Research Article
Optimal Decision-Making in Chinese Cross-Border Mergers and Acquisitions: A Perspective of Overbidding
| | Variables | (1) | (2) | (3) | (4) | (5) | (6) |
| | Intercept | −0.53 (1.20) | −0.378 (−0.28) | −0.372 (−0.27) | −0.567 (−0.61) | −0.704 (−0.76) | −0.635 (−0.67) | | SOE | −0.12 (−2.79) | −0.13 (−3.07) | −0.124 (−2.58) | | −0.046 (−1.65) | −0.0429 (−1.47) | | Target_hightech | | −0.105 (−2.47) | −0.09 (−2.08) | | | | | SOETarget_hightech | | | −0.058 (−0.55) | | | | | Acquirer-hightech | | | | −0.07 (−2.65) | −0.08 (−2.92) | −0.07 (−2.63) | | SOEAcquirer_hightech | | | | | | −0.042 (−0.38) | | Cash_payment | 0.31 (8.22) | 0.32 (8.53) | 0.32 (8.53) | 0.29 (13.17) | 0.29 (13.07) | 0.29 (12.89) | | Horizontal | 0.015 (0.39) | 0.018 (0.47) | 0.018 (0.45) | −0.04 (−1.65) | −0.038 (−1.56) | −0.036 (−1.48) | | Toehold | −0.18 (−3.97) | −0.19 (−4.16) | −0.19 (−4.19) | −0.13 (−4.65) | −0.12 (−4.42) | −0.12 (−4.43) | | Final_control | −0.27 (−5.55) | −0.28 (−5.97) | −0.28 (−5.94) | −0.30 (−10.7) | −0.29 (−10.5) | −0.29 (−10.44) | | Target_turnover | −0.29 (−11.75) | −0.29 (11.96) | −0.29 (−11.95) | −0.10 (−5.72) | −0.10 (−4.12) | −0.10 (−5.58) | | Target_ROA | −0.012 (−0.33) | 0.006 (0.18) | 0.007 (0.19) | −0.07 (−3.47) | −0.07 (−3.42) | −0.07 (−3.43) | | Target _LEV | −0.09 (−1.54) | −0.087 (−1.42) | −0.088 (−1.42) | 0.12 (3.11) | 0.118 (3.42) | 0.121 (3.10) | | Relative_size | 0.222 (1.50) | 0.191 (1.31) | 0.193 (1.32) | 0.77 (1.81) | 0.907 (2.09) | 0.87 (1.98) | | GDP | 0.53 (1.63) | 0.521 (1.63) | 0.517 (1.61) | 0.65 (3.37) | 0.66 (3.46)) | 0.65 (3.37) | | TFP_FAPG | 0.04 (1.36) | 0.05 (1.55) | 0.05 (1.58) | 0.03 (1.88) | 0.03 (1.79) | 0.033 (1.78) | | Export | 0.07 (2.91) | 0.08 (3.31) | 0.08 (3.29) | 0.07 (4.79) | 0.068 (4.79) | 0.069 (4.79) | | LogDistance | 0.168 (1.51) | 0.145 (1.32) | 0.149 (1.35) | 0.189 (2.91) | 0.17 (2.62)) | 0.169 (2.57) | | Year fixed | Yes | Yes | Yes | Yes | Yes | Yes | | Industry fixed | Yes | Yes | Yes | Yes | Yes | Yes | | R-square | 0.766 | 0.775 | 0.775 | 0.921 | 0.922 | 0.922 | | No. of observations | 346 | 346 | 346 | 346 | 346 | 346 |
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Note. The dependent variable is overbidding. T-values are in parentheses. , , and indicate significance at 1%, 5%, and 10% levels, respectively. |
