Pre-analysis comparison of firms with and without overseas-experienced directors
| Variable | Group 0: no overseas director (n = 314) | Group 1: at least one (n = 838) | Mean difference | t | p |
|---|---|---|---|---|---|
| Mean (SD) | Mean (SD) | (G0 − G1) | |||
| FTShare | 0.109 (0.092) | 0.159 (0.127) | −0.050 | −6.36 | <0.001 |
| BoardOverseaRatio | 0.000 (0.000) | 0.232 (0.139) | −0.232 | −29.60 | <0.001 |
| lnSize | 24.73 (1.49) | 26.75 (2.33) | −2.02 | −14.30 | <0.001 |
| Leverage | 0.704 (0.190) | 0.801 (0.168) | −0.097 | −8.43 | <0.001 |
| ROE | 0.064 (0.091) | 0.109 (0.069) | −0.045 | −8.97 | <0.001 |
| lnFirmAge | 3.064 (0.312) | 3.063 (0.353) | 0.000 | 0.01 | 0.993 |
| SOE | 0.548 (0.499) | 0.554 (0.497) | −0.006 | −0.18 | 0.857 |
| IndDirRatio | 0.371 (0.042) | 0.371 (0.043) | 0.000 | −0.06 | 0.950 |
| lnBoardAgeAvg | 3.961 (0.059) | 3.989 (0.063) | −0.028 | −6.82 | <0.001 |
| lnMtgFreq | 2.262 (0.355) | 2.252 (0.342) | 0.009 | 0.41 | 0.683 |
| Duality | 0.137 (0.344) | 0.093 (0.291) | 0.044 | 2.16 | 0.031 |
| TopTenHoldersRate | 59.00 (16.46) | 66.98 (18.78) | −7.98 | −6.63 | <0.001 |
| Variable | Group 0: no overseas director ( | Group 1: at least one ( | Mean difference | ||
|---|---|---|---|---|---|
| Mean ( | Mean ( | (G0 − G1) | |||
| FTShare | 0.109 (0.092) | 0.159 (0.127) | −0.050 | −6.36 | <0.001 |
| BoardOverseaRatio | 0.000 (0.000) | 0.232 (0.139) | −0.232 | −29.60 | <0.001 |
| lnSize | 24.73 (1.49) | 26.75 (2.33) | −2.02 | −14.30 | <0.001 |
| Leverage | 0.704 (0.190) | 0.801 (0.168) | −0.097 | −8.43 | <0.001 |
| 0.064 (0.091) | 0.109 (0.069) | −0.045 | −8.97 | <0.001 | |
| lnFirmAge | 3.064 (0.312) | 3.063 (0.353) | 0.000 | 0.01 | 0.993 |
| 0.548 (0.499) | 0.554 (0.497) | −0.006 | −0.18 | 0.857 | |
| IndDirRatio | 0.371 (0.042) | 0.371 (0.043) | 0.000 | −0.06 | 0.950 |
| lnBoardAgeAvg | 3.961 (0.059) | 3.989 (0.063) | −0.028 | −6.82 | <0.001 |
| lnMtgFreq | 2.262 (0.355) | 2.252 (0.342) | 0.009 | 0.41 | 0.683 |
| Duality | 0.137 (0.344) | 0.093 (0.291) | 0.044 | 2.16 | 0.031 |
| TopTenHoldersRate | 59.00 (16.46) | 66.98 (18.78) | −7.98 | −6.63 | <0.001 |
Comparison based on the full pooled sample of 1,152 firm-year observations. Group 0 contains firm-year observations for which BoardOverseaRatio equals zero; Group 1 contains observations for which BoardOverseaRatio is strictly positive
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