ASEAN Cross-Border Mergers and Acquisitions (CBMAs) Success: Corporate Governance Spillover
Table 7: Impact of country-level corporate governance on ROA change: Bootstrapping Sub-sample (sample size:61)
| Model Number | Model 2.1 | Model 2.2 | Model 2.3 | Model 2.4 | ||||
| β | t | β | t | β | t | β | t | |
| Constant | 0.69 | 0.04 | -3.42 | -0.13 | 1.17 | 0.06 | -3.35 | -0.84 |
| Country-specific factors | ||||||||
| CGIB | 0.08 | 0.21 | ||||||
| CGIT | 0.68* | 1.87 | ||||||
| CGIG | 0.05 | 0.13 | -1.21 | -0.50 | ||||
| CGIG2 | 3.59 | 1.42 | ||||||
| Control Variables | ||||||||
| TSIZE | 2.19 | 0.55 | 2.69 | 0.62 | 2.48 | 0.61 | 1.67 | 0.48 |
| TLEVERAGE | 25.07*** | 3.56 | 26.01*** | 4.50 | 25.10*** | 3.56 | 5.85*** | 4.00 |
| TTQ-1 | -4.07 | -1.53 | -4.27 | -1.58 | -4.29 | -1.59 | -3.17* | -1.71 |
| TRVALUE | -2.54 | -0.60 | -3.09 | -0.51 | -2.77 | -0.65 | -1.94 | -0.41 |
| ADVISOR | -1.83 | -0.43 | -1.79 | -0.52 | -1.83 | -0.43 | -1.08 | -0.32 |
| RELATED | -3.02 | -0.82 | -3.71 | -0.96 | -3.28 | -0.87 | -2.82 | -0.73 |
| N | 61 | 61 | 61 | 61 | ||||
| R2 | 20.86% | 21.71% | 20.82% | 23.43% | ||||
| F | 2.00* | 2.10* | 1.99* | 1.99* | ||||
| Durbin-Watson | 2.12 | 2.12 | 2.13 | 2.19 | ||||
| Notes: ***, ** and * stand for statistical significance at the 1%, 5% and 10% level, respectively. | ||||||||