Table 5 Effects of TMT heterogeneity on OFDI commitment (using SD)

Functional background heterogeneity

1.749^c

1.570^c

4.359^c

3.907^c

55.909^c

50.077^c

(0.582)

(0.589)

(1.431)

(1.444)

(18.374)

(18.555)

Tenure heterogeneity

−0.006^b

−0.005^a

−0.015^b

−0.012^a

−0.196^b

−0.150^a

(standard deviation)

(0.003)

(0.003)

(0.007)

(0.007)

(0.089)

(0.090)

Firm age

−0.068^c

−0.064^c

− 0.063^c

−0.167^c

− 0.160^c

−0.155^c

−2.093^c

−1.989^c

−1.934^c

(0.008)

(0.008)

(0.008)

(0.020)

(0.021)

(0.021)

(0.256)

(0.270)

(0.269)

Firm size

0.225^c

0.224^c

0.235^c

0.569^c

0.567^c

0.596^c

6.733^c

6.714^c

7.045^c

(0.032)

(0.032)

(0.032)

(0.079)

(0.079)

(0.080)

(1.013)

(1.024)

(1.033)

State share

−0.171^a

−0.185^a

−0.175^a

−0.445^a

−0.473^b

− 0.451^a

−7.144^b

−7.559^b

−7.262^b

(0.098)

(0.099)

(0.099)

(0.240)

(0.240)

(0.240)

(3.124)

(3.130)

(3.128)

Foreign share

−0.331

−0.336

−0.356

− 0.714

−0.718

− 0.768

−10.477

−10.554

−11.239

(0.263)

(0.264)

(0.263)

(0.635)

(0.636)

(0.636)

(8.253)

(8.263)

(8.259)

Financial leverage

0.001

0.001

0.001

0.001

−0.001

−0.001

0.041

0.035

0.046

(0.007)

(0.007)

(0.007)

(0.015)

(0.015)

(0.015)

(0.204)

(0.204)

(0.205)

Operating leverage

0.002

0.001

1.306

0.005

0.003

0.004

0.074

0.058

0.069

(0.007)

(0.006)

(0.007)

(0.016)

(0.015)

(0.016)

(0.220)

(0.215)

(0.220)

Foreign revenue ratio

1.308^c

1.320^c

1.305^c

3.204^c

3.230^c

3.197^c

40.726^c

41.067^c

40.613^c

(0.148)

(0.149)

(0.148)

(0.375)

(0.377)

(0.375)

(4.817)

(4.841)

(4.815)

TMT size

0.007

0.007

0.006

0.018

0.017

0.014

0.217

0.212

0.175

(0.005)

(0.005)

(0.005)

(0.012)

(0.012)

(0.012)

(0.159)

(0.160)

(0.160)

Board size

0.008

0.010

0.010

0.020

0.022

0.023

0.267

0.339

0.340

(0.023)

(0.023)

(0.023)

(0.054)

(0.057)

(0.056)

(0.725)

(0.728)

(0.726)

Independent board

0.072

0.088

0.035

0.132

0.189

0.049

2.753

3.464

1.594

(0.666)

(0.668)

(0.668)

(1.566)

(1.621)

(1.621)

(20.843)

(20.863)

(20.858)

Foreign background

0.126

0.158

0.100

0.383

0.443

0.295

2.697

3.648

1.805

(0.449)

(0.451)

(0.450)

(1.092)

(1.092)

(1.091)

(14.065)

(14.092)

(14.074)

Constant

−8.752^c

−7.488^c

−8.763^c

−37.923

−33.744

−37.587

−469.739

− 418.729

− 467.741

(0.876)

(0.723)

(0.876)

(494.312)

(227.230)

(346.132)

(6185.415)

(3353.43)

(5140.057)

Industry dummies

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Year dummies

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Log likelihood

−1599.030

− 1601.390

− 1597.661

− 2189.985

− 2193.384

−2189.516

−3308.483

− 3310.922

− 3307.073

Wald chi²

231.29^c

226.23^c

231.45^c

200.27^c

198.63^c

201.92^c

185.70^c

183.31 ^c

186.57^c