Table 4 Using instrumental variable method for a robustness check.
From: CEO political connections and OFDI of Chinese firms under the Belt and Road Initiative
(1) | (2) | (3) | (4) | (5) | |
|---|---|---|---|---|---|
dv: Politics | dv: scale of OFDI under BRI | ||||
Industry politic mean | 1.0474*** | ||||
(0.045) | |||||
Politics | 0.4859*** | 0.6837*** | 0.5054*** | 0.7236*** | |
(0.142) | (0.184) | (0.146) | (0.190) | ||
Politics × Marketization | −0.5038*** | −0.5109*** | |||
(0.162) | (0.162) | ||||
Politics × WGI | −0.0653** | −0.1244** | |||
(0.134) | (0.126) | ||||
Marketization | −0.0006 | 0.1003*** | 0.5066*** | 0.1010*** | 0.5136*** |
(0.009) | (0.031) | (0.140) | (0.031) | (0.140) | |
WGI | 0.0222 | 0.1133** | 0.0932 | 0.1814 | 0.2225 |
(0.026) | (0.056) | (0.057) | (0.152) | (0.144) | |
GDP per capita | −0.0089 | −0.0626* | −0.0585 | −0.0632* | −0.0597* |
(0.013) | (0.036) | (0.036) | (0.036) | (0.036) | |
GDP growth | −0.0019 | 0.0155** | 0.0139** | 0.0152** | 0.0133** |
(0.002) | (0.007) | (0.007) | (0.007) | (0.007) | |
Gini coefficient | −0.0526 | 0.3538** | 0.2892 | 0.3369* | 0.2561 |
(0.065) | (0.180) | (0.177) | (0.184) | (0.182) | |
Population density | −0.0147* | −0.0245 | −0.0192 | −0.0244 | −0.0188 |
(0.009) | (0.019) | (0.020) | (0.020) | (0.020) | |
CPI | −0.0392 | −0.0998* | −0.0887 | −0.1027* | −0.0941 |
(0.037) | (0.058) | (0.061) | (0.059) | (0.063) | |
Size | 0.0318*** | 0.0628*** | 0.0530*** | 0.0639*** | 0.0550*** |
(0.005) | (0.017) | (0.017) | (0.017) | (0.017) | |
Adjusted ROA | 0.0536 | 0.3383 | 0.4744** | 0.3420 | 0.4833** |
(0.088) | (0.230) | (0.236) | (0.231) | (0.235) | |
Tobin’s Q | −0.0699*** | 0.0315 | 0.0375 | 0.0309 | 0.0364 |
(0.010) | (0.040) | (0.040) | (0.040) | (0.040) | |
Book-to-market ratio | −0.3532*** | −0.2227 | −0.1291 | −0.2274 | −0.1368 |
(0.049) | (0.168) | (0.173) | (0.167) | (0.170) | |
Net profit growth | −0.0015*** | −0.0007 | −0.0005 | −0.0006 | −0.0004 |
(0.001) | (0.001) | (0.001) | (0.001) | (0.001) | |
Patent stock | 0.0167*** | −0.0516*** | −0.0519*** | −0.0517*** | −0.0520*** |
(0.002) | (0.009) | (0.008) | (0.009) | (0.008) | |
Concentration | 0.0003 | −0.0006 | −0.0005 | −0.0006 | −0.0005 |
(0.000) | (0.001) | (0.001) | (0.001) | (0.001) | |
Separation ratio | 0.0004 | 0.0053** | 0.0038* | 0.0053** | 0.0038* |
(0.001) | (0.002) | (0.002) | (0.002) | (0.002) | |
R&D employee ratio | 0.0014*** | −0.0058*** | −0.0056*** | −0.0058*** | −0.0058*** |
(0.001) | (0.001) | (0.001) | (0.001) | (0.001) | |
Year | Yes | Yes | Yes | Yes | Yes |
(constant) | 0.0766 | −1.3584 | −6.2636*** | −1.3181 | −6.2559*** |
(0.357) | (1.094) | (2.202) | (1.100) | (2.183) | |
N | 3216 | 3216 | 3216 | 3216 | 3216 |
