Влияние структуры капитала на выбор стратегии развития: M&A vs органический рост (стр. 7 )

Dependent Variable: M_A
Method: ML - Binary Logit (Quadratic hill climbing)
Sample (adjusted): 1 463
Included observations: 452 after adjustments
Convergence achieved after 5 iterations
Covariance matrix computed using second derivatives
Variable	Coefficient	Std. Error	z-Statistic	Prob.
C	-9.025838	0.955666	-9.444557	0.0000
LEVERAGE_DIFICIT	-0.336126	0.155116	-2.166933	0.0302
LN(SALES)	1.117022	0.116435	9.593544	0.0000
INTANGIBLE_TA	0.989525	0.304953	3.244845	0.0012
ASSET_TURNOVER	-0.831913	0.232802	-3.573474	0.0004
RETURN_EQY	0.009147	0.005946	1.538201	0.1240
GDP	0.090817	0.030397	2.987698	0.0028
McFadden R-squared	0.349293	Mean dependent var	0.373894
S. D. dependent var	0.484372	S. E. of regression	0.362134
Akaike info criterion	0.891202	Sum squared resid	58.35785
Schwarz criterion	0.954910	Log likelihood	-194.4117
Hannan-Quinn criter.	0.916307	Deviance	388.8235
Restr. deviance	597.5400	Restr. log likelihood	-298.7700
LR statistic	208.7165	Avg. log likelihood	-0.430114
Prob(LR statistic)	0.000000
Obs with Dep=0	283	Total obs	452
Obs with Dep=1	169

Приложение 8. Влияние overleverage на выбор стратегии

Dependent Variable: M_A
Method: ML - Binary Logit (Quadratic hill climbing)
Sample (adjusted): 1 463
Included observations: 452 after adjustments
Convergence achieved after 5 iterations
Covariance matrix computed using second derivatives
Variable	Coefficient	Std. Error	z-Statistic	Prob.
C	-8.775204	0.971068	-9.036650	0.0000
OVERLEVER	-0.607528	0.289823	-2.096203	0.0361
LN(SALES)	1.136267	0.117068	9.706046	0.0000
INTANGIBLE_TA	0.971943	0.304079	3.196353	0.0014
ASSET_TURNOVER	-0.871332	0.230965	-3.772577	0.0002
RETURN_EQY	0.009517	0.005905	1.611625	0.1070
GDP	0.095726	0.030428	3.145938	0.0017
McFadden R-squared	0.349875	Mean dependent var	0.373894
S. D. dependent var	0.484372	S. E. of regression	0.362128
Akaike info criterion	0.890432	Sum squared resid	58.35583
Schwarz criterion	0.954140	Log likelihood	-194.2377
Hannan-Quinn criter.	0.915537	Deviance	388.4755
Restr. deviance	597.5400	Restr. log likelihood	-298.7700
LR statistic	209.0645	Avg. log likelihood	-0.429730
Prob(LR statistic)	0.000000
Obs with Dep=0	283	Total obs	452
Obs with Dep=1	169

Приложение 9. Влияние underleverage на выбор стратегии

Dependent Variable: M_A
Method: ML - Binary Logit (Quadratic hill climbing)
Sample (adjusted): 8 463
Included observations: 452 after adjustments
Convergence achieved after 5 iterations
Covariance matrix computed using second derivatives
Variable	Coefficient	Std. Error	z-Statistic	Prob.
C	-9.358134	0.958234	-9.766020	0.0000
UNDERLEVERAGE	0.246589	0.196000	1.258107	0.2084
LN(SALES)	1.121516	0.116101	9.659795	0.0000
INTANGIBLE_TA	0.997492	0.303014	3.291904	0.0010
ASSET_TURNOVER	-0.872604	0.232338	-3.755749	0.0002
RETURN_EQY	0.008961	0.005834	1.535928	0.1246
GDP	0.091784	0.030220	3.037196	0.0024
McFadden R-squared	0.345218	Mean dependent var	0.373894
S. D. dependent var	0.484372	S. E. of regression	0.362955
Akaike info criterion	0.896590	Sum squared resid	58.62258
Schwarz criterion	0.960297	Log likelihood	-195.6292
Hannan-Quinn criter.	0.921694	Deviance	391.2585
Restr. deviance	597.5400	Restr. log likelihood	-298.7700
LR statistic	206.2815	Avg. log likelihood	-0.432808
Prob(LR statistic)	0.000000
Obs with Dep=0	283	Total obs	452
Obs with Dep=1	169