Optimal Decision-Making in Chinese Cross-Border Mergers and Acquisitions: A Perspective of Overbidding

Table 10

Difference-in-difference regression results.

Variables	Coefficients
Intercept	−0.7443 (1.2789)
SOE	−0.1752 (0.0847)
POST	−0.0003 (0.059)
SOEPOST	0.0522 (0.0976)
Cash_payment	0.3047 (0.0371)
Toehold	−0.1979 (0.0450)
Horizontal	0.0205 (0.0348)
Final_control	−0.2815 (0.0460)
Target_turnover	−0.2939 (0.0234)
Target_ROA	0.0042 (0.0331)
Target_LEV	−0.1012 (0.0612)
Relative_size	0.2059 (0.1377)
GDP	0.5512 (0.3002)
TFP_FAPG	0.0707 (0.0211)
Export	0.0870 (0.0225)
LogDistance	0.1498 (0.1080)
No. of observations	346

Note. The dependent variable is overbidding. Standard errors are in parentheses. , , and indicate significance at 1%, 5%, and 10% levels.