Heterogeneity in top management teams and outward foreign direct investment: evidence from Chinese listed companies

Frontiers of Business Research in China

Table 1 Descriptive statistics and correlation coefficients

Variable	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16
OFDI dummy	1.000
OFDI project number	0.833	1.000
OFDI institutional distance	0.884	0.699	1.000
Functional background heterogeneity	0.056	0.046	0.059	1.000
Tenure heterogeneity	−0.050	− 0.045	− 0.046	− 0.139	1.000
Firm age	− 0.084	− 0.075	− 0.076	− 0.133	0.293	1.000
Firm size	0.0754	0.087	0.046	−0.117	0.132	0.104	1.000
State share	−0.011	0.002	−0.023	−0.156	0.133	−0.002	0.188	1.000
Foreign share	0.011	0.007	0.009	0.064	−0.091	− 0.057	−0.019	− 0.069	1.000
Financial leverage	0.011	0.005	0.010	−0.008	0.023	0.015	0.030	0.024	−0.003	1.000
Operating leverage	0.003	−0.001	0.007	−0.008	−0.005	− 0.001	0.005	− 0.002	0.004	0.019	1.000
Foreign revenue ratio	0.127	0.111	0.115	0.101	−0.088	− 0.125	−0.072	− 0.087	0.122	− 0.004	0.003	1.000
TMT size	0.026	0.032	0.016	0.088	0.019	−0.082	0.290	0.121	0.028	0.017	−0.004	−0.023	1.000
Board size	0.009	0.011	−0.002	−0.060	0.087	0.032	0.361	0.195	−0.012	0.036	−0.001	− 0.048	0.441	1.000
Independent board	0.029	0.033	0.028	0.039	−0.037	− 0.032	0.017	− 0.037	− 0.006	− 0.008	0.016	− 0.000	−0.094	− 0.364	1.000
Foreign background	0.044	0.045	0.036	0.059	−0.013	−0.003	0.168	−0.069	0.160	−0.009	0.001	0.102	0.049	0.056	0.051	1.000
Mean	0.033	0.051	0.637	0.721	0.647	13.738	21.788	0.212	0.024	1.433	1.275	0.113	20.021	8.943	0.369	0.056
Std. Dev.	0.180	0.329	3.852	0.070	0.273	5.267	1.435	0.386	0.124	4.949	5.647	0.203	6.164	1.859	0.054	0.075