Table 3. Results of the OLS regressions...

Table 3.

Results of the OLS regressions on foreign sales (ln)

	Model 1			Model 2			Model 3			Model 4			Model 5			Model 6			Model 7
Observations	287			254			254			254			254			254			254
F	16.740			17.380			15.870			16.910			16.180			16.160			13.020
Prob > F	0.000			0.000			0.000			0.000			0.000			0.000			0.000
R^2	0.524			0.738			0.720			0.758			0.761			0.732			0.746
	Coeff.	SE	p> \|t\|	Coeff.	SE	p > \|t\|	Coeff.	SE	p > \|t\|	Coeff.	SE	p > \|t\|	Coeff.	SE	p > \|t\|	Coeff.	SE	p > \|t\|	Coeff.	SE	p > \|t\|
Restricted SEPs Comp1				−0.421	0.134	0.002***				−0.525	0.131	0.000***	−0.341	0.315	0.281				−0.347	0.302	0.252
Restricted SEPs Comp2				−0.547	0.163	0.001***				−0.373	0.178	0.037**	−0.353	0.339	0.298				−1.075	0.440	0.015**
Extended SEPs Comp1							−0.329	0.106	0.002***	−0.216	0.101	0.033**				−0.336	0.233	0.151	−0.390	0.203	0.056*
Extended SEPs Comp2							0.287	0.137	0.037**	0.458	0.122	0.000***				0.916	0.255	0.000***	0.988	0.254	0.000***
Extended SEPs Comp3							−0.596	0.141	0.000***	−0.652	0.135	0.000***				−0.731	0.349	0.037**	−0.673	0.298	0.025**
Restricted SEPs Comp1 * Firm Age													0.000	0.002	0.960				−0.001	0.002	0.830
Restricted SEPs Comp2 * Firm Age													−0.002	0.003	0.556				0.007	0.004	0.054*
Extended SEPs Comp1 * Firm Age																0.000	0.002	0.866	0.001	0.002	0.469
Extended SEPs Comp2 * Firm Age																−0.008	0.002	0.002***	−0.006	0.002	0.011**
Extended SEPs Comp3 * Firm Age																0.002	0.003	0.476	0.001	0.002	0.718
Family ownership stake	0.002	0.014	0.904	0.015	0.008	0.068*	0.001	0.008	0.951	0.010	0.009	0.273	0.019	0.009	0.031**	−0.002	0.008	0.807	0.013	0.009	0.164
Family involvement	−0.044	0.048	0.365	−0.091	0.061	0.141	−0.059	0.070	0.403	−0.090	0.062	0.146	−0.150	0.074	0.045**	−0.064	0.070	0.362	−0.076	0.075	0.309
Importance of internationalization	1.454	0.284	0.000***	1.722	0.236	0.000***	1.905	0.242	0.000***	2.076	0.221	0.000***	1.727	0.245	0.000***	2.007	0.247	0.000***	2.053	0.229	0.000***
Risk propensity Comp1	−0.278	0.220	0.208	−0.021	0.144	0.881	−0.018	0.151	0.908	0.130	0.146	0.374	−0.007	0.150	0.962	0.107	0.159	0.503	0.115	0.151	0.447
Risk propensity Comp2	0.070	0.267	0.794	0.160	0.121	0.189	0.480	0.144	0.001***	0.432	0.144	0.003***	0.163	0.127	0.198	0.368	0.145	0.012**	0.478	0.151	0.002***
Firm age	0.002	0.007	0.751	−0.002	0.003	0.582	0.000	0.004	0.982	−0.005	0.003	0.189	−0.001	0.004	0.847	0.004	0.004	0.369	−0.002	0.004	0.617
Firm size	1.872	0.182	0.000***	1.677	0.169	0.000***	1.608	0.152	0.000***	1.529	0.168	0.000***	1.696	0.180	0.000***	1.505	0.151	0.000***	1.608	0.182	0.000***
Constant	−3.319	2.365	0.162	−3.566	2.019	0.079*	−3.325	1.830	0.071*	−4.217	2.006	0.037**	−3.847	2.067	0.064*	−3.236	1.779	0.070*	−5.335	2.110	0.012**
Industry dummies		YES			YES			YES			YES			YES			YES			YES
Country dummies		YES			YES			YES			YES			YES			YES			YES
Cooks' D		NO			YES			YES			YES			YES			YES			YES

	Model 1			Model 2			Model 3			Model 4			Model 5			Model 6			Model 7
Observations	287			254			254			254			254			254			254
F	16.740			17.380			15.870			16.910			16.180			16.160			13.020
Prob > F	0.000			0.000			0.000			0.000			0.000			0.000			0.000
R^2	0.524			0.738			0.720			0.758			0.761			0.732			0.746
	Coeff.	SE	p> \|t\|	Coeff.	SE	p > \|t\|	Coeff.	SE	p > \|t\|	Coeff.	SE	p > \|t\|	Coeff.	SE	p > \|t\|	Coeff.	SE	p > \|t\|	Coeff.	SE	p > \|t\|
Restricted SEPs Comp1				−0.421	0.134	0.002***				−0.525	0.131	0.000***	−0.341	0.315	0.281				−0.347	0.302	0.252
Restricted SEPs Comp2				−0.547	0.163	0.001***				−0.373	0.178	0.037**	−0.353	0.339	0.298				−1.075	0.440	0.015**
Extended SEPs Comp1							−0.329	0.106	0.002***	−0.216	0.101	0.033**				−0.336	0.233	0.151	−0.390	0.203	0.056*
Extended SEPs Comp2							0.287	0.137	0.037**	0.458	0.122	0.000***				0.916	0.255	0.000***	0.988	0.254	0.000***
Extended SEPs Comp3							−0.596	0.141	0.000***	−0.652	0.135	0.000***				−0.731	0.349	0.037**	−0.673	0.298	0.025**
Restricted SEPs Comp1 * Firm Age													0.000	0.002	0.960				−0.001	0.002	0.830
Restricted SEPs Comp2 * Firm Age													−0.002	0.003	0.556				0.007	0.004	0.054*
Extended SEPs Comp1 * Firm Age																0.000	0.002	0.866	0.001	0.002	0.469
Extended SEPs Comp2 * Firm Age																−0.008	0.002	0.002***	−0.006	0.002	0.011**
Extended SEPs Comp3 * Firm Age																0.002	0.003	0.476	0.001	0.002	0.718
Family ownership stake	0.002	0.014	0.904	0.015	0.008	0.068*	0.001	0.008	0.951	0.010	0.009	0.273	0.019	0.009	0.031**	−0.002	0.008	0.807	0.013	0.009	0.164
Family involvement	−0.044	0.048	0.365	−0.091	0.061	0.141	−0.059	0.070	0.403	−0.090	0.062	0.146	−0.150	0.074	0.045**	−0.064	0.070	0.362	−0.076	0.075	0.309
Importance of internationalization	1.454	0.284	0.000***	1.722	0.236	0.000***	1.905	0.242	0.000***	2.076	0.221	0.000***	1.727	0.245	0.000***	2.007	0.247	0.000***	2.053	0.229	0.000***
Risk propensity Comp1	−0.278	0.220	0.208	−0.021	0.144	0.881	−0.018	0.151	0.908	0.130	0.146	0.374	−0.007	0.150	0.962	0.107	0.159	0.503	0.115	0.151	0.447
Risk propensity Comp2	0.070	0.267	0.794	0.160	0.121	0.189	0.480	0.144	0.001***	0.432	0.144	0.003***	0.163	0.127	0.198	0.368	0.145	0.012**	0.478	0.151	0.002***
Firm age	0.002	0.007	0.751	−0.002	0.003	0.582	0.000	0.004	0.982	−0.005	0.003	0.189	−0.001	0.004	0.847	0.004	0.004	0.369	−0.002	0.004	0.617
Firm size	1.872	0.182	0.000***	1.677	0.169	0.000***	1.608	0.152	0.000***	1.529	0.168	0.000***	1.696	0.180	0.000***	1.505	0.151	0.000***	1.608	0.182	0.000***
Constant	−3.319	2.365	0.162	−3.566	2.019	0.079*	−3.325	1.830	0.071*	−4.217	2.006	0.037**	−3.847	2.067	0.064*	−3.236	1.779	0.070*	−5.335	2.110	0.012**
Industry dummies		YES			YES			YES			YES			YES			YES			YES
Country dummies		YES			YES			YES			YES			YES			YES			YES
Cooks' D		NO			YES			YES			YES			YES			YES			YES

Source: Table by authors

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