Variables

(1) lsalary

(2) ltotal

(3) ltdc1

(4) ltdc2

(log) lag_sales

0.158***

0.289***

0.313***

0.312***

(0.0591)

(0.0558)

(0.0458)

(0.0531)

(log) lag_sales

−0.218***

−0.339***

−0.151***

−0.172***

*Financial Crisis

(0.0683)

(0.0651)

(0.0351)

(0.0471)

Merger Value

−0.644

−0.437

−0.0699

−0.683

Percentage

(0.720)

(0.685)

(0.359)

(0.483)

Merger announcement

0.274

0.101

0.148

0.178

(0.188)

(0.179)

(0.0959)

(0.129)

Merger Announcement

−0.235

0.117

0.119

0.0794

*Financial Crisis

(0.284)

(0.271)

(0.145)

(0.196)

Divest Value

0.236

0.277

0.0518

−0.0702

Percentage

(0.280)

(0.267)

(0.144)

(0.194)

Divestiture

0.129

0.106

0.0448

0.437*

announcement

(0.346)

(0.329)

(0.182)

(0.243)

Independent Perc

0.271

−0.215

0.0738

−0.643

(0.838)

(0.795)

(0.466)

(0.613)

Affiliated Perc

0.133

−0.354

0.416

−0.821

(1.018)

(0.967)

(0.537)

(0.711)

Independent Perc

5.962***

5.050***

−0.306

1.116

*Financial Crisis

(1.131)

(1.077)

(0.578)

(0.774)

Affiliated Perc

7.050***

6.165***

−0.513

1.719

*Financial Crisis

(1.579)

(1.502)

(0.835)

(1.111)

Financial Crisis

−3.607***

−1.361

1.502***

0.101

(0.986)

(0.939)

(0.495)

(0.665)

New_HIRE

−0.329**

−0.361***

−0.359***

−0.595***

(0.144)

(0.137)

(0.0733)

(0.0984)

Outside

0.0402

−0.0697

0.00616

−0.00661

(0.159)

(0.150)

(0.104)

(0.132)

New Outsider

0.222

0.569**

0.283**

0.375**

(0.273)

(0.260)

(0.140)

(0.188)

Firm Type (Merged/

0.0277

0.150

−0.0987

−0.0440

No Merger)

(0.152)

(0.143)

(0.146)

(0.160)

Lag EPS

−0.00421

−0.0364

0.0344**

0.0161

(0.0284)

(0.0270)

(0.0152)

(0.0202)

Lag EPS

0.128***

0.177***

0.00533

0.0398*

*Financial Crisis

(0.0328)

(0.0312)

(0.0170)

(0.0228)

Lag Firm stock perf.

−0.385

0.304

0.0183

0.345*

(0.274)

(0.261)

(0.139)

(0.187)