Table 1 Descriptive statistics and correlations.

From: CEO political connections and OFDI of Chinese firms under the Belt and Road Initiative

 

Mean

SD

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

1. Scale of OFDI

1.280

0.929

1

                 

2. Politics

0.144

0.351

0.022**

1

                

3. Marketization

13.09

1.164

0.083***

−0.104***

1

               

4. WGI

0.0980

0.756

−0.011

−0.038***

0.040***

1

              

5. GDP per capita

8.934

1.177

−0.029***

−0.021*

0.028**

0.845***

1

             

6. GDP growth

2.734

3.871

−0.014

0.030***

−0.411***

−0.263***

−0.315***

1

            

7. Gini coefficient

3.553

0.109

0.046***

−0.013

0.011

−0.447***

−0.221***

0.046***

1

           

8. Population density

5.117

1.209

0.007

−0.072***

0.067***

0.438***

0.096***

0.035***

−0.030**

1

          

9. CPI

4.928

0.254

−0.003

−0.014

0.207***

−0.672***

−0.605***

0.229***

0.103***

−0.266***

1

         

10. Size

23.16

1.451

0.092***

0.134***

0.042***

−0.072***

−0.023**

0.002

0.076***

−0.070***

0.048***

1

        

11. Adjusted ROA

−0.003

0.0860

0.037***

0.010

0.102***

−0.007

−0.004

0.001

0.016

−0.006

0.044***

0.077***

1

       

12. Tobin’s Q

1.892

1.231

−0.017

−0.065***

−0.060***

0.150***

0.121***

−0.053***

−0.025*

0.092***

−0.092***

−0.278***

0.190***

1

      

13. Book-to-market ratio

0.667

0.260

0.035***

0.038***

0.113***

−0.160***

−0.122***

0.022**

0.043***

−0.107***

0.102***

0.464***

−0.166***

−0.822***

1

     

14. Net profit growth

−0.452

8.478

−0.004

−0.026**

−0.036***

−0.013

0.001

−0.005

0.019

−0.034***

0.006

0.044***

0.203***

0.033***

−0.015

1

    

15. Patent stock

4.475

2.414

−0.091***

0.082***

0.096***

−0.062***

−0.029***

−0.021*

0.067***

−0.036***

0.116***

0.115***

−0.010

0.046***

−0.038***

−0.009

1

   

16. Concentration

34.03

14.68

0.025**

0.026**

−0.069***

−0.067***

−0.076***

0.053***

0.020

−0.022**

0.016

0.148***

0.117***

−0.060***

0.089***

0.052***

−0.091***

1

  

17. Separation ratio

4.681

7.351

0.044***

0.019*

0.016

−0.024**

−0.034***

0.021*

−0.019

0.017

0.018

0.086***

0.003

−0.093***

0.087***

0.018

−0.015

0.160***

1

 

18. R&D employee ratio

14.93

15.72

−0.069***

−0.029***

0.221***

0.146***

0.134***

−0.091***

−0.040***

0.063***

0.027**

−0.094***

0.119***

0.303***

−0.308***

−0.015

0.228***

−0.150***

−0.096***

1

  1. *p < 0.1, **p < 0.05, ***p < 0.01.
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