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Table 5 Effects of TMT heterogeneity on OFDI commitment (using SD)

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 Model 7 Model 8 Model 9
Functional background heterogeneity 1.749c   1.570c 4.359c   3.907c 55.909c   50.077c
(0.582)   (0.589) (1.431)   (1.444) (18.374)   (18.555)
Tenure heterogeneity   −0.006b −0.005a   −0.015b −0.012a   −0.196b −0.150a
(standard deviation)   (0.003) (0.003)   (0.007) (0.007)   (0.089) (0.090)
Firm age −0.068c −0.064c − 0.063c −0.167c − 0.160c −0.155c −2.093c −1.989c −1.934c
(0.008) (0.008) (0.008) (0.020) (0.021) (0.021) (0.256) (0.270) (0.269)
Firm size 0.225c 0.224c 0.235c 0.569c 0.567c 0.596c 6.733c 6.714c 7.045c
(0.032) (0.032) (0.032) (0.079) (0.079) (0.080) (1.013) (1.024) (1.033)
State share −0.171a −0.185a −0.175a −0.445a −0.473b − 0.451a −7.144b −7.559b −7.262b
(0.098) (0.099) (0.099) (0.240) (0.240) (0.240) (3.124) (3.130) (3.128)
Foreign share −0.331 −0.336 −0.356 − 0.714 −0.718 − 0.768 −10.477 −10.554 −11.239
(0.263) (0.264) (0.263) (0.635) (0.636) (0.636) (8.253) (8.263) (8.259)
Financial leverage 0.001 0.001 0.001 0.001 −0.001 −0.001 0.041 0.035 0.046
(0.007) (0.007) (0.007) (0.015) (0.015) (0.015) (0.204) (0.204) (0.205)
Operating leverage 0.002 0.001 1.306 0.005 0.003 0.004 0.074 0.058 0.069
(0.007) (0.006) (0.007) (0.016) (0.015) (0.016) (0.220) (0.215) (0.220)
Foreign revenue ratio 1.308c 1.320c 1.305c 3.204c 3.230c 3.197c 40.726c 41.067c 40.613c
(0.148) (0.149) (0.148) (0.375) (0.377) (0.375) (4.817) (4.841) (4.815)
TMT size 0.007 0.007 0.006 0.018 0.017 0.014 0.217 0.212 0.175
(0.005) (0.005) (0.005) (0.012) (0.012) (0.012) (0.159) (0.160) (0.160)
Board size 0.008 0.010 0.010 0.020 0.022 0.023 0.267 0.339 0.340
(0.023) (0.023) (0.023) (0.054) (0.057) (0.056) (0.725) (0.728) (0.726)
Independent board 0.072 0.088 0.035 0.132 0.189 0.049 2.753 3.464 1.594
(0.666) (0.668) (0.668) (1.566) (1.621) (1.621) (20.843) (20.863) (20.858)
Foreign background 0.126 0.158 0.100 0.383 0.443 0.295 2.697 3.648 1.805
(0.449) (0.451) (0.450) (1.092) (1.092) (1.091) (14.065) (14.092) (14.074)
Constant −8.752c −7.488c −8.763c −37.923 −33.744 −37.587 −469.739 − 418.729 − 467.741
(0.876) (0.723) (0.876) (494.312) (227.230) (346.132) (6185.415) (3353.43) (5140.057)
Industry dummies Yes Yes Yes Yes Yes Yes Yes Yes Yes
Year dummies Yes Yes Yes Yes Yes Yes Yes Yes Yes
Log likelihood −1599.030 − 1601.390 − 1597.661 − 2189.985 − 2193.384 −2189.516 −3308.483 − 3310.922 − 3307.073
Wald chi2 231.29c 226.23c 231.45c 200.27c 198.63c 201.92c 185.70c 183.31 c 186.57c
  1. Notes. Standard errors are in parentheses. a, b, c denote statistical significance at the 10%, 5%, 1% levels respectively (two-tailed tests)