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

Table 5: Return on Assets (ROA) of ASEAN Target Firm

ROA -1 Average ROA+3 T-test Wilcoxon Signed Rank Test
t Sig. Z Sig.
N 246 246
Minimum -64.24 -280.63
Maximum 434.89 75.80
Mean 11.60 7.40 -1.72* 0.09 -3.03*** 0.00
Std. Deviation 31.30 22.92
Notes: ***, ** and * stand for statistical significance at the 1%, 5% and 10% level, respectively.
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