Variable | Scope of internationalization | ||
---|---|---|---|
Model 1 | Model 2 | Model 3 | |
Functional background heterogeneity | 3.532c | Â | 3.237c |
(1.214) | Â | (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 |