Table 3

Acquisition precursors

VariablesModel 1Model 2
R&D Above IndustryAME 0.219
Clustered SE (0.263)
R&D Below Industry (H1)AME −0.061**
Clustered SE (0.030)
Acquisition Experience (H2)AME 0.026***
Clustered SE (0.005)
Network Centrality (H3)AME 0.019***
Clustered SE (0.004)
Performance Above AspirationsAME −0.154**
Clustered SE (0.060)
Performance Below AspirationsAME 0.344**
Clustered SE (0.161)
Sales and Admin. Above IndustryAME−0.201−0.249
Clustered SE(0.196)(0.183)
Sales and Admin. Below IndustryAME−0.052−0.268***
Clustered SE(0.199)(0.090)
LiquidityAME−0.023**−0.005
Clustered SE(0.011)(0.010)
LeverageAME−0.025−0.015
Clustered SE(0.020)(0.013)
AsiaAME−0.213*−0.051
Clustered SE(0.123)(0.072)
Firm SizeAME0.028***−0.013
Clustered SE(0.007)(0.009)
Firm AgeAME−0.000−0.001*
Clustered SE(0.001)(0.000)
Pseudo R-Squared 0.04950.1794

Note(s): Independent variables in italics. N = 587 for both models; Coefficients of variables containing total assets are stable across perturbations, suggesting collinearity is not an issue; *p < 0.1; **p < 0.05; ***p < 0.001

Source(s): Author's own creation/work

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