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Table 4 Effects of TMT heterogeneity on scope of internationalization

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

Variable Scope of internationalization
Model 1 Model 2 Model 3
Functional background heterogeneity 3.532c   3.237c
(1.214)   (1.203)
Tenure heterogeneity   −1.036c −0.985c
  (0.283) (0.282)
Firm age −0.143c −0.131c − 0.125c
(0.017) (0.017) (0.017)
Firm size 0.478c 0.473c 0.501c
(0.067) (0.066) (0.067)
State share −0.372a −0.358a −0.341a
(0.203) (0.203) (0.203)
Foreign share −0.614 −0.648 − 0.703
(0.542) (0.538) (0.539)
Financial leverage 0.001 0.002 0.002
(0.013) (0.014) (0.014)
Operating leverage 0.004 0.002 0.003
(0.013) (0.013) (0.014)
Foreign revenue ratio 2.751c 2.744c 2.719c
(0.320) (0.319) (0.317)
TMT size 0.015 0.017 0.014
(0.010) (0.010) (0.010)
Board size 0.016 0.020 0.021
(0.046) (0.046) (0.046)
Independent board 0.032 0.138 −0.014
(1.333) (1.324) (1.327)
Foreign background 0.217 0.370 0.229
(0.933) (0.927 (0.928)
Constant −31.052 −28.455 −30.927c
(208.729) (302.606) (222.436)
Industry dummies Yes Yes Yes
Year dummies Yes Yes Yes
Log likelihood − 2119.557 − 2117.004 − 2113.180
Wald chi2 196.40c 198.80c 201.84c
  1. Notes. Standard errors are in parentheses. a, b, c denote statistical significance at the 10% and 1% level respectively