Table 7 Robustness tests: fixed effects and PSM-OLS.
From: Governance or collusion? The M&A effects of common institutional ownership
Variables | (1) Fixed effects | (2)PSM-OLS | ||||
|---|---|---|---|---|---|---|
MA | CAR | ΔROA | MA | CAR | ΔROA | |
Cross | −0.104*** (0.014) | 0.003** (0.001) | 0.006*** (0.002) | −0.064*** (0.015) | 0.006*** (0.002) | 0.008** (0.004) |
Controls | Yes | Yes | Yes | Yes | Yes | Yes |
Year/Ind | Yes | Yes | Yes | Yes | Yes | Yes |
City*Year | Yes | Yes | Yes | No | No | No |
Constant | −3.196*** (0.384) | 0.077** (0.038) | 0.078 (0.053) | −1.909*** (0.506) | 0.100* (0.056) | −0.245* (0.128) |
Pseudo R2/Adj.R2 | 0.077 | 0.088 | 0.027 | 0.056 | 0.050 | 0.061 |
N | 37516 | 6957 | 6957 | 12546 | 2067 | 2067 |
