Table 8 Heterogeneity tests.
From: Governance or collusion? The M&A effects of common institutional ownership
Variables | (1) Long-Term/Short-Term | (2) Independent /Non-Independent | ||||
|---|---|---|---|---|---|---|
MA | CAR | ΔROA | MA | CAR | ΔROA | |
Long*Cross | −0.089*** (0.014) | 0.004*** (0.001) | 0.003* (0.002) | |||
Long | −0.126*** (0.025) | 0.005* (0.003) | 0.007** (0.003) | |||
Inde*Cross | −0.107*** (0.013) | 0.005*** (0.001) | 0.004** (0.002) | |||
Inde | −0.008 (0.057) | −0.010 (0.008) | 0.008 (0.008) | |||
Controls | Yes | Yes | Yes | Yes | Yes | Yes |
Year/Ind | Yes | Yes | Yes | Yes | Yes | Yes |
Constant | −4.288*** | 0.103*** | 0.063 | −4.280*** | 0.107*** | 0.056 |
(0.331) | (0.036) | (0.045) | (0.334) | (0.036) | (0.045) | |
Adj.R2 | 0.063 | 0.022 | 0.026 | 0.063 | 0.022 | 0.026 |
N | 37525 | 6976 | 6976 | 37525 | 6976 | 6976 |
