Table 4 One-way ANOVA – comparing three...

Table 4

One-way ANOVA – comparing three groups in the post-mandatory adoption period and at the beginning of the 2008 financial crisis and after the 2008 financial crisis

Variables		Post-mandatory adoption period and before the 2008 financial crisis				Post-mandatory adoption period and after the 2008 financial crisis
		non-M&A		M&A		non-M&A		M&A
		1	2	1	2	1	2	1	2
Capital structure	ETA	−5.052***	−0.834		4.219*	−3.267**	−1.771		1.495
		(0.002)	(1.000)		(0.068)	(0.015)	(0.282)		(1.000)
		(0.002)	(1.000)		(0.068)	(0.015)	(0.282)		(1.000)
Asset structure	SIZE	3.577***	1.654***		−1.922***	2.747***	1.694***		−1.054***
	SIZE	(0.000)	(0.000)		(0.000)	(0.000)	(0.000)		(0.000)
	NLTA	−4.410	5.096***		9.506***	−8.447***	4.633***		13.079***
	NLTA	(0.189)	(0.009)		(0.003)	(0.000)	(0.010)		(0.000)
	NLCTF	2.344	−2.278		−4.622	−7.408	0.110		7.518
	NLCTF	(1.000)	(1.000)		(1.000)	(0.492)	(1.000)		(0.879)
	LACSTF	8.711	19.395***		−28.105***	3.880	−14.856***		−18.736**
	LACSTF	(0.666)	(0.001)		(0.004)	(1.000)	(0.008)		(0.034)
Cost-efficiency	CIR	−2.816	−3.286		−1.100	0.601	−1.383		−1.983
	CIR	(1.000)	(0.421)		(1.000)	(1.000)	(1.000)		(1.000)
	NIEXPA	−1.790	−0.923		0.867	−1.552	−0.355		1.197
	NIEXPA	(0.075)	(0.342)		(1.000)	(0.027)	(1.000)		(0.393)
Profitability	NIM	−0.918***	0.642***		1.561***	−0.815***	0.881***		1,696***
	NIM	(0.002)	(0.002)		(0.000)	(0.000)	(0.000)		(0.000)
	ROA	−0.104	0.009		0.112	−0.327	−0.072		0.254
	ROA	(1.000)	(1.000)		(1.000)	(0.316)	(1.000)		(1.000)
	ROE	2.755	2.817		0.063	−3.039	−0.126		2.713
	ROE	(0.069)	(0.004)		(1.000)	(0.029)	(1.000)		(0.189)
	OOPINCA	−1.263	−1.408		−0.145	−1.510	−1.339		0.172
	OOPINCA	(0.561)	(0.131)		(1.000)	(0.070)	(0.075)		(1.000)

Variables		Post-mandatory adoption period and before the 2008 financial crisis				Post-mandatory adoption period and after the 2008 financial crisis
		non-M&A		M&A		non-M&A		M&A
		1	2	1	2	1	2	1	2
Capital structure	ETA	−5.052***	−0.834		4.219*	−3.267**	−1.771		1.495
		(0.002)	(1.000)		(0.068)	(0.015)	(0.282)		(1.000)
		(0.002)	(1.000)		(0.068)	(0.015)	(0.282)		(1.000)
Asset structure	SIZE	3.577***	1.654***		−1.922***	2.747***	1.694***		−1.054***
	SIZE	(0.000)	(0.000)		(0.000)	(0.000)	(0.000)		(0.000)
	NLTA	−4.410	5.096***		9.506***	−8.447***	4.633***		13.079***
	NLTA	(0.189)	(0.009)		(0.003)	(0.000)	(0.010)		(0.000)
	NLCTF	2.344	−2.278		−4.622	−7.408	0.110		7.518
	NLCTF	(1.000)	(1.000)		(1.000)	(0.492)	(1.000)		(0.879)
	LACSTF	8.711	19.395***		−28.105***	3.880	−14.856***		−18.736**
	LACSTF	(0.666)	(0.001)		(0.004)	(1.000)	(0.008)		(0.034)
Cost-efficiency	CIR	−2.816	−3.286		−1.100	0.601	−1.383		−1.983
	CIR	(1.000)	(0.421)		(1.000)	(1.000)	(1.000)		(1.000)
	NIEXPA	−1.790	−0.923		0.867	−1.552	−0.355		1.197
	NIEXPA	(0.075)	(0.342)		(1.000)	(0.027)	(1.000)		(0.393)
Profitability	NIM	−0.918***	0.642***		1.561***	−0.815***	0.881***		1,696***
	NIM	(0.002)	(0.002)		(0.000)	(0.000)	(0.000)		(0.000)
	ROA	−0.104	0.009		0.112	−0.327	−0.072		0.254
	ROA	(1.000)	(1.000)		(1.000)	(0.316)	(1.000)		(1.000)
	ROE	2.755	2.817		0.063	−3.039	−0.126		2.713
	ROE	(0.069)	(0.004)		(1.000)	(0.029)	(1.000)		(0.189)
	OOPINCA	−1.263	−1.408		−0.145	−1.510	−1.339		0.172
	OOPINCA	(0.561)	(0.131)		(1.000)	(0.070)	(0.075)		(1.000)

Note(s): The table reports the results of the explanatory of banking firms’ financial variables in the pre- and post-crisis period and standard errors are reported in parentheses. We consider two crisis period such as pre-crisis period (2003–2007) and crisis years (2008–2012). *, ** and *** significant at the 1%, 5% and 10% levels, respectively. Where 1 = IFRS group and 2 = local GAAP

Source(s): Processed data, 2023

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