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Frontiers of Business Research in China

Table 2 Effects of TMT heterogeneity on OFDI commitments

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

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
  1. Notes. Standard errors are in parentheses. a, b, c denote statistical significance at the 10%, 5%, 1% levels respectively (two-tailed tests)
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