Variables

Model 13

Model 14

Frequency of merger

0.081(0.516)

0.013(0.924)

Domestic merger

-

0.154(0.239)

Transaction value

−0.042***(0.003)

0.03(0.301)

Relative size

0.076***(0.002)

0.00(0.235)

ΔROA[t + 1, t + 36]

8.001(0.375)

19.262***(0.004)

ΔEfficiency[t + 1, t + 36]

0.00(0.22)

−0.011**(0.012)

ΔLoan ratio[t + 1, t + 36]

0.134(0.857)

0.794(0.436)

ΔRisk[t + 1, t + 36]

−0.256*(0.069)

0.154**(0.023)

ΔCapital ratio[t + 1, t + 36]

3.862*(0.089)

1.847(0.628)

ΔDeposit ratio[t + 1, t + 36]

0.052***(0.004)

0.02(0.755)

ΔAssets growth[t + 1, t + 36]

−0.258(0.492)

0.024(0.932)

Intercept

−0.25*(0.075)

−0.136(0.382)

Observations

171

85

Adj R-Squared

0.2027

0.1495