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 | Â | 0.629c | 1.599c | Â | 1.535c | 20.789c | Â | 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 |