Does Market Concentration Promote or Reduce New Product Introductions? Evidence from US Food Industry



B. Merger Analysis using Panel Data (Poisson Estimation)

(1)

MERGERS

(2)

MERGERS

(3)

MERGERS

(4)

MERGERS

npilag3

0.0003

(4.24)*

* *

0.0003

(3.53)**j

npilag4
usmergers
nlag3
nlag4
sgrlag3

0.0002

(4.25)***

0.00002
(1.61)

0.0002
(3.39)***
0.0002
(1.26)

sgrlag4

Constant

2.3685

2.4303

2.2986

2.3801

(13.60)

***  (15.34)***

(13.05)*j

t* (14.84)***

Elasticity

0.1574

0.1320

0.1379

0.1148

(4.14)**

*     (4.14)***

(3.48)**j

t (3.34)***

Observations 76

76

76

76

Categories

6

6

6

6

Wooldridge

test for

autocorrelation

in panel

data

HO: no first-order
F stats I    0.052

autocorrelation
0.255

0.025

0.194

P value ∣

0.8289

0.6353

0.8810

0.6783

23

(5)

MERGERS

(6)

MERGERS

(7)

MERGERS

(8)

MERGERS

0.0002

0.0003

(2.59)***

0.0002

(3.85)***

0.0002

(3.00)***

(3.76)***

0.0202

(4.25)***

0.0136

(3.16)***

0.0061

(3.30)***

0.0061

(2.85)***

2.0427

2.1959

2.3958

2.4523

(10.82)***

(13.27)***

(14.30)***

(16.35)***

0.0998

0.0969

0.1412

0.1154

(2.56)***

(2.96)***

(3.77)***

(3.68)***

76

76

76

76

6

6

6

6

0.070

0.443

0.020

0.122

0.8014

0.5350

0.8933

0.7410



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