Variables

Model 11

Model 12

Frequency of merger

0.15(0.311)

−0.123*(0.066)

Domestic merger

−0.249(0.154)

−0.104(0.229)

Transaction value

−0.031(0.275)

−0.012(0.39)

Relative size

−0.002(0.115)

0.00(0.083)

ΔROA[t + 1, t + 36]

20.320***(0.0001)

25.21***(0.0001)

ΔEfficiency[t + 1, t + 36]

0.00(0.898)

0.00(0.782)

ΔLoan ratio[t + 1, t + 36]

−0.184(0.792)

1.062(0.125)

ΔRisk[t + 1, t + 36]

0.155***(0.008)

0.007(0.96)

ΔCapital ratio[t + 1, t + 36]

2.103**(0.042)

−1.062(0.408)

ΔDeposit ratio[t + 1, t + 36]

0.054**(0.045)

0.018(0.363)

ΔAssets growth[t + 1, t + 36]

0.156 (0.538)

−0.179(0.346)

Intercept

0.11(0.385)

0.081(0.436)

Observations

165

190

Adj R-Squared

0.0681

0.2032