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ASEAN Cross-Border Mergers and Acquisitions (CBMAs) Success: Corporate Governance Spillover

Table 4: Governance indices by the bidder/target country

Positive Spillover Bootstrapping Positive Spillover - Bootstrapping
Mean value t-stat Mean value t-stat Mean value t-stat
Bidder country 7.41 3.32 4.09*** 6.32
Target country -1.37 8.53 -9.91*** 30.20
Difference Bidder - Target 8.78*** 33.81 -5.21*** -8.77
N 185 61
Notes: ***, ** and * stand for statistical significance at the 1%, 5% and 10% level, respectively.
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