Table A1

Acquisition precursors

VariablesModel 1Model 2
R&D Above IndustryAME 0.200
Clustered SE (0.291)
R&D Below IndustryAME −0.048
Clustered SE (0.030)
Acquisition ExperienceAME 0.019***
Clustered SE (0.003)
Performance Above AspirationsAME −0.150**
Clustered SE (0.068)
Performance Below AspirationsAME 0.340**
Clustered SE (0.151)
Network CentralityAME 0.020***
Clustered SE (0.004)
Sales and Admin. Above IndustryAME−0.201−0.229
Clustered SE(0.196)(0.196)
Sales and Admin. Below IndustryAME−0.052−0.346***
Clustered SE(0.199)(0.080)
LiquidityAME−0.023**−0.005
Clustered SE(0.011)(0.010)
LeverageAME−0.025−0.016
Clustered SE(0.020)(0.013)
AsiaAME−0.213*−0.043
Clustered SE(0.123)(0.071)
Firm SizeAME0.028***−0.015*
Clustered SE(0.007)(0.009)
Firm AgeAME−0.000−0.001**
Clustered SE(0.001)(0.000)
Pseudo R-Squared 0.04950.1785

Note(s): N = 587 for both models; 8 most recent years instead of 5 are used for Acquisition Experience; *p < 0.1; **p < 0.05; ***p < 0.001. SE - standard errors

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

[ViewLarge]
This Feature Is Available To Subscribers Only

or Create an Account

Close subscription notice
Close access options