Skip to main content

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)