Table 18 Stock Liquidity (CPQS, CPQSIM, ILLIQ) and Innovation Output (Patents) under Controlled and Uncontrolled M&As (MA, NMA) in our Baseline Models

CPQS

− 23.300^***

− 23.197^***

− 28.561^***

(7.785)

(7.764)

(9.048)

CPQSIM

− 14.582^**

− 14.597^**

− 17.486^**

(6.375)

(6.362)

(7.465)

ILLIQ

− 17.524

− 17.627^**

− 20.996^**

(7.499)

(7.452)

(8.829)

MA

− 0.140

− 0.174

− 0.260

(0.751)

(0.731)

(0.729)

NMA

− 0.149

− 0.161

− 0.173

(0.213)

(0.205)

(0.204)

TSHARE

0.045^*

0.042^*

0.041^*

0.047^*

0.043^*

0.042^*

0.050^*

0.045^*

0.044

(0.025)

(0.024)

(0.024)

(0.024)

(0.024)

(0.024)

(0.028)

(0.027)

(0.027)

SHRHFD5

14.629^***

14.894^***

14.657^***

14.153^**

14.395^***

14.157^**

17.405^***

17.737^***

17.503^***

(5.476)

(5.448)

(5.402)

(5.576)

(5.540)

(5.496)

(6.553)

(6.519)

(6.462)

TO

− 21.347

− 19.110

− 15.389

− 21.491

− 19.281

− 15.518

− 22.846

− 19.941

− 15.409

(13.828)

(13.574)

(13.363)

(13.790)

(13.546)

(13.321)

(15.881)

(15.412)

(15.170)

RET

5.859^**

5.157^*

5.392^*

5.913^**

5.223^*

5.470^*

6.769^**

5.884^*

6.170^*

(2.900)

(3.000)

(3.122)

(2.937)

(3.037)

(3.158)

(3.279)

(3.344)

(3.494)

FREE

0.026

0.013

0.005

0.026

0.014

0.005

0.035

0.019

0.009

(0.038)

(0.037)

(0.037)

(0.039)

(0.038)

(0.037)

(0.044)

(0.043)

(0.043)

VOL

0.080

− 0.090

0.095

0.122

− 0.048

0.135

0.036

− 0.165

0.049

(0.392)

(0.415)

(0.462)

(0.393)

(0.411)

(0.453)

(0.455)

(0.482)

(0.559)

EARN

-0.746

0.944

0.503

-0.992

0.667

0.200

− 0.395

1.665

1.147

(2.262)

(2.519)

(2.521)

(2.221)

(2.529)

(2.503)

(2.579)

(2.862)

(2.882)

INTAN

− 2.785

− 2.912

− 2.624

− 2.663

− 2.787

− 2.499

− 3.614

− 3.754

− 3.420

(3.196)

(3.195)

(3.310)

(3.203)

(3.200)

(3.310)

(3.553)

(3.554)

(3.684)

LEV

2.359

1.518

1.307

2.416

1.582

1.369

3.483

2.444

2.187

(3.425)

(3.377)

(3.353)

(3.441)

(3.395)

(3.370)

(3.916)

(3.834)

(3.806)

ROE

− 1.238

− 0.494

− 0.612

− 1.145

− 0.403

− 0.519

− 1.643

− 0.668

− 0.823

(2.664)

(2.610)

(2.582)

(2.716)

(2.655)

(2.621)

(3.144)

(3.089)

(3.050)

Q

− 0.204

− 0.183

− 0.189

− 0.198

− 0.177

− 0.183

− 0.224

− 0.198

− 0.205

(0.181)

(0.182)

(0.181)

(0.183)

(0.183)

(0.183)

(0.212)

(0.211)

(0.210)

BTM

9.725^***

8.855^***

8.702^***

9.697^***

8.836^***

8.691^***

11.700^***

10.614^***

10.434^***

(2.818)

(2.672)

(2.674)

(2.817)

(2.671)

(2.676)

(3.408)

(3.238)

(3.242)

CAPITAL

14.787^**

16.476^**

16.781^***

14.924^**

16.606^**

16.902^***

16.248^*

18.324^**

18.665^**

(6.837)

(6.521)

(6.412)

(6.861)

(6.539)

(6.426)

(8.387)

(8.045)

(7.921)

SALES

0.001

0.002

0.002

0.001

0.003

0.002

0.002

0.004

0.003

(0.006)

(0.006)

(0.006)

(0.006)

(0.006)

(0.006)

(0.006)

(0.006)

(0.007)

lnAGE

− 0.445

− 0.596

− 0.582

− 0.472

− 0.624

− 0.610

− 0.585

− 0.768

− 0.747

(1.569)

(1.560)

(1.556)

(1.564)

(1.555)

(1.552)

(1.795)

(1.781)

(1.780)

Constant

− 2.712

− 2.591

− 2.999

− 2.690

− 2.549

− 2.945

− 2.791

− 3.447

− 3.422

(5.013)

(5.192)

(4.990)

(5.019)

(5.200)

(4.987)

(5.366)

(5.514)

(5.436)

Year

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Industry

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

N

4727

4727

4727

4727

4727

4727

4719

4719

4719

Adj.R²

0.029

0.028

0.028

0.029

0.028

0.029

0.028

0.027

0.027