Variables | (1) lsalary | (2) ltotal | (3) ltdc1 | (4) ltdc2 |
(log) lag_sales | 0.0732 | 0.129*** | 0.260*** | 0.230*** |
| (0.0479) | (0.0463) | (0.0417) | (0.0496) |
Merger Value | −0.152 | −0.196 | −0.0489 | −0.255 |
Percentage | (0.373) | (0.365) | (0.179) | (0.235) |
Merger announcement | 0.211 | 0.190 | 0.194*** | 0.179** |
| (0.140) | (0.137) | (0.0686) | (0.0902) |
Divestiture Value | 0.109 | 0.203 | 0.0794 | −0.0318 |
Percentage | (0.288) | (0.281) | (0.141) | (0.186) |
Divestiture | 0.202 | 0.135 | 0.0483 | 0.386* |
announcement | (0.349) | (0.342) | (0.174) | (0.229) |
New Hire | 0.0541 | −0.0454 | −0.0305 | −0.0353 |
| (0.153) | (0.148) | (0.1000) | (0.127) |
Outside | −0.305** | −0.333** | −0.342*** | −0.548*** |
| (0.148) | (0.145) | (0.0720) | (0.0946) |
New_Outsider | −0.0798 | 0.222 | 0.286** | 0.356** |
| (0.279) | (0.273) | (0.137) | (0.180) |
Firm Type (Merged/ | 0.0536 | 0.184 | −0.0963 | −0.0655 |
No Merger) | (0.145) | (0.140) | (0.140) | (0.164) |
Independent Percentage | 2.537*** | 1.463** | −0.335 | −0.448 |
| (0.714) | (0.694) | (0.399) | (0.516) |
Affiliated Percentage | 2.775*** | 1.756** | −0.138 | −0.541 |
| (0.871) | (0.848) | (0.457) | (0.593) |
Financial Crisis | −0.133 | −0.165 | −0.217*** | −0.451*** |
| (0.169) | (0.166) | (0.0809) | (0.107) |
Lag EPS | 0.0594*** | 0.0542*** | 0.0304*** | 0.0349*** |
| (0.0187) | (0.0183) | (0.0101) | (0.0131) |
Lag Firm stock perf. | 0.538*** | 0.628*** | 0.277*** | 0.492*** |
| (0.156) | (0.153) | (0.0758) | (0.0997) |
Lag S&P performance | −0.497* | −0.239 | 0.0994 | −0.0844 |
| (0.274) | (0.268) | (0.131) | (0.172) |
Time trend | 0.00236 | −0.0920*** | 0.0677*** | 0.102*** |
| (0.0318) | (0.0312) | (0.0154) | (0.0202) |
Constant | 3.618*** | 5.026*** | 5.785*** | 6.262*** |
| (0.751) | (0.727) | (0.641) | (0.758) |
Industry effects | Yes | Yes | Yes | Yes |
Observations | 870 | 870 | 887 | 887 |
R-squared | 0.136 | 0.172 | 0.292 | 0.235 |
Number of entities | 113 | 113 | 115 | 115 |