Table 2 Overview of variables.
From: Chinese FDI, political events in recipient countries, and the innovation of African firms
Variable | Symbol | Definition | Value |
|---|---|---|---|
institutional quality | Institution | World Bank’s Worldwide Governance Indicators | Accurate value |
governance structure | Share | Shareholding ratio of the largest shareholder | Accurate value |
ownership structure | Own | Whether the shareholding ratio of state-owned shareholders exceeds 50% | Yes = 1, no = 0 |
business age | Age | Years of establishment | Accurate value |
executive experience | Work | The number of years the executive has worked in the industry | Accurate value |
product export | Out | Direct and indirect export product sales as a percentage of total sales | Accurate value |
financing constraints | Fin_c | Does the business have any overdraft facilities and bank loans | No = 1, yes = 0 |
financial environment | Fin_e | Does the business have annual financial statements reviewed and certified by an external auditor | Yes = 1, no = 0 |
firm size | Scale | logarithmic number of employees | Accurate value |
human capital | Hum | Percentage of employees who completed secondary school | Accurate value |
employee training | Train | Does the business offer formal training programs for full-time employees? | Yes = 1, no = 0 |
