Variables

Model 1

Model 2

Model 3

Frequency of merger

−0.071(0.307)

−0.053(0.47)

−0.045(0.535)

Domestic merger

−0.124*(0.089)

−0.158**(0.014)

−0.161**(0.012)

Transaction value

−0.062***(0.0001)

−0.044***(0.001)

−0.042***(0.002)

Relative size

0.00(0.713)

0.00(0.523)

0.00(0.471)

ROA[t + 1, t + 36]

20.542***(0.004)

21.056***(0.003)

Efficiency[t + 1, t + 36]

0.639*(0.098)

0.67*(0.083)

Loan ratio[t + 1, t + 36]

0.316***(0.007)

0.298***(0.001)

Risk[t + 1, t + 36]

0.127(0.146)

0.129(0.141)

Capital ratio[t + 1, t + 36]

2.117**(0.014)

2.092**(0.016)

Deposit ratio[t + 1, t + 36]

−0.034(0.195)

−0.031(0.222)

Assets growth[t + 1, t + 36]

0.00(0.201)

0.00(0.169)

Downturn

0.067(0.239)

Intercept

1.242***(0.00001)

0.15(0.545)

0.116(0.644)

Observations

355

355

355

Adj R-Squared

0.0507

0.16

0.1663