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 | Â | 1.607c | 4.359c | Â | 4.007c | 55.909c | Â | 51.409c |
(0.582) | Â | (0.577) | (1.431) | Â | (1.417) | (18.374) | Â | (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 |