Mergers and acquisitions: does performance depend on managerial ability?

Journal of Innovation and Entrepreneurship

A Systems View Across Time and Space

Table 3 Descriptive statistics

	MIN	Q1	MEDIAN	Q2	MAX	MEAN	STD
Panel A: operating. performance
MTBR1	− 0.7848	0.0352	0.0819	0.3575	0.5078	0.1198	0.3128
MTBR2	− 0.8252	0.0308	0.0798	0.3022	0.4242	0.0916	0.2992
MTBR3	− 0.5384	0.0238	0.0782	0.2602	0.4179	0.1007	0.2273
Panel B: stock return performance
BHAR1	− 0.6846	− 0.0975	1.1745	3.8271	13.2167	2.5973	4.0318
BHAR2	− 1.1317	− 0.1854	0.7573	4.0977	13.4133	2.4749	4.2176
BHAR3	− 1.9648	0.0029	0.7713	3.8715	13.3672	2.4334	4.2180
Panel C: managerial ability
MA	0.1753	0.6729	0.8772	0.9277	1.1666	0.7921	0.2796
Panel D: control variables
SIZE	28.5827	28.8597	29.5516	30.2527	32.1190	29.8203	1.1804
LEV	0.2125	0.4355	0.5173	0.6109	0.9125	0.5158	0.1822
MB	0.0131	0.0709	0.1072	0.4181	0.7201	0.2392	0.2498
TL	0.0000	0.0054	0.0416	0.1195	0.6145	0.1135	0.1800
CASH	0.0000	1.0000	1.0000	1.0000	1.0000	0.7857	0.4260
STOCK	0.0000	0.0000	0.0000	0.0000	1.0000	0.2143	0.4258
SG	0.0059	0.0701	0.1808	0.3271	0.8971	0.2336	0.2345
HOR	0.0000	0.0000	1.0000	1.0000	1.0000	0.7143	0.4690

Data processed from annual report and market information of the IDX (https://www.idx.co.id/) and company website. The fundamental descriptive statistics of the main variables that are associated with post-acquisition performance, managerial ability, and other control variables are presented in this table