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