The Impact of Business Strategic Orientation on Innovation-Driven Mergers and Acquisitions: An Empirical Study

Table 2

Variable name and meaning.

	Variable	Meaning
IA	Dependent variable	Whether it is innovation-driven M&A; value: 0-1, a value of 1 for an innovation-driven M&A event and 0 otherwise
Strategy	Independent variable	Whether it is a prospective firm; value: 0-1, 1 for a prospective firm and 0 otherwise
Pattern	Control variable	Nature of property right. 1 for state-owned firm and 0 for non-state-owned firm
Size		Firm’s size, expressed as the natural logarithm of total assets
Leverage		Assets-liability ratio
Cashflow		Net cash flow from business activities
CR		Current ratio
IBR		Increasing rate of business revenue