Table 1 Statistics of foreign directors...

Table 1

Statistics of foreign directors and positive peace index

Panel A: Nationality distribution of foreign directors
Country	Number	% Total
Australia	58	3.72%
Austria	8	0.51%
Belgium	10	0.64%
Brazil	6	0.38%
Canada	175	11.22%
Denmark	8	0.51%
France	67	4.29%
Germany	39	2.50%
India	5	0.32%
Indonesia	6	0.38%
Israel	18	1.15%
Italy	28	1.79%
Japan	85	5.45%
Malaysia	11	0.71%
Netherlands	20	1.28%
New Zealand	7	0.45%
Portugal	5	0.32%
Tunisia	1	0.06%
Saudi Arabia	2	0.13%
Singapore	93	5.96%
Slovakia	1	0.06%
South Africa	2	0.13%
South Korea	6	0.38%
Spain	8	0.51%
Sweden	2	0.13%
Switzerland	12	0.77%
Taiwan	228	14.62%
Thailand	19	1.22%
U.K	77	4.94%
U.S	553	35.45%
Total	1,560	100.00%

Panel A: Nationality distribution of foreign directors
Country	Number	% Total
Australia	58	3.72%
Austria	8	0.51%
Belgium	10	0.64%
Brazil	6	0.38%
Canada	175	11.22%
Denmark	8	0.51%
France	67	4.29%
Germany	39	2.50%
India	5	0.32%
Indonesia	6	0.38%
Israel	18	1.15%
Italy	28	1.79%
Japan	85	5.45%
Malaysia	11	0.71%
Netherlands	20	1.28%
New Zealand	7	0.45%
Portugal	5	0.32%
Tunisia	1	0.06%
Saudi Arabia	2	0.13%
Singapore	93	5.96%
Slovakia	1	0.06%
South Africa	2	0.13%
South Korea	6	0.38%
Spain	8	0.51%
Sweden	2	0.13%
Switzerland	12	0.77%
Taiwan	228	14.62%
Thailand	19	1.22%
U.K	77	4.94%
U.S	553	35.45%
Total	1,560	100.00%

Panel B: Yearly Raw positive peace index of China and foreign directors’ home countries
Country	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Australia	1.73	1.73	1.73	1.73	1.75	1.74	1.76	1.75	1.75	1.72	1.71	1.72	1.71	1.73	1.67	1.73
Austria	1.85	1.83	1.85	1.84	1.83	1.82	1.88	1.86	1.87	1.84	1.85	1.88	1.90	1.90	1.87	1.90
Belgium	1.92	1.88	1.88	1.88	1.87	1.89	1.88	1.89	1.91	1.89	1.89	1.87	1.86	1.85	1.83	1.85
Brazil	2.84	2.81	2.81	2.81	2.80	2.80	2.82	2.92	2.97	2.99	3.00	3.09	3.13	3.12	3.11	3.12
Canada	1.72	1.72	1.72	1.72	1.72	1.71	1.73	1.72	1.72	1.71	1.69	1.75	1.73	1.75	1.73	1.75
Denmark	1.48	1.47	1.47	1.47	1.48	1.48	1.49	1.51	1.51	1.49	1.46	1.47	1.45	1.44	1.44	1.44
France	1.94	1.91	1.90	1.91	1.91	1.91	1.93	1.92	1.91	1.89	1.87	1.92	1.90	1.89	1.87	1.89
Germany	1.79	1.78	1.77	1.75	1.75	1.73	1.74	1.75	1.76	1.76	1.74	1.76	1.75	1.74	1.69	1.74
India	3.30	3.32	3.33	3.33	3.32	3.35	3.34	3.32	3.29	3.26	3.26	3.26	3.25	3.25	3.25	3.25
Indonesia	3.40	3.39	3.38	3.36	3.33	3.30	3.31	3.28	3.26	3.23	3.22	3.23	3.21	3.20	3.26	3.20
Israel	2.56	2.53	2.51	2.51	2.50	2.49	2.49	2.47	2.48	2.47	2.44	2.47	2.39	2.40	2.44	2.40
Italy	2.29	2.29	2.30	2.31	2.30	2.31	2.31	2.29	2.27	2.26	2.24	2.25	2.24	2.22	2.24	2.22
Japan	1.95	1.93	1.96	1.94	1.89	1.83	1.83	1.82	1.81	1.80	1.79	1.79	1.78	1.78	1.76	1.78
Malaysia	2.99	2.94	2.93	2.92	2.89	2.86	2.88	2.89	2.87	2.77	2.75	2.74	2.75	2.74	2.73	2.74
Netherlands	1.67	1.66	1.65	1.64	1.65	1.64	1.65	1.65	1.64	1.63	1.62	1.69	1.72	1.70	1.72	1.70
New Zealand	1.81	1.80	1.78	1.79	1.77	1.74	1.74	1.73	1.73	1.72	1.69	1.65	1.66	1.65	1.65	1.66
Portugal	2.00	2.00	2.00	2.00	1.99	1.98	1.96	1.97	1.92	1.95	1.95	1.95	1.95	1.94	1.98	1.94
Tunisia	3.15	3.15	3.05	3.03	3.04	3.03	3.02	3.01	3.02	2.98	2.96	2.97	3.01	3.02	3.02	3.03
Saudi Arabia	3.37	3.36	3.40	3.37	3.27	3.27	3.27	3.25	3.29	3.26	3.24	3.23	3.21	3.14	3.15	3.14
Singapore	1.93	1.90	1.90	1.87	1.85	1.82	1.82	1.82	1.81	1.79	1.76	1.79	1.80	1.79	1.73	1.79
Slovakia	2.38	2.37	2.36	2.38	2.37	2.37	2.42	2.42	2.44	2.42	2.39	2.34	2.35	2.34	2.36	2.34
South Africa	3.13	3.13	3.13	3.12	3.09	3.10	3.08	3.08	3.10	3.10	3.07	3.07	3.07	3.09	3.03	3.09
South Korea	2.15	2.11	2.08	2.07	2.04	2.03	2.06	2.07	2.01	1.96	1.92	1.93	1.94	1.97	1.99	1.97
Spain	2.15	2.14	2.13	2.14	2.15	2.16	2.15	2.13	2.12	2.12	2.08	2.17	2.16	2.18	2.17	2.18
Sweden	1.50	1.49	1.49	1.48	1.50	1.46	1.49	1.49	1.49	1.48	1.46	1.47	1.46	1.46	1.47	1.46
Switzerland	1.59	1.59	1.58	1.58	1.59	1.55	1.54	1.54	1.53	1.51	1.51	1.52	1.50	1.50	1.45	1.50
Taiwan	2.57	2.54	2.52	2.51	2.50	2.47	2.46	2.44	2.43	2.41	2.38	2.34	2.33	2.33	2.30	2.33
Thailand	3.21	3.19	3.17	3.15	3.13	3.17	3.18	3.15	3.13	3.09	3.04	3.04	3.04	3.03	3.03	3.03
U.K	1.88	1.87	1.89	1.89	1.89	1.86	1.86	1.88	1.91	1.91	1.91	1.98	1.98	1.98	2.00	1.98
U.S	1.90	1.93	1.94	1.94	2.00	2.00	2.02	1.99	2.09	2.12	2.13	2.24	2.21	2.18	2.19	2.18
China	3.34	3.33	3.29	3.28	3.30	3.27	3.26	3.23	3.21	3.16	3.13	3.13	3.10	3.08	3.08	3.08

Panel B: Yearly Raw positive peace index of China and foreign directors’ home countries
Country	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Australia	1.73	1.73	1.73	1.73	1.75	1.74	1.76	1.75	1.75	1.72	1.71	1.72	1.71	1.73	1.67	1.73
Austria	1.85	1.83	1.85	1.84	1.83	1.82	1.88	1.86	1.87	1.84	1.85	1.88	1.90	1.90	1.87	1.90
Belgium	1.92	1.88	1.88	1.88	1.87	1.89	1.88	1.89	1.91	1.89	1.89	1.87	1.86	1.85	1.83	1.85
Brazil	2.84	2.81	2.81	2.81	2.80	2.80	2.82	2.92	2.97	2.99	3.00	3.09	3.13	3.12	3.11	3.12
Canada	1.72	1.72	1.72	1.72	1.72	1.71	1.73	1.72	1.72	1.71	1.69	1.75	1.73	1.75	1.73	1.75
Denmark	1.48	1.47	1.47	1.47	1.48	1.48	1.49	1.51	1.51	1.49	1.46	1.47	1.45	1.44	1.44	1.44
France	1.94	1.91	1.90	1.91	1.91	1.91	1.93	1.92	1.91	1.89	1.87	1.92	1.90	1.89	1.87	1.89
Germany	1.79	1.78	1.77	1.75	1.75	1.73	1.74	1.75	1.76	1.76	1.74	1.76	1.75	1.74	1.69	1.74
India	3.30	3.32	3.33	3.33	3.32	3.35	3.34	3.32	3.29	3.26	3.26	3.26	3.25	3.25	3.25	3.25
Indonesia	3.40	3.39	3.38	3.36	3.33	3.30	3.31	3.28	3.26	3.23	3.22	3.23	3.21	3.20	3.26	3.20
Israel	2.56	2.53	2.51	2.51	2.50	2.49	2.49	2.47	2.48	2.47	2.44	2.47	2.39	2.40	2.44	2.40
Italy	2.29	2.29	2.30	2.31	2.30	2.31	2.31	2.29	2.27	2.26	2.24	2.25	2.24	2.22	2.24	2.22
Japan	1.95	1.93	1.96	1.94	1.89	1.83	1.83	1.82	1.81	1.80	1.79	1.79	1.78	1.78	1.76	1.78
Malaysia	2.99	2.94	2.93	2.92	2.89	2.86	2.88	2.89	2.87	2.77	2.75	2.74	2.75	2.74	2.73	2.74
Netherlands	1.67	1.66	1.65	1.64	1.65	1.64	1.65	1.65	1.64	1.63	1.62	1.69	1.72	1.70	1.72	1.70
New Zealand	1.81	1.80	1.78	1.79	1.77	1.74	1.74	1.73	1.73	1.72	1.69	1.65	1.66	1.65	1.65	1.66
Portugal	2.00	2.00	2.00	2.00	1.99	1.98	1.96	1.97	1.92	1.95	1.95	1.95	1.95	1.94	1.98	1.94
Tunisia	3.15	3.15	3.05	3.03	3.04	3.03	3.02	3.01	3.02	2.98	2.96	2.97	3.01	3.02	3.02	3.03
Saudi Arabia	3.37	3.36	3.40	3.37	3.27	3.27	3.27	3.25	3.29	3.26	3.24	3.23	3.21	3.14	3.15	3.14
Singapore	1.93	1.90	1.90	1.87	1.85	1.82	1.82	1.82	1.81	1.79	1.76	1.79	1.80	1.79	1.73	1.79
Slovakia	2.38	2.37	2.36	2.38	2.37	2.37	2.42	2.42	2.44	2.42	2.39	2.34	2.35	2.34	2.36	2.34
South Africa	3.13	3.13	3.13	3.12	3.09	3.10	3.08	3.08	3.10	3.10	3.07	3.07	3.07	3.09	3.03	3.09
South Korea	2.15	2.11	2.08	2.07	2.04	2.03	2.06	2.07	2.01	1.96	1.92	1.93	1.94	1.97	1.99	1.97
Spain	2.15	2.14	2.13	2.14	2.15	2.16	2.15	2.13	2.12	2.12	2.08	2.17	2.16	2.18	2.17	2.18
Sweden	1.50	1.49	1.49	1.48	1.50	1.46	1.49	1.49	1.49	1.48	1.46	1.47	1.46	1.46	1.47	1.46
Switzerland	1.59	1.59	1.58	1.58	1.59	1.55	1.54	1.54	1.53	1.51	1.51	1.52	1.50	1.50	1.45	1.50
Taiwan	2.57	2.54	2.52	2.51	2.50	2.47	2.46	2.44	2.43	2.41	2.38	2.34	2.33	2.33	2.30	2.33
Thailand	3.21	3.19	3.17	3.15	3.13	3.17	3.18	3.15	3.13	3.09	3.04	3.04	3.04	3.03	3.03	3.03
U.K	1.88	1.87	1.89	1.89	1.89	1.86	1.86	1.88	1.91	1.91	1.91	1.98	1.98	1.98	2.00	1.98
U.S	1.90	1.93	1.94	1.94	2.00	2.00	2.02	1.99	2.09	2.12	2.13	2.24	2.21	2.18	2.19	2.18
China	3.34	3.33	3.29	3.28	3.30	3.27	3.26	3.23	3.21	3.16	3.13	3.13	3.10	3.08	3.08	3.08

Note(s): A lower raw PPI indicates a greater level of positive peace

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