95 NTU Management Review Vol. 31 No. 1 Apr. 2021 Table 4 The ESOs-Induced Bidding Decision for Firms in the Old and New Economy (cont.) Dep: MAt Panel C: Within Industry Sample Panel D: Within Industry Sample & All-Cash Deals Old New Old New Vegat-1 Deltat-1 Cashricht-1 Vega×Cashrich Delta×Cashrich Cash/TAt-1 Salest-1 Market_to_Bookt-1 EBITDA/TAt-1 Stock returnt-1 Industry M&A liquidityt-1 Herfindahl indext-1 Market leveraget-1 InsideOwnt-1 0.0357 (1.21) 0.00148 (0.21) -0.0191** (-2.00) 0.0664* (1.65) -0.00886 (-0.86) 0.0332 (1.40) 0.00170 (0.60) -0.00891** (-2.42) 0.118*** (3.59) -0.00233 (-0.31) 0.0543 (0.81) -0.0779*** (-5.18) -0.0527** (-2.30) -0.00076 (-0.99) 0.0577 (0.56) 0.0620*** (2.89) -0.0617** (-2.25) 0.0564 (0.51) -0.0300 (-1.23) 0.0541 (1.11) -0.00559 (-0.66) 0.000354 (0.05) -0.0608 (-0.73) 0.00644 (0.36) 1.460*** (3.16) -0.184* (-1.72) -0.140* (-1.92) -0.00002 (-0.01) 0.0107 (0.47) -0.00466 (-0.81) -0.00801 (-1.23) 0.0505* (1.79) 0.00403 (0.54) -0.00994 (-0.59) -0.00120 (-0.62) -0.00505** (-2.02) 0.0579** (2.55) -0.000778 (-0.15) 0.0912** (2.15) -0.0347*** (-3.33) -0.0491*** (-2.97) -0.0013* (-1.78) 0.128 (1.64) 0.0391** (2.27) -0.000763 (-0.03) -0.0635 (-0.77) -0.0123 (-0.66) 0.0414 (1.10) -0.00330 (-0.50) -0.00639 (-1.06) 0.0336 (0.48) -0.0112 (-0.75) 0.941** (2.43) -0.195* (-1.90) -0.0849 (-1.46) 0.00006 (0.04) Year fixed effect Number of observations Yes 6,992 Yes 1,706 Yes 6,721 Yes 1,572 Note: This table examines whether the effect of excess cash on the ESOs-induced M&A decisions would differ from firms in different industry economies. All variables are defined in the same way as shown in the Appendix. Panels A to D exhibit the analyses base on different sample sets. The results are shown in the marginal effect of probit model that controls for time-fixed effect. The t-statistics are reported in parentheses. ***, **, and * denote significance at the 1%, 5%, and 10% levels, respectively.
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