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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