Table 8 Fixed effect regression for buy...

Table 8

Fixed effect regression for buy and hold strategy, EBITDA% and ROA% in t+1 and t+2 (Model 2)

Variables	Buy and hold		EBITDA %		ROA
	t+1	t+2	t+1	t+2	t+1	t+2
	(1)	(2)	(3)	(4)	(5)	(6)
Time	−0.277*	−0.578***	−0.718***	−0.411***	−0.309**	−0.511**
Time	(0.152)	(0.210)	(0.586)	(0.101)	(0.138)	(0.322)
80% Threshold	−0.0223*	0.164	−0.914*	−0.821	−1.219**	−2.233**
80% Threshold	(0.176)	(0.244)	(0.681)	(1.170)	(1.598)	(0.677)
Relative size	−0.00503	−0.0266*	0.0674	−0.0826	−0.181*	−0.284*
Relative size	(0.0118)	(0.0164)	(0.0457)	(0.0787)	(0.107)	(0.122)
Deal value	0.0320	0.0149*	−0.0995	0.245	0.269	0.111
Deal value	(0.0428)	(0.0593)	(0.165)	(0.284)	(0.388)	(0.055)
Control variables	YES	YES	YES	YES	YES	YES
Constant	−0.614	0.956	−0.667	−2,487	−3,127	8.461***
N	96	96	96	96	96	96
R-square	0.153	0.253	0.719	0.245	0.212	9.08%

Variables	Buy and hold		EBITDA %		ROA
	t+1	t+2	t+1	t+2	t+1	t+2
	(1)	(2)	(3)	(4)	(5)	(6)
Time	−0.277*	−0.578***	−0.718***	−0.411***	−0.309**	−0.511**
Time	(0.152)	(0.210)	(0.586)	(0.101)	(0.138)	(0.322)
80% Threshold	−0.0223*	0.164	−0.914*	−0.821	−1.219**	−2.233**
80% Threshold	(0.176)	(0.244)	(0.681)	(1.170)	(1.598)	(0.677)
Relative size	−0.00503	−0.0266*	0.0674	−0.0826	−0.181*	−0.284*
Relative size	(0.0118)	(0.0164)	(0.0457)	(0.0787)	(0.107)	(0.122)
Deal value	0.0320	0.0149*	−0.0995	0.245	0.269	0.111
Deal value	(0.0428)	(0.0593)	(0.165)	(0.284)	(0.388)	(0.055)
Control variables	YES	YES	YES	YES	YES	YES
Constant	−0.614	0.956	−0.667	−2,487	−3,127	8.461***
N	96	96	96	96	96	96
R-square	0.153	0.253	0.719	0.245	0.212	9.08%

Note(s): *, **, *** refers to the statistical significance at the 10, 5, and 1%, respectively

The following table shows the results of Model 2. t+1 and t+2 indicates respectively one year after the business combination and two years after the business combination. Each equation includes the control variables indicated in the methodology section, which for readability purpose are not explicitly shown in the below table

Source(s): Authors own creation or created by author

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