Variables | The experience of unrelated M&As | Enterprises’ scale | ||
(1) | (2) | |||
Coefficient | Z value | Coefficient | Z value | |
Unrelate | 0.885** | 2.29 | 1.011*** | 2.71 |
Unrelate*Experience | 1.113* | 1.82 |
|
|
Experience | 0.271*** | 4.22 |
|
|
Unrelate*Size |
|
| 0.545*** | 2.6 |
Related | 0.015 | 0.22 | 0.00 | 0.00 |
Dual | 0.061 | 0.89 | 0.059 | 0.85 |
Property | −0.457*** | −5.78 | −0.468*** | −5.94 |
First | −0.002 | −0.89 | −0.002 | −0.98 |
Lndep | 0.304 | 0.48 | 0.299 | 0.47 |
Board | −0.012 | −0.55 | −0.014 | −0.65 |
ESH | −0.273 | −1.59 | −0.258 | −1.5 |
Overcon | −0.196 | −0.68 | −0.256 | −0.89 |
Cash | −0.208 | −0.81 | −0.253 | −0.99 |
Intang | −0.632 | −1.12 | −0.498 | −0.89 |
Tobinq | −0.009 | −0.25 | 0.016 | 0.42 |
OCF | −4.795** | −2.45 | −5.045*** | −2.58 |
Size | −0.049 | −1.35 | −0.032 | −0.9 |
ROA | 0.061 | 0.03 | −0.039 | −0.02 |
Lev | −0.174 | −0.67 | −0.1 | −0.39 |
Growth | −0.131 | −1.11 | −0.133 | −1.14 |
Accrual | −4.678** | −2.38 | −4.766** | −2.43 |
FC | −0.03 | −1.17 | −0.041 | −1.58 |
Bedrivers | −0.263** | −2.16 | −0.279** | −2.3 |
_cons | 1.426* | 1.77 | 1.17 | 1.46 |
N | 7464 | 7464 | ||
chi2 | 255.961 | 241.137 |