ASEAN Cross-Border Mergers and Acquisitions (CBMAs) Success: Corporate Governance Spillover
Table 9: Impact of country-level corporate governance on Tobin's Q change: Bootstrapping Sub-sample (sample size:61)
| Model Number | Model 4.1 | Model 4.2 | Model 4.3 | Model 4.4 | ||||
| β | t | β | t | β | t | β | t | |
| Constant | -1.65* | -1.97 | -1.46** | -2.06 | -1.48* | -1.79 | 0.23** | 2.16 |
| Country-specific factors | ||||||||
| CGIB | 0.02 | 1.61 | ||||||
| CGIT | -0.01 | -0.80 | ||||||
| CGIG | -0.03* | -1.85 | -0.06 | -0.72 | ||||
| CGIG2 | -0.17* | -1.80 | ||||||
| Control Variables | ||||||||
| TSIZE | -0.09 | -0.51 | -0.03 | -0.17 | -0.11 | -0.67 | -0.08 | -0.60 |
| TLEVERAGE | -0.80*** | -2.71 | -0.85*** | -3.28 | -0.83*** | -2.86 | -0.18*** | -2.75 |
| TROA-1 | -0.03*** | -5.19 | -0.03*** | -4.09 | -0.03*** | -5.25 | -0.40*** | -4.32 |
| TRVALUE | 0.34* | 1.88 | 0.31 | 1.64 | 0.37** | 2.04 | 0.26* | 1.89 |
| ADVISOR | -0.09 | -0.52 | -0.09 | -0.60 | -0.09 | -0.53 | -0.13 | -0.99 |
| RELATED | -0.18 | -1.11 | -0.21 | -1.41 | -0.15 | -0.91 | -0.16 | -1.05 |
| N | 61 | 61 | 61 | 61 | ||||
| R2 | 39.07% | 36.20% | 39.96% | 42.42% | ||||
| F | 4.86*** | 4.30*** | 5.04*** | 4.79*** | ||||
| Durbin-Watson | 2.02 | 1.94 | 2.04 | 2.06 | ||||
| Notes: ***, ** and * stand for statistical significance at the 1%, 5% and 10% level, respectively | ||||||||