Table A3

Acquisition precursors

VariablesModel 1Model 2
R&D Above IndustryAME 0.225
Clustered SE (0.268)
R&D Below IndustryAME −0.056*
Clustered SE (0.030)
Acquisition ExperienceAME 0.026***
Clustered SE (0.005)
Performance Above AspirationsAME −0.153***
Clustered SE (0.058)
Performance Below AspirationsAME 0.342**
Clustered SE (0.152)
Network CentralityAME 0.019***
Clustered SE (0.004)
Sales and Admin. Above IndustryAME−0.211−0.239
Clustered SE(0.201)(0.180)
Sales and Admin. Below IndustryAME−0.050−0.280***
Clustered SE(0.202)(0.073)
LiquidityAME−0.023**−0.005
Clustered SE(0.011)(0.010)
LeverageAME−0.024−0.016
Clustered SE(0.018)(0.013)
AsiaAME−0.215*−0.056
Clustered SE(0.125)(0.074)
Firm SizeAME0.029***−0.013
Clustered SE(0.007)(0.009)
Firm AgeAME−0.000−0.001*
Clustered SE(0.001)(0.000)
Pseudo R-Squared 0.04980.1799

Note(s): N = 587 for both models; Probit instead of logit link is used; *p < 0.1; **p < 0.05; ***p < 0.001

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

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