ASEAN Cross-Border Mergers and Acquisitions (CBMAs) Success: Corporate Governance Spillover
Table 8: Impact of country-level corporate governance on Tobin's Q change: Positive Spillover Sub-sample (sample size:185)
| Model Number | Model 3.1 | Model 3.2 | Model 3.3 | Model 3.4 | ||||
| β | t | β | t | β | t | β | t | |
| Constant | 1.40 | 1.24 | 1.54 | 1.39 | 1.16 | 1.03 | 0.08 | 0.48 |
| Country-specific factors | ||||||||
| CGIB | 0.01 | 0.29 | ||||||
| CGIT | -0.06 | -1.34 | ||||||
| CGIG | 0.05 | 1.27 | 0.09 | 0.71 | ||||
| CGIG2 | -0.10 | -1.07 | ||||||
| Control Variables | ||||||||
| TSIZE | 0.03 | 0.10 | 0.02 | 0.08 | 0.00 | 0.01 | -0.01 | 0.24 |
| TLEVERAGE | -0.43 | -0.56 | -0.47 | -0.64 | -0.43 | -0.59 | -0.15 | 0.31 |
| TROA-1 | -0.01 | -1.52 | -0.01 | -1.58 | -0.01 | -1.61 | -0.48* | 0.28 |
| TRVALUE | -0.17 | -0.73 | -0.18 | -0.79 | -0.17 | -0.72 | -0.14 | 0.21 |
| ADVISOR | 0.49 | 1.59 | 0.50 | 1.63 | 0.51 | 1.65 | 0.51* | 0.31 |
| RELATED | 0.04 | 0.15 | -0.02 | -0.07 | 0.03 | 0.11 | 0.06 | 0.25 |
| N | 185 | 185 | 185 | 185 | ||||
| R2 | 12.08% | 13.02% | 12.93% | 13.32% | ||||
| F | 3.47*** | 3.78*** | 3.75*** | 3.38*** | ||||
| Durbin-Watson | 2.35 | 2.35 | 2.36 | 2.36 | ||||
| Notes: ***, ** and * stand for statistical significance at the 1%, 5% and 10% level, respectively. | ||||||||