Table 2 Descriptive statistics Mean Std....

Table 2

Descriptive statistics

	Mean	Std. Dev.	1st quartile	Median	3rd quartile
Panel A: dependent and independent variables
CAR	0.0020	0.0621	−0.0252	0.0006	0.0265
PCO_OPT	0.4615	0.3543	0.1250	0.4545	0.7333
NCO_OPT	4.6176	3.9859	1.0000	4.0000	7.0000
RCO_OPT	−0.0000	0.3440	−0.2883	0.0084	0.2542
Panel B: firm characteristics
SIZE	7.9114	2.1402	6.4928	7.9058	9.3755
TA ($mil)	28400.8691	131142.7569	660.3410	2712.8980	11795.3110
LEV	0.2328	0.1904	0.0739	0.2052	0.3525
CASH	0.1483	0.1666	0.0302	0.0826	0.2046
TOBINQ	2.0136	1.5765	1.1086	1.5001	2.2547
ROA	0.0145	0.1707	0.0064	0.0353	0.0835
Panel C: corporate governance
CEO_DUALITY	0.5307	0.4991	0.0000	1.0000	1.0000
LNCEO_TENURE	1.5474	0.5997	1.0986	1.6094	1.9459
CEO_TENURE	4.6406	3.6037	2.0000	4.0000	6.0000
LNBOARD_SIZE	2.3973	0.2905	2.1972	2.3979	2.5649
BOARD_SIZE	10.4724	3.4645	8.0000	10.0000	12.0000
BOARD_INDEP	0.6824	0.1680	0.5833	0.7143	0.8000
LNANALYSTS	1.9956	1.0008	1.3863	2.0794	2.7726
NUM_ANALYSTS	10.0168	8.9549	3.0000	7.0000	15.0000
Panel D: deal characteristics
RELATIVESIZE	0.1941	0.3655	0.0120	0.0576	0.1990
ALLCASH	0.3125	0.4635	0.0000	0.0000	1.0000
ALLSTOCK	0.1407	0.3478	0.0000	0.0000	0.0000
RELATEDID	0.5295	0.4992	0.0000	1.0000	1.0000
TENDEROFFER	0.0648	0.2461	0.0000	0.0000	0.0000
COMPETINGBID	0.0236	0.1518	0.0000	0.0000	0.0000

	Mean	Std. Dev.	1st quartile	Median	3rd quartile
Panel A: dependent and independent variables
CAR	0.0020	0.0621	−0.0252	0.0006	0.0265
PCO_OPT	0.4615	0.3543	0.1250	0.4545	0.7333
NCO_OPT	4.6176	3.9859	1.0000	4.0000	7.0000
RCO_OPT	−0.0000	0.3440	−0.2883	0.0084	0.2542
Panel B: firm characteristics
SIZE	7.9114	2.1402	6.4928	7.9058	9.3755
TA ($mil)	28400.8691	131142.7569	660.3410	2712.8980	11795.3110
LEV	0.2328	0.1904	0.0739	0.2052	0.3525
CASH	0.1483	0.1666	0.0302	0.0826	0.2046
TOBINQ	2.0136	1.5765	1.1086	1.5001	2.2547
ROA	0.0145	0.1707	0.0064	0.0353	0.0835
Panel C: corporate governance
CEO_DUALITY	0.5307	0.4991	0.0000	1.0000	1.0000
LNCEO_TENURE	1.5474	0.5997	1.0986	1.6094	1.9459
CEO_TENURE	4.6406	3.6037	2.0000	4.0000	6.0000
LNBOARD_SIZE	2.3973	0.2905	2.1972	2.3979	2.5649
BOARD_SIZE	10.4724	3.4645	8.0000	10.0000	12.0000
BOARD_INDEP	0.6824	0.1680	0.5833	0.7143	0.8000
LNANALYSTS	1.9956	1.0008	1.3863	2.0794	2.7726
NUM_ANALYSTS	10.0168	8.9549	3.0000	7.0000	15.0000
Panel D: deal characteristics
RELATIVESIZE	0.1941	0.3655	0.0120	0.0576	0.1990
ALLCASH	0.3125	0.4635	0.0000	0.0000	1.0000
ALLSTOCK	0.1407	0.3478	0.0000	0.0000	0.0000
RELATEDID	0.5295	0.4992	0.0000	1.0000	1.0000
TENDEROFFER	0.0648	0.2461	0.0000	0.0000	0.0000
COMPETINGBID	0.0236	0.1518	0.0000	0.0000	0.0000

Note(s): This table presents the descriptive statistics for the main dependent and independent variables in Panel A, acquirer-level financial control variables in Panel B, corporate governance in Panel C and deal characteristics in Panel D. We provide variables definitions in the Appendix

Source(s): Authors’ own work

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