| Model 1 | Model 2 | Model 3 | Model 4 | Model 5 | Model 6 | Model 7 |
Constant | 0.205*** (0.000) | 0.151*** (0.000) | 0.345*** (0.000) | 0.170*** (0.000) | 0.554*** (0.000) | 0.519*** (0.000) | 0.451*** (0.000) |
Attitude of the bid | 0.805*** (0.000) |
|
|
|
| 0.566*** (0.001) | 0.495*** (0.002) |
Relative size |
| 0.337*** (0.000) |
|
|
| 0.163** (0.012) | 0.165*** (0.009) |
Payment method |
|
| −0.178*** (0.000) |
|
| −0.083* (0.084) | −0.103** (0.029) |
Premium |
|
|
| 0.125* (0.068) |
|
| 0.271*** (0.000) |
Termination fees |
|
|
|
| −10.892*** (0.000) | −8.979*** (0.000) | −9.194*** (0.000) |
Target performance | −0.122 (0.188) | −0.208** (0.025) | −0.132 (0.165) | −0.030 (0.771) | −0.105 (0.258) | −0.186** (0.039) | −0.070 (0.449) |
Target leverage | 0.006* (0.097) | 0.007** (0.047) | 0.004 (0.305) | 0.006 (0.119) | 0.002 (0.552) | 0.003 (0.337) | 0.004 (0.195) |
Observation | 285 | 285 | 280 | 284 | 264 | 259 | 258 |
R2 | 0.088 | 0.119 | 0.062 | 0.023 | 0.105 | 0.226 | 0.267 |
Mean VIF | 1 | 1.03 | 1.01 | 1.12 | 1 | 1.16 | 1.19 |