ASEAN Cross-Border Mergers and Acquisitions (CBMAs) Success: Corporate Governance Spillover
Table 6: Impact of country-level corporate governance on ROA change: Positive Spillover Sub-sample (sample size:185)
| Model Number | Model 1.1 | Model 1.2 | Model 1.3 | Model 1.4 | ||||
| β | t | β | t | β | t | β | t | |
| Constant | -6.16 | -0.26 | -9.81 | -0.42 | -12.86 | -0.49 | -9.24 | -2.67 |
| Country-specific factors | ||||||||
| CGIB | -0.64 | -0.85 | ||||||
| CGIT | -1.05 | -0.96 | ||||||
| CGIG | 0.28 | 0.40 | 4.70 | 1.58 | ||||
| CGIG2 | 4.91** | 2.03 | ||||||
| Control Variables | ||||||||
| TSIZE | 0.78 | 0.18 | 0.15 | 0.03 | 0.03 | 0.01 | 0.55 | 0.15 |
| TLEVERAGE | -56.65** | -2.55 | -57.11** | -2.58 | -56.28** | -2.53 | -24.42*** | -2.66 |
| TTQ-1 | -4.26 | -1.51 | -4.44 | -1.52 | -4.63 | -1.58 | -6.28 | -1.60 |
| TRVALUE | 5.31 | 1.17 | 5.47 | 1.20 | 5.80 | 1.20 | 4.65 | 1.08 |
| ADVISOR | -14.64 | -0.99 | -14.38 | -0.99 | -14.61 | -0.99 | -14.62 | -1.00 |
| RELATED | 4.39 | 0.97 | 4.06 | 0.97 | 4.88 | 1.07 | 3.55 | 0.81 |
| N | 185 | 185 | 185 | 185 | ||||
| R2 | 39.86% | 40.15% | 39.73% | 41.21% | ||||
| F | 16.76*** | 16.97*** | 16.67*** | 15.42*** | ||||
| Durbin-Watson | 1.81 | 1.81 | 1.82 | 1.85 | ||||
| Notes: ***, ** and * stand for statistical significance at the 1%, 5% and 10% level, respectively. | ||||||||