Table 3 Descriptive statistics and... | Emerald Publishing

Table 3

Descriptive statistics and correlation matrix

	Variables	Mean	SD	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)
(1)	Cross-border acq. in emerg. mkt	0.19	0.40	1.00
(2)	Context exp	0.34	1.02	0.13*	1.00
(3)	Reg. eff. dist	5.18	8.57	−0.57*	−0.04	1.00
(4)	Country gov. dist	0.03	0.57	−0.52*	−0.02	0.53*	1.00
(5)	Fin. dev. dist	1.31	0.61	−0.47*	−0.05	0.59*	0.40*	1.00
(6)	Cultural dist	1.63	1.08	−0.21*	−0.01	0.47*	0.57*	0.41*	1.00
(7)	Acq. listing	0.27	0.44	0.12*	0.24*	−0.06	−0.06	−0.08	−0.05	1.00
(8)	Acq. size	8.17	0.91	0.21*	0.31*	−0.07	−0.11*	−0.08	−0.04	0.38*	1.00
(9)	Acq. liquidity	1.72	2.79	−0.04	−0.05	−0.03	0.08	−0.01	0.02	−0.04	−0.10*	1.00
(10)	Acq. performance	3.54	11.21	0.04	0.03	−0.11*	−0.08	−0.05	−0.11*	−0.07	0.16*	−0.01	1.00
(11)	Geographic experience	0.45	1.02	−0.14*	0.29*	0.08	0.01	−0.03	−0.11*	0.31*	0.23*	−0.05	−0.03	1.00
(12)	Target mkt size	5.60	0.77	−0.21*	−0.08	0.22*	−0.20*	0.29*	−0.26*	−0.03	−0.03	−0.07	0.01	0.06	1.00
(13)	Geographic distance	3,313	3,354	0.34*	0.15*	0.10*	−0.24*	0.08	−0.05	0.10*	0.16*	−0.02	0.02	−0.05	0.28*	1.00
(14)	Business relatedness	0.44	0.50	−0.02	0.08	−0.05	0.00	−0.05	−0.06	−0.02	−0.07	−0.06	0.09	0.02	0.00	−0.06

	Variables	Mean	SD	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)
(1)	Cross-border acq. in emerg. mkt	0.19	0.40	1.00
(2)	Context exp	0.34	1.02	0.13*	1.00
(3)	Reg. eff. dist	5.18	8.57	−0.57*	−0.04	1.00
(4)	Country gov. dist	0.03	0.57	−0.52*	−0.02	0.53*	1.00
(5)	Fin. dev. dist	1.31	0.61	−0.47*	−0.05	0.59*	0.40*	1.00
(6)	Cultural dist	1.63	1.08	−0.21*	−0.01	0.47*	0.57*	0.41*	1.00
(7)	Acq. listing	0.27	0.44	0.12*	0.24*	−0.06	−0.06	−0.08	−0.05	1.00
(8)	Acq. size	8.17	0.91	0.21*	0.31*	−0.07	−0.11*	−0.08	−0.04	0.38*	1.00
(9)	Acq. liquidity	1.72	2.79	−0.04	−0.05	−0.03	0.08	−0.01	0.02	−0.04	−0.10*	1.00
(10)	Acq. performance	3.54	11.21	0.04	0.03	−0.11*	−0.08	−0.05	−0.11*	−0.07	0.16*	−0.01	1.00
(11)	Geographic experience	0.45	1.02	−0.14*	0.29*	0.08	0.01	−0.03	−0.11*	0.31*	0.23*	−0.05	−0.03	1.00
(12)	Target mkt size	5.60	0.77	−0.21*	−0.08	0.22*	−0.20*	0.29*	−0.26*	−0.03	−0.03	−0.07	0.01	0.06	1.00
(13)	Geographic distance	3,313	3,354	0.34*	0.15*	0.10*	−0.24*	0.08	−0.05	0.10*	0.16*	−0.02	0.02	−0.05	0.28*	1.00
(14)	Business relatedness	0.44	0.50	−0.02	0.08	−0.05	0.00	−0.05	−0.06	−0.02	−0.07	−0.06	0.09	0.02	0.00	−0.06

Note(s): Time and industry dummies have not been reported for space reasons

Significance level: *p < 0.5