Table A2

Acquisition precursors

VariablesModel 1Model 2
R&D Above IndustryAME 0.249
Clustered SE (0.266)
R&D Below IndustryAME −0.075***
Clustered SE (0.025)
Acquisition ExperienceAME 0.027***
Clustered SE (0.005)
Performance Above AspirationsAME −0.165***
Clustered SE (0.062)
Performance Below AspirationsAME 0.369**
Clustered SE (0.168)
Network CentralityAME 0.920***
Clustered SE (0.218)
Sales and Admin. Above IndustryAME−0.201−0.235
Clustered SE(0.196)(0.199)
Sales and Admin. Below IndustryAME−0.052−0.226**
Clustered SE(0.199)(0.089)
LiquidityAME−0.023**−0.005
Clustered SE(0.011)(0.010)
LeverageAME−0.025−0.018
Clustered SE(0.020)(0.014)
AsiaAME−0.213*−0.043
Clustered SE(0.123)(0.074)
Firm SizeAME0.028***−0.010
Clustered SE(0.007)(0.008)
Firm AgeAME−0.000−0.001**
Clustered SE(0.001)(0.000)
Pseudo R-Squared 0.04950.1780

Note(s): N = 587 for both models; Network Centrality is measured by degree centrality instead of betweenness; *p < 0.1; **p < 0.05; ***p < 0.001

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

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