Optimal Decision-Making in Chinese Cross-Border Mergers and Acquisitions: A Perspective of Overbidding
Table 3
Logistic regression results in the probability of acquisition success.
Variables
Coefficients
Intercept
28.8620 (16.3420)
Premium
0.1365 (0.1439)
Cash_payment
−0.1381 (0.4966)
Toehold
−0.7451 (0.6350)
Horizontal
−0.3473 (0.4295)
Final_control
−1.9143 (0.5816)
Target_Hightech
−0.3259 (0.5297)
Target_patent
0.0322 (0.1073)
Target_size
−0.6203 (0.3426)
Target_ROA
−0.3684 (0.5611)
Target _LEV
0.8450 (0.8860)
Acquirer_size
−0.8300 (0.3134)
Acquirer_list
−0.3542 (0.4721)
GDP
−6.5926 (3.7833)
TFP_FAPG
0.3207 (0.2849)
Export
0.8058 (0.2990)
LogDistance
2.3290 (1.3716)
No. of observations
1,088
Hosmer and Lemeshow test chi-square (pr > ChiSq)
8.4478 (0.3910)
Note. The dependent variable (success) is a dummy variable, with the value of 1 if the CBMA deal is finally completed and 0 otherwise. Standard errors are in parentheses; ,, and indicate significance at 1%, 5%, and 10% levels, respectively.