Descriptive statistics of main variables
| Variables | Connotation | Sample size | Mean value | SD | Minimum | Maximum |
|---|---|---|---|---|---|---|
| Intensive | Natural logarithm of intensive margin of outbound investment | 2,440 | 6.213 | 0.841 | 4.605 | 9.680 |
| Extensive | Extensive margin of outbound investment | 2,440 | 6.784 | 7.494 | 1 | 28 |
| Sharemode | Ownership structure (wholly-owned=1, joint venture=0) | 709 | 0.230 | 0.421 | 0 | 1 |
| Greenmode | Mode of entry (Greenfield=1, M&A=0) | 2,440 | 0.134 | 0.340 | 0 | 1 |
| trouble | Investment result (fail=1, success=0) | 2,440 | 0.083 | 0.276 | 0 | 1 |
| Idiff | Natural logarithm of formal institutional difference | 2,440 | −0.607 | 1.248 | −7.711 | 0.866 |
| Cdiff | Informal institutional difference | 1,806 | 2.211 | 1.382 | 0.322 | 5.626 |
| bar | Influenced by the Belt and Road Initiative or not | 2,440 | 0.134 | 0.341 | 0 | 1 |
| Labor | Natural logarithm of tuberculosis incidence (per 100,000 persons) | 2,440 | 3.288 | 2.073 | 0.470 | 6.884 |
| Resource | Natural logarithm of percentage of ores and metals export to total export | 2,440 | 0.949 | 1.589 | −8.756 | 4.459 |
| Sign | Signed Avoidance of Double Taxation Agreements with China or not | 2,440 | 0.792 | 0.406 | 0 | 1 |
| Gatt | Whether the host country is a member of GATT or WTO | 2,440 | 0.716 | 0.451 | 0 | 1 |
| Gdp | Natural logarithm of host country’s economic development level | 2,440 | 25.980 | 4.057 | 19.223 | 30.460 |
| Time | Years of diplomatic relation | 2,440 | 42.680 | 13.230 | 0 | 68 |
| Distance | Natural logarithm of geographic distance between the host country and China | 2,440 | 8.825 | 0.997 | 6.696 | 9.868 |
| Variables | Connotation | Sample size | Mean value | SD | Minimum | Maximum |
|---|---|---|---|---|---|---|
| Intensive | Natural logarithm of intensive margin of outbound investment | 2,440 | 6.213 | 0.841 | 4.605 | 9.680 |
| Extensive | Extensive margin of outbound investment | 2,440 | 6.784 | 7.494 | 1 | 28 |
| Sharemode | Ownership structure (wholly-owned=1, joint venture=0) | 709 | 0.230 | 0.421 | 0 | 1 |
| Greenmode | Mode of entry (Greenfield=1, M&A=0) | 2,440 | 0.134 | 0.340 | 0 | 1 |
| Investment result (fail=1, success=0) | 2,440 | 0.083 | 0.276 | 0 | 1 | |
| Natural logarithm of formal institutional difference | 2,440 | −0.607 | 1.248 | −7.711 | 0.866 | |
| Informal institutional difference | 1,806 | 2.211 | 1.382 | 0.322 | 5.626 | |
| Influenced by the Belt and Road Initiative or not | 2,440 | 0.134 | 0.341 | 0 | 1 | |
| Labor | Natural logarithm of tuberculosis incidence (per 100,000 persons) | 2,440 | 3.288 | 2.073 | 0.470 | 6.884 |
| Resource | Natural logarithm of percentage of ores and metals export to total export | 2,440 | 0.949 | 1.589 | −8.756 | 4.459 |
| Sign | Signed Avoidance of Double Taxation Agreements with China or not | 2,440 | 0.792 | 0.406 | 0 | 1 |
| Gatt | Whether the host country is a member of GATT or WTO | 2,440 | 0.716 | 0.451 | 0 | 1 |
| Gdp | Natural logarithm of host country’s economic development level | 2,440 | 25.980 | 4.057 | 19.223 | 30.460 |
| Time | Years of diplomatic relation | 2,440 | 42.680 | 13.230 | 0 | 68 |
| Distance | Natural logarithm of geographic distance between the host country and China | 2,440 | 8.825 | 0.997 | 6.696 | 9.868 |
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