Columns (1) and (3) report the first-stage probit selection equation, with Oversea_Dummy (=1 if the firm has appointed at least one director with overseas experience) as the dependent variable. Columns (2) and (4) report the second-stage outcome equation, estimated by two-way (firm and year) fixed-effects OLS with the inverse Mills ratio (Mills_Ratio) recovered from the corresponding first stage included as an additional regressor. The dependent variable in the second stage is FTShare, the firm-level FinTech adoption measure. BRITISH is a city-level dummy equal to One if the firm’s headquarters city was a British concession or leased territory during the late Qing period. Christian_College is a province-level dummy equal to one if the headquarters province hosted a Christian (missionary-founded) college by 1920. Return_Ratio is the national annual ratio of returning overseas students to outbound overseas students (in percent). IV1 is constructed as BRITISH × Return_Ratio; IV2 is constructed as Christian_College × Return_Ratio. Year fixed effects are included in all specifications; firm fixed effects are included in the second-stage outcome equations. Three singleton observations are dropped in each second-stage estimation. Standard errors are clustered at the firm level. z-statistics (Columns 1 and 3) and t-statistics (Columns 2 and 4) are reported in parentheses. Significance: *p < 0.10, **p < 0.05, ***p < 0.01