Table 6 Adding strategic and competitive factors as a robustness check.
From: CEO political connections and OFDI of Chinese firms under the Belt and Road Initiative
(1) | (2) | (3) | (4) | (5) | |
|---|---|---|---|---|---|
GDP per capita | −0.0758** | −0.0753** | −0.0777** | −0.0417 | −0.0436 |
(0.031) | (0.031) | (0.030) | (0.041) | (0.041) | |
GDP growth | 0.0077 | 0.0084 | 0.0083* | 0.0065 | 0.0064 |
(0.005) | (0.005) | (0.005) | (0.006) | (0.006) | |
Gini coefficient | 0.5891*** | 0.5977*** | 0.5532*** | 0.5901*** | 0.5389*** |
(0.182) | (0.183) | (0.180) | (0.183) | (0.181) | |
Population density | 0.0514*** | 0.0526*** | 0.0533*** | 0.0681*** | 0.0687*** |
(0.019) | (0.019) | (0.019) | (0.023) | (0.023) | |
CPI | −0.0509 | −0.0529 | −0.0470 | −0.0617 | −0.0556 |
(0.063) | (0.063) | (0.063) | (0.064) | (0.064) | |
Size | 0.0228 | 0.0208 | 0.0154 | 0.0211 | 0.0158 |
(0.016) | (0.016) | (0.015) | (0.016) | (0.015) | |
Adjusted ROA | 0.2814 | 0.2736 | 0.3273 | 0.2681 | 0.3241 |
(0.206) | (0.201) | (0.203) | (0.200) | (0.203) | |
Tobin’s Q | 0.0531 | 0.0599 | 0.0549 | 0.0593 | 0.0539 |
(0.040) | (0.040) | (0.040) | (0.040) | (0.040) | |
Book-to-market ratio | 0.0107 | 0.0462 | 0.0554 | 0.0399 | 0.0475 |
(0.148) | (0.151) | (0.150) | (0.149) | (0.148) | |
Net profit growth | −0.0022** | −0.0021** | −0.0022** | −0.0021** | −0.0022** |
(0.001) | (0.001) | (0.001) | (0.001) | (0.001) | |
Patent stock | −0.0430*** | −0.0456*** | −0.0444*** | −0.0455*** | −0.0442*** |
(0.007) | (0.007) | (0.007) | (0.007) | (0.007) | |
Concentration | 0.0013 | 0.0012 | 0.0012 | 0.0012 | 0.0012 |
(0.001) | (0.001) | (0.001) | (0.001) | (0.001) | |
Separation ratio | −0.0010 | −0.0010 | −0.0017 | −0.0010 | −0.0017 |
(0.002) | (0.002) | (0.002) | (0.002) | (0.002) | |
R&D employee ratio | −0.0029*** | −0.0030*** | −0.0030*** | −0.0031*** | −0.0031*** |
(0.001) | (0.001) | (0.001) | (0.001) | (0.001) | |
Multinational strategy | 0.0074*** | 0.0069*** | 0.0076*** | 0.0067*** | 0.0074*** |
(0.002) | (0.002) | (0.002) | (0.002) | (0.002) | |
Financial condition | 0.0059 | 0.0062 | 0.0073 | 0.0067 | 0.0079 |
(0.008) | (0.008) | (0.008) | (0.008) | (0.008) | |
Key provinces of BRI | −0.0746** | −0.0697** | −0.0637** | −0.0680** | −0.0613* |
(0.032) | (0.032) | (0.032) | (0.032) | (0.032) | |
Key industries of BRI | −0.0758 | −0.0810 | −0.0759 | −0.0747 | −0.0673 |
(0.145) | (0.144) | (0.143) | (0.146) | (0.144) | |
Export | 0.3353 | 0.3051 | 0.3531 | 0.2534 | 0.3099 |
(0.324) | (0.326) | (0.325) | (0.316) | (0.315) | |
Trade flows | −0.4624 | −0.4300 | −0.4783 | −0.3749 | −0.4313 |
(0.320) | (0.323) | (0.322) | (0.313) | (0.312) | |
Trade openness | 0.1968 | 0.2145 | 0.1967 | 0.1966 | 0.1735 |
(0.177) | (0.179) | (0.178) | (0.180) | (0.179) | |
Marketization | 0.0648** | 0.0643** | 0.1896*** | 0.0653** | 0.1949*** |
(0.031) | (0.030) | (0.050) | (0.031) | (0.050) | |
WGI | 0.1815*** | 0.1806*** | 0.1743*** | 0.1746 | 0.1770 |
(0.059) | (0.060) | (0.059) | (0.069) | (0.084) | |
Politics | 0.0939** | 0.1103*** | 0.1143** | 0.1402*** | |
(0.037) | (0.037) | (0.045) | (0.046) | ||
Politics × Marketization | −0.1586*** | −0.1637*** | |||
(0.044) | (0.045) | ||||
Politics × WGI | −0.1683*** | −0.1510** | |||
(0.063) | (0.075) | ||||
Industry | Yes | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes | Yes |
(constant) | −1.5605 | −1.6388* | −2.9118*** | −2.2771** | −2.5878*** |
(0.974) | (0.975) | (1.093) | (1.091) | (1.068) | |
N | 2658 | 2652 | 2652 | 2652 | 2652 |
Pseudo R2 | 0.0317 | 0.0323 | 0.0338 | 0.0324 | 0.0340 |
Log pseudolikelihood | −3189.7911 | −3181.0874 | −3176.024 | −3180.6569 | −3175.3145 |
