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

Table 8

Probit regression result of the robustness test.

Independent variable	Dependent variable IA
	Rate of change dx/df	value	Z value
Strategy	0.0175	0.002	3.09
Size	−0.1232	0.002	−3.10
Leverage	−0.0498	0.019	−2.34
Cashflow	0.0000	0.039	2.07
CR	−0.0003	0.959	−0.05
IBR	−0.1365	0.280	−1.08
Pseudo R^2	0.1566
N	223
LR chi^2(6)	46.26
Prob > chi^2	0.0000

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