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Table 1.

Meaning and explanation of the variables.

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Table 2.

Descriptive statistical results of the variables.

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Table 3.

Impact of corporate mergers and acquisitions on technological innovation.

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Table 4.

Multiple matching methods for testing the impact of corporate mergers and acquisitions on technological innovation.

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Table 5.

Robustness test of the impact of corporate mergers and acquisitions on technological innovation.

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Fig 1.

Parallel trend test.

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Table 6.

Placebo test.

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Fig 2.

Placebo test.

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Table 7.

Endogeneity test results.

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Table 8.

Impact mechanism test results.

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Table 9.

Heterogeneity analysis.

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