Table 3. Directors’ overseas experience...

Table 3.

Directors’ overseas experience and firm FinTech

	(1)	(2)	(3)	(4)
Variable	FTShare	FTShare	FTShare	FTShare
BoardOverseaRatio	0.111*** (2.65)
OverseaIndepRatio		0.103* (1.89)
OverseaNonIndepRatio		0.119* (1.72)
OverseaEduRatio			0.165*** (3.63)
OverseaWorkRatio				0.142*** (2.80)
lnSize	−0.014 (−0.76)	−0.015 (−0.78)	−0.012 (−0.68)	−0.014 (−0.73)
Leverage	−0.080 (−0.97)	−0.079 (−0.97)	−0.090 (−1.11)	−0.080 (−0.97)
ROE	0.078* (1.67)	0.079* (1.66)	0.080* (1.75)	0.078 (1.64)
lnFirmAge	0.036 (0.50)	0.036 (0.48)	0.032 (0.42)	0.035 (0.53)
SOE	−0.023 (−1.20)	−0.023 (−1.23)	−0.021 (−1.08)	−0.025 (−1.31)
IndDirRatio	−0.015 (−0.15)	−0.009 (−0.09)	−0.051 (−0.51)	−0.002 (−0.02)
lnBoardAgeAvg	−0.092 (−0.96)	−0.090 (−0.95)	−0.087 (−0.97)	−0.097 (−0.96)
lnMtgFreq	0.003 (0.32)	0.003 (0.32)	0.003 (0.35)	0.002 (0.19)
Duality	0.008 (0.88)	0.008 (0.88)	0.009 (1.05)	0.010 (1.15)
TopTenHoldersRate	0.003*** (4.74)	0.003*** (4.69)	0.003*** (4.74)	0.003*** (4.88)
Constant	0.639 (1.11)	0.636 (1.09)	0.610 (1.11)	0.640 (1.11)
Year fixed	Yes	Yes	Yes	Yes
Firm fixed	Yes	Yes	Yes	Yes
Observations	1,149	1,149	1,149	1,149
Within R²	0.127	0.126	0.138	0.130
Adjusted R²	0.728	0.728	0.732	0.729

	(1)	(2)	(3)	(4)
Variable	FTShare	FTShare	FTShare	FTShare
BoardOverseaRatio	0.111*** (2.65)
OverseaIndepRatio		0.103* (1.89)
OverseaNonIndepRatio		0.119* (1.72)
OverseaEduRatio			0.165*** (3.63)
OverseaWorkRatio				0.142*** (2.80)
lnSize	−0.014 (−0.76)	−0.015 (−0.78)	−0.012 (−0.68)	−0.014 (−0.73)
Leverage	−0.080 (−0.97)	−0.079 (−0.97)	−0.090 (−1.11)	−0.080 (−0.97)
ROE	0.078* (1.67)	0.079* (1.66)	0.080* (1.75)	0.078 (1.64)
lnFirmAge	0.036 (0.50)	0.036 (0.48)	0.032 (0.42)	0.035 (0.53)
SOE	−0.023 (−1.20)	−0.023 (−1.23)	−0.021 (−1.08)	−0.025 (−1.31)
IndDirRatio	−0.015 (−0.15)	−0.009 (−0.09)	−0.051 (−0.51)	−0.002 (−0.02)
lnBoardAgeAvg	−0.092 (−0.96)	−0.090 (−0.95)	−0.087 (−0.97)	−0.097 (−0.96)
lnMtgFreq	0.003 (0.32)	0.003 (0.32)	0.003 (0.35)	0.002 (0.19)
Duality	0.008 (0.88)	0.008 (0.88)	0.009 (1.05)	0.010 (1.15)
TopTenHoldersRate	0.003*** (4.74)	0.003*** (4.69)	0.003*** (4.74)	0.003*** (4.88)
Constant	0.639 (1.11)	0.636 (1.09)	0.610 (1.11)	0.640 (1.11)
Year fixed	Yes	Yes	Yes	Yes
Firm fixed	Yes	Yes	Yes	Yes
Observations	1,149	1,149	1,149	1,149
Within R²	0.127	0.126	0.138	0.130
Adjusted R²	0.728	0.728	0.732	0.729

Note(s):

Appendix 2 provides variables definitions. t-statistics (in brackets) use firm-level clustered errors Significance: *p < 0.10, **p < 0.05, ***p < 0.01

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