040 | 1,040 | 1,040 | 1,040 |
| R-squared | 0.776 | 0.777 | 0.777 | 0.775 | 0.777 | 0.773 |
| Country FEs | YES | YES | YES | YES | YES | YES |
| Year FEs | YES | YES | YES | YES | YES | YES |
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| Variables | Merger | |||||
| 0.395 | 0.386 | 0.542 | 0.289 | 0.161 | ||
| (0.406) | (0.408) | (0.434) | (0.458) | (0.459) | ||
| 0.173 | 0.214 | -0.010 | 0.147 | 0.162 | ||
| (0.362) | (0.350) | (0.367) | (0.352) | (0.362) | ||
| -0.459 | -0.077 | 0.129 | -0.093 | |||
| (0.419) | (0.442) | (0.418) | (0.441) | |||
| -3.089 | -3.145 | -3.150 | -4.421* | -3.385 | -4.264* | |
| (2.230) | (2.234) | (2.229) | (2.254) | (2.233) | (2.235) | |
| -0.692 | -0.740 | -0.753 | -0.717 | -0.746 | -0.807 | |
| (1.145) | (1.140) | (1.138) | (1.106) | (1.123) | (1.101) | |
| 0.653 | 0.661 | 0.640 | 0.543 | 0.646 | 0.652 | |
| (0.470) | (0.471) | (0.473) | (0.473) | (0.468) | (0.471) | |
| 2.214 | 2.197 | 2.617 | 3.515 | 2.574 | 4.613 | |
| (4.374) | (4.378) | (4.452) | (4.449) | (4.404) | (4.430) | |
| 0.191*** | 0.191*** | 0.190*** | 0.186*** | 0.189*** | 0.151** | |
| (0.063) | (0.063) | (0.063) | (0.061) | (0.062) | (0.059) | |
| Constant | 5.395*** | 5.381*** | 5.348*** | 5.153*** | 5.379*** | 4.988*** |
| (0.999) | (1.001) | (1.012) | (0.999) | (0.999) | (0.979) | |
| Observations | 1,040 | 1,040 | 1,040 | 1,040 | 1,040 | 1,040 |
| 0.776 | 0.777 | 0.777 | 0.775 | 0.777 | 0.773 | |
| Country FEs | YES | YES | YES | YES | YES | YES |
| Year FEs | YES | YES | YES | YES | YES | YES |
Note(s): Robust standard errors in parentheses
***p < 0.01, **p < 0.05, *p < 0.1
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