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Table 6 Effects of TMT heterogeneity on OFDI commitment (using Teachman’s index)

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

Variables 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 0.654c   0.629c 1.599c   1.535c 20.789c   19.960c
(Teachman’s index) (0.188)   (0.187) (0.463)   (0.459) (5.943)   (5.901)
Tenure heterogeneity   −0.502c −0.485c   −1.222c −1.181c   −15.537c −14.971c
  (0.137) (0.135)   (0.333) (0.332)   (4.295) (4.274)
Firm age −0.067c −0.062c −0.058c −0.166c −0.153c −0.144c −2.073c −1.918c −1.796c
(0.008) (0.008) (0.008) (0.020) (0.020) (0.020) (0.255) (0.261) (0.259)
Firm size 0.222c 0.224c 0.235c 0.564c 0.567c 0.595c 6.630c 6.675c 7.032c
(0.031) (0.031) (0.031) (0.078) (0.078) (0.079) (1.004) (1.004) (1.011)
State share −0.178a −0.164a −0.162a −0.459a − 0.425a − 0.420a −7.352b −6.935b −6.854b
(0.098) (0.098) (0.098) (0.240) (0.240) (0.240) (3.122) (3.125) (3.123)
Foreign share −0.340 −0.348 −0.356 − 0.728 −0.746 − 0.838 −10.745 −10.892 −12.130
(0.263) (0.261) (0.261) (0.636) (0.632) (0.632) (8.258) (8.204) (8.210)
Financial leverage 0.001 0.001 0.001 −0.001 0.001 0.001 0.036 0.049 0.058
(0.007) (0.007) (0.007) (0.015) (0.016) (0.016) (0.203) (0.209) (0.209)
Operating leverage 0.002 0.001 0.002 0.004 0.003 0.004 0.073 0.054 0.064
(0.007) (0.006) (0.007) (0.016) (0.016) (0.016) (0.222) (0.216) (0.225)
Foreign revenue ratio 1.300c 1.306c 1.283c 3.190c 3.202c 3.150c 40.483c 40.690c 39.977c
(0.148) (0.148) (0.147) (0.375) (0.374) (0.372) (4.813) (4.811) (4.780)
TMT size 0.006 0.008 0.005 0.015 0.020 0.014 0.186 0.251 0.167
(0.005) (0.005) (0.005) (0.012) (0.012) (0.012) (0.160) (0.157) (0.159)
Board size 0.005 0.008 0.006 0.010 0.015 0.021 0.174 0.248 0.187
(0.023) (0.023) (0.023) (0.056) (0.056) (0.056) (0.724) (0.723) (0.721)
Independent board 0.042 0.091 −0.008 0.068 0.208 −0.047 1.743 3.763 0.352
(0.666) (0.663) (0.663) (1.621) (1.610) (1.612) (20.837) (20.738) (20.745)
Foreign background 0.137 0.201 0.139 0.392 0.544 0.392 3.102 5.000 3.077
(0.449) (0.447) (0.446) (1.092) (1.084) (1.084) (14.062) (13.996) (13.983)
Constant −8.365c −7.316c −8.359c −37.288 −34.077 −35.793 −446.605 −431.232 −453.156
(0.787) (0.709) (0.782) (779.197) (443.334) (264.231) (4099.070) (10,865.22) (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 −1597.520 −1596.759 − 1590.902 −2189.611 −2188.821 − 2182.980 −3306.984 − 3306.532 − 3300.544
Wald chi2 233.05c 233.74c 240.94c 201.76c 202.91c 207.41c 186.83c 187.21 c 191.89c
  1. Notes. Standard errors are in parentheses. a, b, c denote statistical significance at the 10%, 5%, 1% levels respectively (two-tailed tests)