1: Tenure as a board member | −0.002 | 0.022 | −0.016 | 0.009 |
2: Tenure as an employee | 0.010 | 0.006 |
0.010 | 0.005 |
3: Tenure as a board member × initial dummy | −0.005 | 0.022 | 0.007 | 0.010 |
4: Tenure as an employee × initial dummy | −0.013 | 0.006 |
−0.012 | 0.005 |
Age | 0.116 | 0.026 |
0.107 | 0.016 |
Board size | 0.036 | 0.020 |
0.039 | 0.046 |
No. of firms as a board member | −0.358 | 0.094 |
−0.361 | 0.082 |
Board member in the acquirer before the M&A | −0.229 | 0.074 |
−0.232 | 0.064 |
Acquisition | 0.579 | 0.156 |
0.578 | 0.139 |
Target ROA | −0.466 | 1.000 | −0.463 | 4.068 |
Related | −0.244 | 0.106 |
−0.252 | 0.097 |
Target firm's relative size in assets | −1.016 | 0.437 |
−1.006 | 0.374 |
Log target assets | −0.036 | 0.053 | −0.040 | 0.049 |
Upper | −0.279 | 0.059 |
−0.275 | 0.133 |
Log stock share of top 10 | −0.009 | 0.057 | −0.008 | 0.195 |
Acquirer or others ROA | 1.223 | 1.439 | 1.370 | 1.219 |
Log top 10 share of acquirer or others | −0.028 | 0.047 | −0.035 | 0.043 |
|
0.036 | 0.033 | ||
Age × |
−0.076 | 0.026 |
−0.069 | 0.017 |
Board size × |
||||
No. of firms as a board member × |
||||
Board member in the acquirer before the M&A | ||||
Acquisition × |
||||
Target ROA × |
||||
Related × |
||||
Target firm's relative size in assets × |
−0.294 | 0.484 | −0.289 | 0.414 |
Log target assets × |
||||
Upper × |
||||
Log stock share of top 10 × |
||||
Acquirer or others ROA × |
||||
Log top 10 share of acquirer or others × |
||||
|
−0.027 | 0.034 | ||
Wald Test | Coef. | Chi2(1) | Coef. | Chi2(1) |
1 + 3 | −0.006 | 1.18 | −0.009 | 5.58 |
2 + 4 | −0.003 | 2.95 * | −0.003 | 4.08 |
Number of observations | 2108 | 2108 |
Food | 15 | 16 | 14 |
Textile | 7 | 8 | 5 |
Pulp | 13 | 13 | 10 |
Chemical | 19 | 21 | 14 |
Pharmaceutical | 6 | 3 | 2 |
Petroleum | 3 | 6 | 3 |
Rubber | 2 | 1 | 1 |
Ceramic | 14 | 13 | 10 |
Iron ore | 7 | 13 | 7 |
Nonferrous metal and metal | 15 | 18 | 10 |
Machinery | 24 | 24 | 16 |
Electronics | 27 | 46 | 24 |
Shipbuilding | 0 | 1 | 0 |
Automobile | 9 | 9 | 4 |
Transport machinery | 6 | 0 | 0 |
Precision instruments | 2 | 2 | 1 |
Other manufacturers | 10 | 9 | 6 |
Marine products | 1 | 0 | 1 |
Mining | 4 | 2 | 2 |
Construction | 26 | 26 | 16 |
Trade | 43 | 32 | 22 |
Retail | 27 | 31 | 21 |
Other financial businesses | 2 | 4 | 2 |
Real estate | 11 | 1 | 1 |
Rail and bus | 2 | 12 | 2 |
Land transportation | 2 | 4 | 2 |
Marine transportation | 7 | 6 | 6 |
Air transportation | 1 | 3 | 1 |
Telecommunications | 4 | 2 | 2 |
Electricity | 0 | 2 | 0 |
Service | 35 | 15 | 13 |
Total | 344 | 344 | 218 |
Retained | 1520 | 0.387 | 0.487 | 0 | 1 |
Years of survival if retained | 588 | 4.117 | 2.190 | 1 | 16 |
|
1520 | −6.606 | 5.104 | −44.191 | 5.654 |
Negative operating income | −0.636 | 0.404 |
Direct | −1.964 | 1.030 |
No. of employees | 0.000 | 0.000 |
Wage | 0.242 | 0.049 |
Median tenure as a titled director | 0.025 | 0.028 |
Median age | 0.801 | 0.253 |
Constant
|
73.183 | 13.474 |
Tenure as an employee ( |
0.400 | 0.230 |
Outside experience
|
0.382 | 0.224 |
1/(ζ + 1) | 0.663 | 0.051 |
Sales | 0.000 | 0.000 |
Industry code dummy | Yes | |
Decade dummy | Yes | |
Number of observations | 1519 |
Tenure as a board member at
|
1520 | 2.70 | 2.91 | 0.00 | 20.92 |
Tenure as a board member at
|
1520 | 8.50 | 7.41 | 0.25 | 56.42 |
Tenure as an employee (years) | 1520 | 11.82 | 13.59 | 0.00 | 43.17 |
Outside experience (years) | 1520 | 40.35 | 15.62 | 15.17 | 71.17 |
Age (years) | 1520 | 60.67 | 5.54 | 35.08 | 90.92 |
Variables in
|
|||||
Negative operating income at
|
1520 | 0.15 | 0.36 | 0.00 | 1.00 |
Negative operating income at
|
1520 | 0.21 | 0.41 | 0.00 | 1.00 |
Direct | 1520 | 0.20 | 0.40 | 0.00 | 1.00 |
No. of employees at
|
1520 | 1.70 | 2.65 | 0.006 | 23.87 |
No. of employees at
|
1520 | 1.53 | 2.24 | 0.006 | 16.35 |
Wage at
|
1520 | 4.25 | 3.37 | 0.08 | 28.39 |
Wage at
|
1519 | 5.03 | 3.89 | 0.21 | 25.57 |
Median tenure as a titled director at
|
1520 | 4.89 | 4.00 | 0 | 33.17 |
Median tenure as a titled director at
|
1520 | 4.61 | 3.19 | 0.50 | 24.67 |
Median age of titled directors at
|
1520 | 55.35 | 4.34 | 27.58 | 69.17 |
Variables in
|
|||||
Sales (1000 million yen) | 1520 | 146.78 | 256.95 | 0.68 | 2877.40 |
|
|||||
Median value of tenure as a board member at
|
1520 | 7.48 | 4.17 | 0.25 | 32.42 |
Median value of tenure as an employee (years) | 1520 | 10.84 | 12.17 | 0.00 | 35.83 |
Median value of outside experience (years) | 1520 | 40.20 | 13.66 | 20.42 | 68.42 |
Manager characteristics | |||||
No. of firms as a board member | 1520 | 1.14 | 0.51 | 1.00 | 10.00 |
Board member in the acquirer before the M&A | 1520 | 0.15 | 0.35 | 0.00 | 1.00 |
Upper | 1520 | 0.31 | 0.46 | 0.00 | 1.00 |
Target ROA | 1520 | 0.00 | 0.06 | −0.43 | 0.52 |
Firm characteristics | |||||
Log target assets | 1520 | 11.07 | 1.35 | 6.92 | 14.61 |
Board size | 1520 | 5.77 | 2.73 | 1.00 | 15.00 |
Log stock share of top 10 | 1520 | −6.89 | 1.35 | −8.39 | −0.14 |
Target firm's relative size in assets | 1520 | 0.27 | 0.23 | 0.00 | 0.99 |
Related | 1520 | 0.48 | 0.50 | 0.00 | 1.00 |
Acquisition | 1520 | 0.61 | 0.49 | 0.00 | 1.00 |
Acquirer or others ROA | 1520 | 0.00 | 0.06 | −0.68 | 0.60 |
Log top 10 share of acquirer or others | 1520 | −7.09 | 1.56 | −8.89 | 0.00 |