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Table 3 Robustness test results

From: Shareholder internationality and importing activities of emerging market firms

Model # 1 2 3 4
Dependent variable Import propensity (H1a) Diversity of importing countries of origin (H1b) Import propensity (H2a) Diversity of importing countries of origin (H2b)
Statistical model Logit Tobit Logit Tobit
Constant −3.763* 1.387** −3.888 1.354**
(2.131) (0.639) (2.610) (0.662)
Experience 0.035* −0.001 0.052** −0.002
(0.020) (0.004) (0.025) (0.005)
VAT 0.002 0.014 −0.004 0.014
(0.076) (0.015) (0.078) (0.015)
Tariffs −0.167** −0.027* − 0.174** −0.025
(0.073) (0.015) (0.075) (0.015)
Size 1.891*** 0.171*** 2.244*** 0.160**
(0.392) (0.062) (0.550) (0.064)
H1: Shareholder internationality 3.242*** 0.590**   
(1.051) (0.233)   
H2: Divergence of shareholders’ nationality backgrounds    −0.528** 0.055*
   (0.186) (0.033)
Year dummies Included Included Included Included
Industry dummies Included Included Included Included
N 864 568 864 568
Wald chi2 59.56 56.37 76.50 54.84
  1. Notes. Standard errors in parentheses, * p < 0.10, ** p < 0.05, *** p < 0.01