| Variables | Model 4 | Model 5 | Model 6 |
| Frequency of merger | −0.042(0.467) | 0.33(0.455) | 0.336(0.54) |
| Domestic merger | −0.061**(0.025) | −0.064***(0.0001) | −0.052***(0.0001) |
| Transaction Value | −0.025*(0.069) | −0.082***(0.0001) | −0.078***(0.0001) |
| Relative ratio | 0.00(0.308) | 0.00(0.226) | 0.00(0.273) |
| ROA[t + 1, t + 36] | 45.103***(0.0001) | 45.922***(0.0001) | |
| Efficiency[t + 1, t + 36] | 0.00(0.232) | 0.00(0.273) | |
| Loan ratio[t + 1, t + 36] | 0.34**(0.01) | 0.37**(0.01) | |
| Risk[t + 1, t + 36] | 0.349***(0.0001) | 0.352***(0.0001) | |
| Capital ratio[t + 1, t + 36] | 0.079(0.938) | 0.119(0.906) | |
| Deposit ratio[t + 1, t + 36] | 0.00(0.994) | 0.002(0.893) | |
| Assets growth[t + 1, t + 36] | 0.902**(0.045) | 0.952**(0.035) | |
| Downturn | 0.107(0.51) | ||
| Intercept | 0.026(0.688) | 1.016***(0.001) | 0.960***(0.001) |
| Observations | 355 | 355 | 355 |
| Adj R-Squared | 0.0289 | 0.2427 | 0.2462 |