Table 3 Correlation matrix (1) (2) (3)...

Table 3

Correlation matrix

		(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
CAR	(1)	1.00
PCO_OPT	(2)	−0.05^***	1.00
NCO_OPT	(3)	−0.06^***	0.91^***	1.00
RCO_OPT	(4)	−0.04^***	0.97^***	0.89^***	1.00
SIZE	(5)	−0.08^***	0.16^***	0.36^***	0.20^***	1.00
LEV	(6)	0.05^***	−0.01	0.01	−0.00	0.21^***	1.00
CASH	(7)	−0.03^***	−0.00	−0.09^***	−0.03^**	−0.27^***	−0.33^***	1.00
TOBINQ	(8)	0.01	0.02^*	−0.02^**	−0.00	−0.07^***	−0.18^***	0.38^***	1.00
ROA	(9)	0.02	0.09^***	0.13^***	0.12^***	0.30^***	0.01	−0.18^***	0.09^***	1.00
CEO_DUALITY	(10)	−0.01	−0.01	0.01	0.01	0.12^***	0.07^***	−0.05^***	0.00	0.05^***	1.00
LNCEO_TENURE	(11)	0.01	−0.26^***	−0.23^***	−0.04^***	0.10^***	0.06^***	−0.09^***	−0.12^***	0.11^***	0.09^***	1.00
LNBOARD_SIZE	(12)	−0.06^***	0.17^***	0.45^***	0.17^***	0.62^***	0.04^***	−0.25^***	−0.12^***	0.14^***	0.02	−0.04^***	1.00
BOARD_INDEP	(13)	0.00	0.09^***	0.13^***	0.17^***	0.15^***	−0.02^*	−0.02^*	−0.10^***	0.11^***	0.11^***	0.37^***	0.09^***	1.00
LNANALYSTS	(14)	−0.07^***	0.17^***	0.24^***	0.18^***	0.57^***	0.02^**	0.05^***	0.27^***	0.26^***	0.16^***	0.04^***	0.30^***	0.10^***	1.00
RELATIVESIZE	(15)	0.02^**	−0.05^***	−0.09^***	−0.07^***	−0.18^***	0.13^***	−0.05^***	−0.13^***	−0.15^***	−0.03^***	−0.05^***	−0.11^***	−0.05^***	−0.20^***	1.00
ALLCASH	(16)	0.03^**	0.06^***	0.07^***	0.08^***	0.08^***	0.03^**	0.02	−0.02^*	0.12^***	0.01	0.06^***	0.00	0.10^***	0.10^***	−0.14^***	1.00
ALLSTOCK	(17)	−0.08^***	−0.05^***	−0.04^***	−0.08^***	−0.04^***	−0.11^***	0.04^***	0.06^***	−0.17^***	−0.02	−0.14^***	0.07^***	−0.16^***	−0.05^***	0.12^***	−0.27^***	1.00
RELATEDBID	(18)	−0.01	−0.01	0.01	−0.01	−0.03^**	−0.03^**	−0.13^***	−0.11^***	−0.01	−0.05^***	0.03^***	0.06^***	0.02^**	−0.07^***	0.08^***	−0.06^***	0.08^***	1.00
TENDEROFFER	(19)	−0.03^***	0.06^***	0.07^***	0.05^***	0.09^***	0.00	0.01	0.00	0.04^***	0.02^*	−0.03^***	0.05^***	0.00	0.09^***	−0.02^*	0.20^***	−0.05^***	−0.01	1.00
COMPETINGBID	(20)	−0.02^*	0.04^***	0.03^***	0.04^***	0.03^***	0.03^***	0.00	−0.00	0.02	0.02^**	0.01	0.01	0.00	0.04^***	0.10^***	0.06^***	0.01	0.03^***	0.13^***	1.00

		(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
CAR	(1)	1.00
PCO_OPT	(2)	−0.05^***	1.00
NCO_OPT	(3)	−0.06^***	0.91^***	1.00
RCO_OPT	(4)	−0.04^***	0.97^***	0.89^***	1.00
SIZE	(5)	−0.08^***	0.16^***	0.36^***	0.20^***	1.00
LEV	(6)	0.05^***	−0.01	0.01	−0.00	0.21^***	1.00
CASH	(7)	−0.03^***	−0.00	−0.09^***	−0.03^**	−0.27^***	−0.33^***	1.00
TOBINQ	(8)	0.01	0.02^*	−0.02^**	−0.00	−0.07^***	−0.18^***	0.38^***	1.00
ROA	(9)	0.02	0.09^***	0.13^***	0.12^***	0.30^***	0.01	−0.18^***	0.09^***	1.00
CEO_DUALITY	(10)	−0.01	−0.01	0.01	0.01	0.12^***	0.07^***	−0.05^***	0.00	0.05^***	1.00
LNCEO_TENURE	(11)	0.01	−0.26^***	−0.23^***	−0.04^***	0.10^***	0.06^***	−0.09^***	−0.12^***	0.11^***	0.09^***	1.00
LNBOARD_SIZE	(12)	−0.06^***	0.17^***	0.45^***	0.17^***	0.62^***	0.04^***	−0.25^***	−0.12^***	0.14^***	0.02	−0.04^***	1.00
BOARD_INDEP	(13)	0.00	0.09^***	0.13^***	0.17^***	0.15^***	−0.02^*	−0.02^*	−0.10^***	0.11^***	0.11^***	0.37^***	0.09^***	1.00
LNANALYSTS	(14)	−0.07^***	0.17^***	0.24^***	0.18^***	0.57^***	0.02^**	0.05^***	0.27^***	0.26^***	0.16^***	0.04^***	0.30^***	0.10^***	1.00
RELATIVESIZE	(15)	0.02^**	−0.05^***	−0.09^***	−0.07^***	−0.18^***	0.13^***	−0.05^***	−0.13^***	−0.15^***	−0.03^***	−0.05^***	−0.11^***	−0.05^***	−0.20^***	1.00
ALLCASH	(16)	0.03^**	0.06^***	0.07^***	0.08^***	0.08^***	0.03^**	0.02	−0.02^*	0.12^***	0.01	0.06^***	0.00	0.10^***	0.10^***	−0.14^***	1.00
ALLSTOCK	(17)	−0.08^***	−0.05^***	−0.04^***	−0.08^***	−0.04^***	−0.11^***	0.04^***	0.06^***	−0.17^***	−0.02	−0.14^***	0.07^***	−0.16^***	−0.05^***	0.12^***	−0.27^***	1.00
RELATEDBID	(18)	−0.01	−0.01	0.01	−0.01	−0.03^**	−0.03^**	−0.13^***	−0.11^***	−0.01	−0.05^***	0.03^***	0.06^***	0.02^**	−0.07^***	0.08^***	−0.06^***	0.08^***	1.00
TENDEROFFER	(19)	−0.03^***	0.06^***	0.07^***	0.05^***	0.09^***	0.00	0.01	0.00	0.04^***	0.02^*	−0.03^***	0.05^***	0.00	0.09^***	−0.02^*	0.20^***	−0.05^***	−0.01	1.00
COMPETINGBID	(20)	−0.02^*	0.04^***	0.03^***	0.04^***	0.03^***	0.03^***	0.00	−0.00	0.02	0.02^**	0.01	0.01	0.00	0.04^***	0.10^***	0.06^***	0.01	0.03^***	0.13^***	1.00

Note(s): This table presents the correlation among variables used in the subsequent analyses. All variables are defined in the Appendix. The asterisk *, ** or *** denotes statistical significance at 10%, 5% or 1%, respectively

Source(s): Authors’ own work

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