Variables

Model 9

Model 10

Frequency of merger

0.052(0.4)

0.052(0.406)

Domestic merger

−0.164**(0.013)

−0.17**(0.011)

Transaction Value

−0.04***(0.001)

−0.041***(0.001)

Relative ratio

0.00(0.692)

0.00(0.733)

ΔROA[t + 1, t + 36]

25.06***(0.0001)

25.27***(0.0001)

ΔEfficiency[t + 1, t + 36]

0.00(0.831)

0.00(0.831)

ΔLoan ratio[t + 1, t + 36]

1.31**(0.012)

1.28**(0.015)

ΔRisk[t + 1, t + 36]

0.15***(0.004)

0.15***(0.004)

ΔCapital ratio[t + 1, t + 36]

1.34*(0.053)

1.33*(0.055)

ΔDeposit ratio[t + 1, t + 36]

−0.066***(0.0001)

−0.067***(0.0001)

ΔAssets growth[t + 1, t + 36]

0.26(0.115)

0.265(0.114)

Downturn

−0.042(0.524)

Intercept

1.23***(0.0001)

1.24***(0.0001)

Observations

355

355

Adj R-Squared

0.2626

0.2613