Table 2 Model CEM – acquirer firms... | Emerald Publishing

Table 2

Model CEM – acquirer firms

Activities = 1	(1)	(2)	(3)	(4)
I(Acquirer) × I(Post) × I(Overlap)	−0.046	−0.047**	−0.052***	−0.053**
I(Acquirer) × I(Post) × I(Overlap)	(0.041)	(0.021)	(0.017)	(0.023)
I(Acquirer) × I(Post)	0.973***	0.963**	0.971***	0.961***
I(Acquirer) × I(Post)	(0.039)	(0.021)	(0.016)	(0.023)
I(Acquirer) × I(Overlap)	0.046***	0.046**	0.014	0.014
I(Acquirer) × I(Overlap)	(0.015)	(0.021)	(0.018)	(0.020)
I(Acquirer)	−0.088***	−0.086***	−0.075***	−0.073***
I(Acquirer)	(0.015)	(0.020)	(0.016)	(0.022)
Fixed effects
Year		X		X
Municipality			X	X
Obs.	799,765	799,765	799,765	799,765
T	17	17	17	17
I	47,065	47,065	47,065	47,065

Activities = 1	(1)	(2)	(3)	(4)
I(Acquirer) × I(Post) × I(Overlap)	−0.046	−0.047**	−0.052***	−0.053**
I(Acquirer) × I(Post) × I(Overlap)	(0.041)	(0.021)	(0.017)	(0.023)
I(Acquirer) × I(Post)	0.973***	0.963**	0.971***	0.961***
I(Acquirer) × I(Post)	(0.039)	(0.021)	(0.016)	(0.023)
I(Acquirer) × I(Overlap)	0.046***	0.046**	0.014	0.014
I(Acquirer) × I(Overlap)	(0.015)	(0.021)	(0.018)	(0.020)
I(Acquirer)	−0.088***	−0.086***	−0.075***	−0.073***
I(Acquirer)	(0.015)	(0.020)	(0.016)	(0.022)
Fixed effects
Year		X		X
Municipality			X	X
Obs.	799,765	799,765	799,765	799,765
T	17	17	17	17
I	47,065	47,065	47,065	47,065

Note(s): ***p < 0.01; **p < 0.05; *p < 0.1. Values in parentheses are heteroskedasticity-robust standard errors, two-way clustered by municipality and year

Source(s): Table by authors