Merger | 1.0000 | |||||||
Oc | 0.0493 | 1.0000 | ||||||
Bd | 0.0340 | −0.0267 | 1.0000 | |||||
Size | 0.0556 | −0.0965 | 0.0375 | 1.0000 | ||||
Average | −0.0220 | 0.0480 | −0.0239 | 0.1856 |
1.0000 | |||
Cash | −0.0104 | −0.0072 | 0.0435 | −0.2778 |
−0.0441 | 1.0000 | ||
Cash comp | 0.1451 |
−0.0389 | −0.0304 | 0.2854 |
0.0199 | −0.0372 | 1.0000 | |
Lev | 0.0384 | −0.0064 | −0.0626 | 0.0720 | 0.0401 | −0.0330 | 0.0185 | 1.0000 |
Oc | 0.7246 |
−3.3092 (2.1999) | 0.4200 |
−1.9747 (1.2562) | 0.3200 |
−1.6247 (1.2262) |
Size | 0.0258 (0.0669) | 0.0179 (0.0660) | 0.0171 (0.0388) | 0.0110 (0.0384) | 0.0071 (0.0328) | 0.0100 (0.0324) |
Bd | −1.3316 (0.8780) | −0.7984 (0.5035) | −0.6232 (0.3035) | |||
Ocbd | 1.7055 |
1.0138 |
1.0124 |
|||
Average | −0.0270 (0.0259) | −0.0231 (0.0255) | −0.0155 (0.0149) | −0.0135 (0.0147) | −0.0125 (0.0119) | −0.0135 (0.0123) |
Cash | 0.0099 (0.1875) | −0.0107 (0.1881) | 0.0077 (0.1107) | −0.0025 (0.1112) | 0.0067 (0.1003) | −0.0023 (0.1010) |
Cashcomp | 0.0012 |
0.0013 |
0.0011 |
0.0012 |
0.0011 |
0.0010 |
Lev | 0.3360 (0.3036) | 0.3599 (0.3094) | 0.1959 (0.1733) | 0.2121 (0.1782) | 0.1059 (0.1233) | 0.2011 (0.1722) |
Constant | 0.6688 (1.7311) | 3.8381 (2.6362) | 0.3741 (1.0050) | 2.3127 (1.5183) | 0.3141 (1.0030) | 2.1127 (1.2183) |
Observations | 935 | 935 | 935 | 935 | 935 | 935 |
Merger | 1 | 0 | 0.80 | 0.40 | 935 |
Oc | 1 | 0 | 0.96 | 0.20 | 935 |
Bd | 3.67 | 0.69 | 2.27 | 0.05 | 935 |
Size | 25.38 | 14.00 | 21.76 | 1.44 | 935 |
Average | 59 | 35.6 | 47.44 | 3.28 | 935 |
Cash | 8.45 | −0.01 | 0.21 | 0.40 | 935 |
Cashcomp | 6,600,000 | 6,700 | 720,526.90 | 787,884.20 | 935 |
Lev | 11.51 | −0.19 | 0.54 | 0.51 | 935 |
Dependent variable | Acquisition decision | Merger | The listed company initiates the M&A in year |
Independent variable | Managers are over-confident | Oc | During the sample period, if the CEO of the acquirer compares the forecast earnings per share to the actual earnings per share at least once, the high company manager is regarded as the overconfidence manager, and the value is 1, while the value is 0. |
Regulated Variable | Board vigilance | Bd | Board vigilance in year t is expressed by the natural logarithm of the number of board meetings in year t. |
Controlle d variable | Company size | Size | Natural logarithm of the total assets at the end of t − 1. |
Executive age | Avage | The average age of acquirer executives | |
Cash stock | Cash | Cash stock of the purchaser at the end of t − 1/total assets at the end of t − 1. | |
Cash compensation | Cashcomp | Total compensation of the acquiring party's CEO. | |
Asset-liability ratio | Lev | Total liabilities in year t/total assets in year t, take the average asset-liability ratio at the end of the period. |