Variable
|
OFDI dummy
|
OFDI project number
|
OFDI institutional distance
|
---|
Model 1
|
Model 2
|
Model 3
|
Model 4
|
Model 5
|
Model 6
|
Model 7
|
Model 8
|
Model 9
|
---|
Functional background heterogeneity
|
1.749c
| |
1.607c
|
4.359c
| |
4.007c
|
55.909c
| |
51.409c
|
(0.582)
| |
(0.577)
|
(1.431)
| |
(1.417)
|
(18.374)
| |
(18.215)
|
Tenure heterogeneity
| |
−0.502c
|
−0.476c
| |
−1.222c
|
−1.157c
| |
−15.537c
|
− 14.682c
|
|
(0.137)
|
(0.136)
| |
(0.333)
|
(0.332)
| |
(4.295)
|
(4.282)
|
Firm age
|
−0.068c
|
−0.062c
|
− 0.059c
|
− 0.167c
|
− 0.153c
|
−0.146c
|
−2.093c
|
−1.918c
|
− 1.824c
|
(0.008)
|
(0.008)
|
(0.008)
|
(0.020)
|
(0.020)
|
(0.020)
|
(0.256)
|
(0.261)
|
(0.260)
|
Firm size
|
0.225c
|
0.224c
|
0.237c
|
0.572c
|
0.567c
|
0.601c
|
6.733c
|
6.675c
|
7.105c
|
(0.032)
|
(0.031)
|
(0.032)
|
(0.079)
|
(0.078)
|
(0.079)
|
(1.013)
|
(1.004)
|
(1.018)
|
State share
|
−0.171a
|
−0.164a
|
−0.156
|
−0.443a
|
− 0.425a
|
− 0.405a
|
−7.144b
|
−6.935b
|
−6.674b
|
(0.098)
|
(0.098)
|
(0.098)
|
(0.240)
|
(0.240)
|
(0.240)
|
(3.124)
|
(3.125)
|
(3.125)
|
Foreign share
|
−0.331
|
−0.348
|
−0.375
|
− 0.709
|
−0.746
|
− 0.813
|
−10.477
|
−10.892
|
−11.786
|
(0.263)
|
(0.261)
|
(0.261)
|
(0.636)
|
(0.632)
|
(0.632)
|
(8.253)
|
(8.204)
|
(8.205)
|
Financial leverage
|
0.001
|
0.001
|
0.001
|
0.001
|
0.001
|
0.000
|
0.041
|
0.049
|
0.061
|
(0.007)
|
(0.007)
|
(0.007)
|
(0.015)
|
(0.016)
|
(0.016)
|
(0.204)
|
(0.209)
|
(0.209)
|
Operating leverage
|
0.002
|
0.001
|
0.002
|
0.005
|
0.003
|
0.004
|
0.074
|
0.054
|
0.065
|
(0.007)
|
(0.006)
|
(0.007)
|
(0.016)
|
(0.016)
|
(0.016)
|
(0.220)
|
(0.216)
|
(0.222)
|
Foreign revenue ratio
|
1.308c
|
1.306c
|
1.291c
|
3.207c
|
3.202c
|
3.168c
|
40.726c
|
40.690c
|
40.236c
|
(0.148)
|
(0.148)
|
(0.147)
|
(0.375)
|
(0.374)
|
(0.372)
|
(4.817)
|
(4.811)
|
(4.786)
|
TMT size
|
0.007
|
0.008
|
0.006
|
0.018
|
0.020
|
0.016
|
0.217
|
0.251
|
0.198
|
(0.005)
|
(0.005)
|
(0.005)
|
(0.012)
|
(0.012)
|
(0.012)
|
(0.159)
|
(0.157)
|
(0.158)
|
Board size
|
0.008
|
0.008
|
0.008
|
0.017
|
0.015
|
0.017
|
0.267
|
0.248
|
0.276
|
(0.023)
|
(0.023)
|
(0.023)
|
(0.056)
|
(0.056)
|
(0.056)
|
(0.725)
|
(0.723)
|
(0.722)
|
Independent board
|
0.072
|
0.091
|
0.025
|
0.142
|
0.208
|
0.034
|
2.753
|
3.763
|
1.455
|
(0.666)
|
(0.663)
|
(0.663)
|
(1.620)
|
(1.610)
|
(1.612)
|
(20.843)
|
(20.738)
|
(20.752)
|
Foreign background
|
0.126
|
0.201
|
0.132
|
0.360
|
0.544
|
0.370
|
2.697
|
5.000
|
2.797
|
(0.449)
|
(0.447)
|
(0.446)
|
(1.091)
|
(1.084)
|
(1.084)
|
(14.065)
|
(13.996)
|
(13.989)
|
Constant
|
−8.752c
|
−7.316c
|
−8.668c
|
−37.453
|
−34.077
|
− 37.203
|
− 469.739
|
−431.232
|
− 461.457
|
(0.876)
|
(0.709)
|
(0.870)
|
(332.995)
|
(443.334)
|
(339.796)
|
(6185.415)
|
(10,865.22)
|
(4615.238)
|
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
|
− 1596.759
|
− 1592.692
|
− 2190.938
|
− 2188.821
|
− 2184.593
|
− 3308.483
|
− 3306.532
|
− 3302.320
|
Wald chi2
|
231.29c
|
233.74c
|
238.91c
|
200.93c
|
202.91c
|
206.40c
|
185.70c
|
187.21 c
|
190.61c
|
- Notes. Standard errors are in parentheses. a, b, c denote statistical significance at the 10%, 5%, 1% levels respectively (two-tailed tests)