Table A4

Acquisition precursors

VariablesAB
R&D Above IndustryAME 0.225
Clustered SE (0.267)
R&D Below IndustryAME −0.051
Clustered SE (0.032)
Acquisition ExperienceAME 0.026***
Clustered SE (0.005)
Performance Above AspirationsAME −0.126
Clustered SE (0.155)
Performance Below AspirationsAME 0.059
Clustered SE (0.237)
Performance Above Aspirations*Performance Above AspirationsAME −0.005
Clustered SE (0.057)
Performance Below Aspirations*Performance Below AspirationsAME −0.427
Clustered SE (0.300)
Network CentralityAME 0.019***
Clustered SE (0.004)
Sales and Admin. Above IndustryAME−0.211−0.245
Clustered SE(0.201)(0.174)
Sales and Admin. Below IndustryAME−0.050−0.285***
Clustered SE(0.202)(0.064)
LiquidityAME−0.023**−0.004
Clustered SE(0.011)(0.010)
LeverageAME−0.024−0.015
Clustered SE(0.018)(0.013)
AsiaAME−0.215*−0.056
Clustered SE(0.125)(0.074)
Firm SizeAME0.029***−0.016*
Clustered SE(0.007)(0.009)
Firm AgeAME−0.000−0.000*
Clustered SE(0.001)(0.000)
Pseudo R-Squared 0.04980.1816

Note(s): N = 587 for both models; Quadratic Aspirations included; *p < 0.1; **p < 0.05; ***p < 0.001

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

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