Table A5

Acquisition precursors

VariablesModel 1Model 2
R&D Above IndustryAME 0.198
Clustered SE (0.269)
R&D Below IndustryAME −0.051
Clustered SE (0.032)
Acquisition ExperienceAME 0.025***
Clustered SE (0.005)
Performance Above AspirationsAME −0.283***
Clustered SE (0.032)
Performance Below AspirationsAME 0.208*
Clustered SE (0.122)
Network CentralityAME 0.020***
Clustered SE (0.004)
Sales and Admin. Above IndustryAME−0.233−0.268
Clustered SE(0.198)(0.180)
Sales and Admin. Below IndustryAME−0.020−0.263**
Clustered SE(0.202)(0.112)
LiquidityAME−0.021*0.000
Clustered SE(0.013)(0.011)
LeverageAME−0.024−0.014
Clustered SE(0.018)(0.012)
AsiaAME−0.209*−0.072
Clustered SE(0.126)(0.077)
Firm SizeAME0.029***−0.015*
Clustered SE(0.007)(0.008)
Firm AgeAME−0.000−0.000**
Clustered SE(0.001)(0.000)
Pseudo R-Squared 0.04790.1762

Note(s): N = 583 for both models; Aspirations calculated as a weighted model that optimally combines both historical and social dimensions of performance; *p < 0.1; **p < 0.05; ***p < 0.001

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

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