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Table 3 Results of the second-stage Heckman regression analysis

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

Functional background heterogeneity

0.084c

 

0.144b

 

1.784c

 

(0.025)

 

(0.044)

 

(0.528)

 

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

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