Variable | OFDI dummy | OFDI project number | OFDI institutional distance | |||
---|---|---|---|---|---|---|
Model 1 | Model 2 | Model 3 | Model 4 | Model 5 | Model 6 | |
Functional background heterogeneity | 0.084c | Â | 0.144b | Â | 1.784c | Â |
(0.025) | Â | (0.044) | Â | (0.528) | Â | |
Tenure heterogeneity |  | −0.031c |  | −0.055c |  | −0.524c |
 | (0.007) |  | (0.017) |  | (0.148) | |
Firm age | −0.003c | − 0.003c | − 0.006c | − 0.005c | − 0.061c | − 0.056c |
(0.000) | (0.000) | (0.001) | (0.001) | (0.007) | (0.009) | |
Firm size | 0.012c | 0.011c | 0.022c | 0.021c | 0.169c | 0.164c |
(0.001) | (0.001) | (0.003) | (0.004) | (0.031) | (0.033) | |
State share | −0.003 | −0.004 | 0.002 | 0.001 | −0.202b | − 0.206b |
(0.005) | (0.005) | (0.008) | (0.011) | (0.098) | (0.099) | |
Foreign share | −0.024a | − 0.026a | − 0.029 | −0.032 | − 0.458 | −0.500a |
(0.013) | (0.014) | (0.024) | (0.032) | (0.289) | (0.290) | |
Financial leverage | −0.000 | −0.000 | −0.001 | − 0.001 | −0.004 | − 0.004 |
(0.000) | (0.000) | (0.001) | (0.001) | (0.008) | (0.008) | |
Operating leverage | 0.000 | 0.000 | 0.000 | 0.000 | 0.003 | 0.002 |
(0.000) | (0.000) | (0.000) | (0.001) | (0.006) | (0.006) | |
Foreign revenue ratio | 0.100c | 0.099c | 0.161c | 0.159c | 1.887c | 1.885c |
(0.009) | (0.009) | (0.015) | (0.021) | (0.183) | (0.182) | |
TMT size | 0.001b | 0.001c | 0.001b | 0.002b | 0.012a | 0.015b |
(0.000) | (0.000) | (0.001) | (0.001) | (0.007) | (0.007) | |
Board size | −0.000 | −0.001 | −0.002 | −0.002 | −0.011 | −0.011 |
(0.001) | (0.001) | (0.002) | (0.003) | (0.024) | (0.025) | |
Independent board | 0.025 | 0.023 | 0.080 | 0.069 | 0.442 | 0.465 |
(0.034) | (0.035) | (0.061) | (0.081) | (0.725) | (0.717) | |
Foreign background | 0.037 | 0.036 | 0.089b | 0.082 | 0.695 | 0.771 |
(0.023) | (0.025) | (0.042) | (0.058) | (0.495) | (0.510) | |
Constant | −0.352c | −0.254c | −0.682c | −0.504c | −5.536c | −3.984c |
(0.045) | (0.049) | (0.081) | (0.115) | (0.961) | (1.016) | |
Inverse Mill’s ratio | 0.055 | −0.191 | −0.070 | −0.446 | 0.717 | −0.007 |
(0.251) | (0.217) | (0.453) | (0.507) | (5.392) | (4.508) | |
Industry dummies | Yes | Yes | Yes | Yes | Yes | Yes |
Year dummies | Yes | Yes | Yes | Yes | Yes | Yes |
Wald chi2 | 472.55c | 442.56c | 463.30c | 261.36c | 345.31c | 337.32c |