Table 4 Logistic regression results...

Table 4

Logistic regression results

Variables	Model 1	Model 2	Model 3	Model 4	Model 5	Model 6	Model 7
Independent variables
Context exp		0.26 (0.15)*	0.55 (0.15)***	0.56 (0.15)***	0.54 (0.17)***	0.62 (0.20)***	1.53 (0.54)***
Reg. eff. dist			−0.40(0.04)***	−0.38(0.05)***	−0.35(0.05)***	−0.37(0.05)***	−0.30(0.05)***
Country gov. dist				−0.34 (0.40)	−0.04 (0.41)	−0.44 (0.49)	−0.57 (0.63)
Fin. dev. dist					−1.27 (0.41)***	−1.70 (0.44)***	−2.04 (0.54)**
Cultural dist						0.66 (0.22)***	0.60 (0.24)**
Reg. eff. dist.*Context exp							−0.33 (0.08)***
Country gov. dist.*Context exp							0.42 (0.61)
Fin. dev.dist.*Context exp							−0.84 (0.41)**
Cultural dist.*Context exp							1.29 (0.42)***
Control variables
Acq. listing	0.37 (0.33)	0.35(0.33)	0.70 (0.49)	0.70 (0.50)	0.55 (0.53)	0.68 (0.56)	0.39 (0.70)
Acq. size	0.54 (0.16)***	0.46 (0.16)***	0.54 (0.28)*	0.53 (0.28)*	0.56 (0.30)*	0.51 (0.30)*	0.58 (0.30)*
Acq. liquidity	−0.13 (0.13)	−0.12 (0.13)	−0.09 (0.05)*	−0.08 (0.05)	−0.09 (0.05)	−0.06 (0.05)	−0.02 (0.5)
Acq. performance	0.00 (0.01)	0.00 (0.01)	−0.04 (0.02)**	−0.04 (0.02)**	−0.04 (0.02)**	−0.04 (0.02)**	−0.04 (0.01)**
Geogr. experience	−1.10 (0.34)***	−1.35 (0.39)***	−1.88 (0.43)***	−1.86 (0.43)***	−2.00 (0.45)***	−2.08 (0.51)***	−3.28 (0.72)***
Target mkt size	−0.1.01 (0.22)***	−0.98 (0.22)***	−2.45 (0.41)***	−2.46 (0.40)***	−2.22 (0.41)***	−2.18 (0.42)***	−2.51 (0.49)***
Geographic distance	0.00 (0.00)***	0.00 (0.00)***	0.00 (0.00)***	0.00 (0.00)***	0.00 (0.00)***	0.00 (0.00)***	0.00 (0.00)***
Business relatedness	0.13 (0.26)	0.06 (0.27)	0.27 (0.43)	0.29 (0.46)	0.26 (0.47)	0.36 (0.51)	0.57 (0.56)
Year dummies	Included	Included	Included	Included	Included	Included	Included
Trade	0.34 (0.50)	0.42 (0.50)	0.56 (0.83)	0.56 (0.82)	0.43 (0.85)	0.81 (0.87)	0.99 (0.94)
Services	0.41 (0.31)	0.34 (0.31)	0.53 (0.55)	0.50 (0.56)	0.46 (0.54)	0.52(0.56)	0.45 (0.59)
Utilities	0.89 (0.57)	1.04 (0.56)*	−0.14 (1.15)	−0.06 (1.18)	−0.17 (1.31)	0.22 (1.42)	−0.12 (1.45)
Others	0.08 (0.61)	0.12 (0.61)	0.11 (0.61)	0.12 (0.62)	−0.14 (0.66)	−0.49 (0.70)	−0.94 (0.70)
Intercept	−1.36 (1.82)	−0.88 (1.78)	6.44 (3.09)**	6.59 (3.06)**	6.42 (3.20)**	5.94 (2.97)**	6.94 (3.26)**
Number of observations	496	496	496	496	496	496	496
Adjusted R²	0.21	0.22	0.61	0.61	0.61	0.62	0.64

Variables	Model 1	Model 2	Model 3	Model 4	Model 5	Model 6	Model 7
Independent variables
Context exp		0.26 (0.15)*	0.55 (0.15)***	0.56 (0.15)***	0.54 (0.17)***	0.62 (0.20)***	1.53 (0.54)***
Reg. eff. dist			−0.40(0.04)***	−0.38(0.05)***	−0.35(0.05)***	−0.37(0.05)***	−0.30(0.05)***
Country gov. dist				−0.34 (0.40)	−0.04 (0.41)	−0.44 (0.49)	−0.57 (0.63)
Fin. dev. dist					−1.27 (0.41)***	−1.70 (0.44)***	−2.04 (0.54)**
Cultural dist						0.66 (0.22)***	0.60 (0.24)**
Reg. eff. dist.*Context exp							−0.33 (0.08)***
Country gov. dist.*Context exp							0.42 (0.61)
Fin. dev.dist.*Context exp							−0.84 (0.41)**
Cultural dist.*Context exp							1.29 (0.42)***
Control variables
Acq. listing	0.37 (0.33)	0.35(0.33)	0.70 (0.49)	0.70 (0.50)	0.55 (0.53)	0.68 (0.56)	0.39 (0.70)
Acq. size	0.54 (0.16)***	0.46 (0.16)***	0.54 (0.28)*	0.53 (0.28)*	0.56 (0.30)*	0.51 (0.30)*	0.58 (0.30)*
Acq. liquidity	−0.13 (0.13)	−0.12 (0.13)	−0.09 (0.05)*	−0.08 (0.05)	−0.09 (0.05)	−0.06 (0.05)	−0.02 (0.5)
Acq. performance	0.00 (0.01)	0.00 (0.01)	−0.04 (0.02)**	−0.04 (0.02)**	−0.04 (0.02)**	−0.04 (0.02)**	−0.04 (0.01)**
Geogr. experience	−1.10 (0.34)***	−1.35 (0.39)***	−1.88 (0.43)***	−1.86 (0.43)***	−2.00 (0.45)***	−2.08 (0.51)***	−3.28 (0.72)***
Target mkt size	−0.1.01 (0.22)***	−0.98 (0.22)***	−2.45 (0.41)***	−2.46 (0.40)***	−2.22 (0.41)***	−2.18 (0.42)***	−2.51 (0.49)***
Geographic distance	0.00 (0.00)***	0.00 (0.00)***	0.00 (0.00)***	0.00 (0.00)***	0.00 (0.00)***	0.00 (0.00)***	0.00 (0.00)***
Business relatedness	0.13 (0.26)	0.06 (0.27)	0.27 (0.43)	0.29 (0.46)	0.26 (0.47)	0.36 (0.51)	0.57 (0.56)
Year dummies	Included	Included	Included	Included	Included	Included	Included
Trade	0.34 (0.50)	0.42 (0.50)	0.56 (0.83)	0.56 (0.82)	0.43 (0.85)	0.81 (0.87)	0.99 (0.94)
Services	0.41 (0.31)	0.34 (0.31)	0.53 (0.55)	0.50 (0.56)	0.46 (0.54)	0.52(0.56)	0.45 (0.59)
Utilities	0.89 (0.57)	1.04 (0.56)*	−0.14 (1.15)	−0.06 (1.18)	−0.17 (1.31)	0.22 (1.42)	−0.12 (1.45)
Others	0.08 (0.61)	0.12 (0.61)	0.11 (0.61)	0.12 (0.62)	−0.14 (0.66)	−0.49 (0.70)	−0.94 (0.70)
Intercept	−1.36 (1.82)	−0.88 (1.78)	6.44 (3.09)**	6.59 (3.06)**	6.42 (3.20)**	5.94 (2.97)**	6.94 (3.26)**
Number of observations	496	496	496	496	496	496	496
Adjusted R²	0.21	0.22	0.61	0.61	0.61	0.62	0.64

Note(s): Dependent variable: Cross-border acquisitions in emerging markets vs. advanced economies

Standard errors are in parentheses

Significance levels: *p < 0.1, **p < 0.5, ***p < 0.01

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