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