Table 8 Managerial Foreign Work Experience and Foreign Study Experience

Returnee work (0/1) _i,t

1.400

0.068

(1.09)

(1.30)

Returnee study(0/1) _i,t

2.199^**

0.097^***

(2.47)

(2.72)

State control (0/1) _i,t

−2.372^*

−2.332^*

−0.092^*

−0.090^*

(−1.79)

(−1.76)

(−1.90)

(−1.86)

Board Independence _i,t

11.141^*

10.711^*

0.387^*

0.368

(1.92)

(1.85)

(1.70)

(1.61)

Power balance _i,t

−0.071^*

−0.068^*

−0.004^**

−0.003^**

(−1.87)

(−1.80)

(−2.54)

(−2.47)

Duality (0/1) _i,t

−0.712

−0.694

−0.026

−0.025

(−1.25)

(−1.21)

(−1.17)

(−1.13)

Managerial ownership _i,t

1.272

1.372

−0.038

−0.034

(0.73)

(0.79)

(−0.57)

(−0.51)

Institutional ownership _i,t

12.556^***

12.536^***

0.452^***

0.451^***

(8.71)

(8.69)

(8.00)

(7.98)

Firm age _i,t

0.058

0.060

0.002

0.002

(1.00)

(1.03)

(0.95)

(0.98)

Size _i,t

6.418^***

6.365^***

0.208^***

0.206^***

(23.46)

(23.18)

(19.66)

(19.41)

ROA _i,t

76.623^***

76.585^***

1.584^***

1.582^***

(19.37)

(19.38)

(11.19)

(11.19)

Leverage _i,t

−5.104^***

−5.100^***

−0.095^**

−0.095^**

(−4.04)

(−4.05)

(−2.06)

(−2.07)

Intercept

−124.760^***

−123.675^***

−2.659^***

−2.613^***

(−19.23)

(−19.02)

(−10.49)

(−10.30)

Year

Yes

Yes

Yes

Yes

Industry

Yes

Yes

Yes

Yes

Observations

9519

9519

9519

9519

Adjusted R-squared

0.33

0.34

0.23

0.23