Variables

(1) lsalary

(2) ltotal

(3) ltdc1

(4) ltdc2

(log) lag_sales

0.0732

0.129***

0.260***

0.230***

(0.0479)

(0.0463)

(0.0417)

(0.0496)

Merger Value

−0.152

−0.196

−0.0489

−0.255

Percentage

(0.373)

(0.365)

(0.179)

(0.235)

Merger announcement

0.211

0.190

0.194***

0.179**

(0.140)

(0.137)

(0.0686)

(0.0902)

Divestiture Value

0.109

0.203

0.0794

−0.0318

Percentage

(0.288)

(0.281)

(0.141)

(0.186)

Divestiture

0.202

0.135

0.0483

0.386*

announcement

(0.349)

(0.342)

(0.174)

(0.229)

New Hire

0.0541

−0.0454

−0.0305

−0.0353

(0.153)

(0.148)

(0.1000)

(0.127)

Outside

−0.305**

−0.333**

−0.342***

−0.548***

(0.148)

(0.145)

(0.0720)

(0.0946)

New_Outsider

−0.0798

0.222

0.286**

0.356**

(0.279)

(0.273)

(0.137)

(0.180)

Firm Type (Merged/

0.0536

0.184

−0.0963

−0.0655

No Merger)

(0.145)

(0.140)

(0.140)

(0.164)

Independent Percentage

2.537***

1.463**

−0.335

−0.448

(0.714)

(0.694)

(0.399)

(0.516)

Affiliated Percentage

2.775***

1.756**

−0.138

−0.541

(0.871)

(0.848)

(0.457)

(0.593)

Financial Crisis

−0.133

−0.165

−0.217***

−0.451***

(0.169)

(0.166)

(0.0809)

(0.107)

Lag EPS

0.0594***

0.0542***

0.0304***

0.0349***

(0.0187)

(0.0183)

(0.0101)

(0.0131)

Lag Firm stock perf.

0.538***

0.628***

0.277***

0.492***

(0.156)

(0.153)

(0.0758)

(0.0997)

Lag S&P performance

−0.497*

−0.239

0.0994

−0.0844

(0.274)

(0.268)

(0.131)

(0.172)

Time trend

0.00236

−0.0920***

0.0677***

0.102***

(0.0318)

(0.0312)

(0.0154)

(0.0202)

Constant

3.618***

5.026***

5.785***

6.262***

(0.751)

(0.727)

(0.641)

(0.758)

Industry effects

Yes

Yes

Yes

Yes

Observations

870

870

887

887

R-squared

0.136

0.172

0.292

0.235

Number of entities

113

113

115

115