| Variables | Model 1 | Model 2 | Model 3 |
| Frequency of merger | −0.071(0.307) | −0.053(0.47) | −0.045(0.535) |
| Domestic merger | −0.124*(0.089) | −0.158**(0.014) | −0.161**(0.012) |
| Transaction value | −0.062***(0.0001) | −0.044***(0.001) | −0.042***(0.002) |
| Relative size | 0.00(0.713) | 0.00(0.523) | 0.00(0.471) |
| ROA[t + 1, t + 36] |
| 20.542***(0.004) | 21.056***(0.003) |
| Efficiency[t + 1, t + 36] |
| 0.639*(0.098) | 0.67*(0.083) |
| Loan ratio[t + 1, t + 36] |
| 0.316***(0.007) | 0.298***(0.001) |
| Risk[t + 1, t + 36] |
| 0.127(0.146) | 0.129(0.141) |
| Capital ratio[t + 1, t + 36] |
| 2.117**(0.014) | 2.092**(0.016) |
| Deposit ratio[t + 1, t + 36] |
| −0.034(0.195) | −0.031(0.222) |
| Assets growth[t + 1, t + 36] |
| 0.00(0.201) | 0.00(0.169) |
| Downturn |
|
| 0.067(0.239) |
| Intercept | 1.242***(0.00001) | 0.15(0.545) | 0.116(0.644) |
| Observations | 355 | 355 | 355 |
| Adj R-Squared | 0.0507 | 0.16 | 0.1663 |