Table 4 Heteroscedastic probit and...

Table 4

Heteroscedastic probit and random effects probit model results of foreign and PCN manager appointment in foreign-owned firms in Slovenia

	(1)	(2)	(3)	(4)	(5)	(6)	(7)
	MgrForeign heteroscedastic probit	MgrForeign heteroscedastic probit	MgrForeign RE probit	MgrPCN heteroscedastic probit	MgrPCN heteroscedastic probit	MgrPCN RE probit	MgrPCN RE probit (lim.export)
Firm-specific factors
lnAge	−0.132***	−0.101**	−0.149***	−0.084*	−0.045	−0.048	−0.040
	[−0.008]***	[−0.006]**	[−0.006]***	[−0.003]*	[−0.002]	[−0.001]	[−0.001]
	(0.037)	(0.041)	(0.058)	(0.045)	(0.052)	(0.075)	(0.118)
lnSize (−1)	0.281***	0.277***	0.221***	0.253***	0.242***	0.116***	0.208***
	[0.010]***	[0.010]***	[0.009]***	[0.004]***	[0.004]***	[0.003]***	[0.006]***
	(0.025)	(0.027)	(0.033)	(0.039)	(0.039)	(0.042)	(0.067)
ExPropensity (−1)	0.210**	0.260***	0.374***	0.181*	0.248**	0.362**	/
	[0.013]***	[0.015]***	[0.015]***	[0.007]*	[0.009]**	[0.009]**
	(0.082)	(0.090)	(0.122)	(0.098)	(0.111)	(0.154)
OutwardFDI (−1)	−0.079	−0.145	−0.134	−0.223**	−0.311**	−0.302	−0.797
	[−0.005]	[−0.008]	[−0.005]	[−0.009]*	[−0.012]**	[−0.008]	[−0.024]
	(0.085)	(0.093)	(0.152)	(0.126)	(0.144)	(0.226)	(0.644)
Host market structure factors
lnTFPlocal (−1)	−0.111	−0.093	−0.147	−0.206**	−0.223**	−0.307*	−0.775*
	[−0.007]	[−0.005]	[−0.006]	[−0.008]**	[−0.008]**	[−0.008]*	[−0.023]*
	(0.083)	(00.930)	(0.149)	(0.093)	(0.096)	(0.167)	(0.417)
HighTech	0.557	0.355	0.716	1.103*	1.155	1.823*	3.227***
	[0.035]	[0.021]	[0.029]	[0.045]*	[0.043]	[0.047]*	[0.095]***
	(0.603)	(0.665)	(1.013)	(0.672)	(0.724)	(1.056)	(1.046)
lnMaketrSize (−1)	0.022	0.018	0.068	0.080	0.083	0.169*	0.330**
	[0.001]	[0.001]	[0.003]	[0.003]	[0.003]	[0.004]*	[0.010]**
	(0.049)	(0.054)	(0.071)	(0.060)	(0.064)	(0.090)	(0.146)
lnNoLocalFirms(−1)	−0.064	−0.061	−0.089	−0.092	−0.092	−0.168**	−0.310***
	[−0.004]	[−0.004]	[−0.004]	[−0.004]	[−0.003]	[−0.004]**	[−0.009]***
	(0.041)	(0.047)	(0.063)	(0.057)	(0.062)	(0.076)	(0.107)
IndMarkup (−1)	0.23e−4	0.28e−4	0.44e−4	0.35e−4	0.43e−4*	0.60e−4*	2.9e−5
	[1.5e−6]	[1.6e−6]	[1.8e−6]	[1.4e−6]	[1.6e−6]	[1.6e−6]	[8.6e−7]
	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(7.38e−5)
Country-specific factors
lndist		−0.088	−0.135		−0.003	−0.124	−0.431
		[−0.005]	[−0.005]		[−0.0001]	[−0.003]	[−0.013]
		(0.168)	(0.235)		(0.226)	(0.307)	(0.646)
dist_c_pdi		−0.009**	−0.013**		−0.011***	−0.011	−0.023*
		[−0.001]**	[−0.001]**		[−0.0004]***	[−0.0003]	[−0.001]*
		(0.004)	(0.006)		(0.004)	(0.007)	(0.012)
dist_c_idv		−0.004	−0.009		−0.002	−0.003	−0.004
		[0.0002]	[−0.0004]		[0.0001]	[0.0001]	[0.0001]
		(0.005)	(0.006)		(0.006)	(0.009)	(0.023)
dist_c_mas		−0.004	−0.005		0.003	0.006	0.006
		[−0.0002]	[−0.0002]		[0.0001]	[0.0002]	[0.0002]
		(0.003)	(0.004)		(0.003)	(0.007)	(0.014)
dist_c_uai		0.007	0.010		0.002	−0.002	0.004
		[0.0004]	[0.0004]		[0.0001]	[−0.0001]	[0.0001]
		(0.005)	(0.007)		(0.006)	(0.009)	(0.021)
dist_c_ltovs		−0.010**	−0.014**		−0.013**	−0.018**	0.5e−3
		[−0.001]**	[−0.001]**		[−0.001]**	[−0.001]**	[0.0000]
		(0.005)	(0.006)		(0.006)	(0.008)	(0.016)
dist_c_ivr		−0.009	−0.012		−0.007	−0.009	−0.029
		[−0.001]	[−0.0005]		[0.0002]	[−0.0002]	[−0.0001]
		(0.008)	(0.013)		(0.012)	(0.017)	(0.042)
dEU12	0.159	0.275	0.214	−0.068	−0.096	−0.361	0.162
	[0.010]	[0.021]	[0.011]	[−0.002]	[−0.003]	[−0.005]	[0.008]
	(0.141)	(0.237)	(0.281)	(0.251)	(0.320)	(0.426)	(0.502)
dEFTA	−0.073	0.041	0.079	−0.361	−0.236	−0.338	/
	[−0.003]	[0.002]	[0.004]	[−0.006]**	[−0.005]	[−0.005]
	(0.112)	(0.138)	(0.209)	(0.259)	(0.289)	(0.393)
dWBalkan	0.405***	−0.270	−0.566	0.550***	0.125	0.442	−0.593
	[0.033]***	[−0.011]	[−0.016]	[0.034]***	[0.005]	[0.013]	[−0.013]
	(0.081)	(0.372)	(0.543)	(0.094)	(0.361)	(0.650)	(1.097)
dFSU	1.068***	1.336***	1.624***	1.202***	1.444**	1.743**	2.371
	[0.170]***	[0.251]*	[0.206]*	[0.165]***	[0.229]	[0.163]	[0.376]
	(0.147)	(0.402)	(0.546)	(0.146)	(0.578)	(0.793)	(2.052)
dMiddle_east	0.323	0.142	−0.049	0.599*	0.572	0.732	1.071
	[0.024]	[0.009]	[−0.002]	[0.040]	[0.037]	[0.029]	[0.082]
	(0.348)	(0.388)	(0.736)	(0.339)	(0.352)	(0.833)	(1.146)
dNAfrica	1.410***	/	/	1.430***	/	/	/
	[0.287]***			[0.241]**
	(0.361)			(0.379)
dNorthAmerica	0.070	0.303	0.514	−0.151	−0.130	−0.409	0.484
	[0.004]	[0.024]	[0.032]	[−0.003]	[−0.003]	[−0.006]	[0.026]
	(0.143)	(0.375)	(1.533)	(0.189)	(0.473)	(0.720)	(1.338)
dCentralAmerica	0.515**	/	/	/	/	/
	[0.048]
	(0.210)
dRestOfAsia	0.835^***	1.046**	1.235*	1.068***	1.059	1.375	2.178
	[0.108]***	[0.161]	[0.126]	[0.127]***	[0.119]	[0.097]	[0.318]
	(0.163)	(0.488)	(0.660)	(0.174)	(0.696)	(0.963)	(2.146)
dSEAsia	0.930*	0.211	0.335	/	/	/	/
	[0.131]	[0.015]	[0.018]
	(0.549)	(0.713)	(0.979)
Constant	−2.121**	−0.714	−1.196	−3.140***	−2.683	−5.132*	−3.233
Constant	(0.915)	(1.663)	(2.119)	(1.102)	(2.015)	(2.693)	(4.807)
Year dummies	yes	yes	yes	yes	yes	yes	yes
Industry dummies	yes	yes	yes	yes	yes	yes	yes
Observations	10,452	9,413	9,413	9,262	8,160	8,160	3,268
Log (pse.)likelihood	−1032.615	−870.9817	−859.0587	−588.6372	−483.9481	−481.9065	−194.7968
Wald test	/	/	χ²(75) = 174.07***	χ² (56) = 829.36***	χ²(57) = 791.93***	χ²(57) = 132.72***	χ²(37) = 85.63***
Wald’s test for heteroscedasticity. H0: lnsigma2 = 0
lnsigma2	−0.087***	−0.072***	/	−0.113***	−0.094***	/	/
lnemp(−1)	(0.029)	(0.028)	/	(0.032)	(0.029)	/	/
χ²(1)	9.20***	6.62***		12.22***	10.91***
Likelihood-ratio test; rho = 0: χ²(1) (Prob > χ²)
	/	/	28.68***	/	/	10.07***	0.43

	(1)	(2)	(3)	(4)	(5)	(6)	(7)
	MgrForeign heteroscedastic probit	MgrForeign heteroscedastic probit	MgrForeign RE probit	MgrPCN heteroscedastic probit	MgrPCN heteroscedastic probit	MgrPCNRE probit	MgrPCNRE probit (lim.export)
Firm-specific factors
lnAge	−0.132***	−0.101**	−0.149***	−0.084*	−0.045	−0.048	−0.040
	[−0.008]***	[−0.006]**	[−0.006]***	[−0.003]*	[−0.002]	[−0.001]	[−0.001]
	(0.037)	(0.041)	(0.058)	(0.045)	(0.052)	(0.075)	(0.118)
lnSize (−1)	0.281***	0.277***	0.221***	0.253***	0.242***	0.116***	0.208***
	[0.010]***	[0.010]***	[0.009]***	[0.004]***	[0.004]***	[0.003]***	[0.006]***
	(0.025)	(0.027)	(0.033)	(0.039)	(0.039)	(0.042)	(0.067)
ExPropensity (−1)	0.210**	0.260***	0.374***	0.181*	0.248**	0.362**	/
	[0.013]***	[0.015]***	[0.015]***	[0.007]*	[0.009]**	[0.009]**
	(0.082)	(0.090)	(0.122)	(0.098)	(0.111)	(0.154)
OutwardFDI (−1)	−0.079	−0.145	−0.134	−0.223**	−0.311**	−0.302	−0.797
	[−0.005]	[−0.008]	[−0.005]	[−0.009]*	[−0.012]**	[−0.008]	[−0.024]
	(0.085)	(0.093)	(0.152)	(0.126)	(0.144)	(0.226)	(0.644)
Host market structure factors
lnTFPlocal (−1)	−0.111	−0.093	−0.147	−0.206**	−0.223**	−0.307*	−0.775*
	[−0.007]	[−0.005]	[−0.006]	[−0.008]**	[−0.008]**	[−0.008]*	[−0.023]*
	(0.083)	(00.930)	(0.149)	(0.093)	(0.096)	(0.167)	(0.417)
HighTech	0.557	0.355	0.716	1.103*	1.155	1.823*	3.227***
	[0.035]	[0.021]	[0.029]	[0.045]*	[0.043]	[0.047]*	[0.095]***
	(0.603)	(0.665)	(1.013)	(0.672)	(0.724)	(1.056)	(1.046)
lnMaketrSize (−1)	0.022	0.018	0.068	0.080	0.083	0.169*	0.330**
	[0.001]	[0.001]	[0.003]	[0.003]	[0.003]	[0.004]*	[0.010]**
	(0.049)	(0.054)	(0.071)	(0.060)	(0.064)	(0.090)	(0.146)
lnNoLocalFirms(−1)	−0.064	−0.061	−0.089	−0.092	−0.092	−0.168**	−0.310***
	[−0.004]	[−0.004]	[−0.004]	[−0.004]	[−0.003]	[−0.004]**	[−0.009]***
	(0.041)	(0.047)	(0.063)	(0.057)	(0.062)	(0.076)	(0.107)
IndMarkup (−1)	0.23e−4	0.28e−4	0.44e−4	0.35e−4	0.43e−4*	0.60e−4*	2.9e−5
	[1.5e−6]	[1.6e−6]	[1.8e−6]	[1.4e−6]	[1.6e−6]	[1.6e−6]	[8.6e−7]
	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(7.38e−5)
Country-specific factors
lndist		−0.088	−0.135		−0.003	−0.124	−0.431
		[−0.005]	[−0.005]		[−0.0001]	[−0.003]	[−0.013]
		(0.168)	(0.235)		(0.226)	(0.307)	(0.646)
dist_c_pdi		−0.009**	−0.013**		−0.011***	−0.011	−0.023*
		[−0.001]**	[−0.001]**		[−0.0004]***	[−0.0003]	[−0.001]*
		(0.004)	(0.006)		(0.004)	(0.007)	(0.012)
dist_c_idv		−0.004	−0.009		−0.002	−0.003	−0.004
		[0.0002]	[−0.0004]		[0.0001]	[0.0001]	[0.0001]
		(0.005)	(0.006)		(0.006)	(0.009)	(0.023)
dist_c_mas		−0.004	−0.005		0.003	0.006	0.006
		[−0.0002]	[−0.0002]		[0.0001]	[0.0002]	[0.0002]
		(0.003)	(0.004)		(0.003)	(0.007)	(0.014)
dist_c_uai		0.007	0.010		0.002	−0.002	0.004
		[0.0004]	[0.0004]		[0.0001]	[−0.0001]	[0.0001]
		(0.005)	(0.007)		(0.006)	(0.009)	(0.021)
dist_c_ltovs		−0.010**	−0.014**		−0.013**	−0.018**	0.5e−3
		[−0.001]**	[−0.001]**		[−0.001]**	[−0.001]**	[0.0000]
		(0.005)	(0.006)		(0.006)	(0.008)	(0.016)
dist_c_ivr		−0.009	−0.012		−0.007	−0.009	−0.029
		[−0.001]	[−0.0005]		[0.0002]	[−0.0002]	[−0.0001]
		(0.008)	(0.013)		(0.012)	(0.017)	(0.042)
dEU12	0.159	0.275	0.214	−0.068	−0.096	−0.361	0.162
	[0.010]	[0.021]	[0.011]	[−0.002]	[−0.003]	[−0.005]	[0.008]
	(0.141)	(0.237)	(0.281)	(0.251)	(0.320)	(0.426)	(0.502)
dEFTA	−0.073	0.041	0.079	−0.361	−0.236	−0.338	/
	[−0.003]	[0.002]	[0.004]	[−0.006]**	[−0.005]	[−0.005]
	(0.112)	(0.138)	(0.209)	(0.259)	(0.289)	(0.393)
dWBalkan	0.405***	−0.270	−0.566	0.550***	0.125	0.442	−0.593
	[0.033]***	[−0.011]	[−0.016]	[0.034]***	[0.005]	[0.013]	[−0.013]
	(0.081)	(0.372)	(0.543)	(0.094)	(0.361)	(0.650)	(1.097)
dFSU	1.068***	1.336***	1.624***	1.202***	1.444**	1.743**	2.371
	[0.170]***	[0.251]*	[0.206]*	[0.165]***	[0.229]	[0.163]	[0.376]
	(0.147)	(0.402)	(0.546)	(0.146)	(0.578)	(0.793)	(2.052)
dMiddle_east	0.323	0.142	−0.049	0.599*	0.572	0.732	1.071
	[0.024]	[0.009]	[−0.002]	[0.040]	[0.037]	[0.029]	[0.082]
	(0.348)	(0.388)	(0.736)	(0.339)	(0.352)	(0.833)	(1.146)
dNAfrica	1.410***	/	/	1.430***	/	/	/
	[0.287]***			[0.241]**
	(0.361)			(0.379)
dNorthAmerica	0.070	0.303	0.514	−0.151	−0.130	−0.409	0.484
	[0.004]	[0.024]	[0.032]	[−0.003]	[−0.003]	[−0.006]	[0.026]
	(0.143)	(0.375)	(1.533)	(0.189)	(0.473)	(0.720)	(1.338)
dCentralAmerica	0.515**	/	/	/	/	/
	[0.048]
	(0.210)
dRestOfAsia	0.835^***	1.046**	1.235*	1.068***	1.059	1.375	2.178
	[0.108]***	[0.161]	[0.126]	[0.127]***	[0.119]	[0.097]	[0.318]
	(0.163)	(0.488)	(0.660)	(0.174)	(0.696)	(0.963)	(2.146)
dSEAsia	0.930*	0.211	0.335	/	/	/	/
	[0.131]	[0.015]	[0.018]
	(0.549)	(0.713)	(0.979)
Constant	−2.121**	−0.714	−1.196	−3.140***	−2.683	−5.132*	−3.233
Constant	(0.915)	(1.663)	(2.119)	(1.102)	(2.015)	(2.693)	(4.807)
Year dummies	yes	yes	yes	yes	yes	yes	yes
Industry dummies	yes	yes	yes	yes	yes	yes	yes
Observations	10,452	9,413	9,413	9,262	8,160	8,160	3,268
Log (pse.)likelihood	−1032.615	−870.9817	−859.0587	−588.6372	−483.9481	−481.9065	−194.7968
Wald test	/	/	χ²(75) = 174.07***	χ² (56) = 829.36***	χ²(57) = 791.93***	χ²(57) = 132.72***	χ²(37) = 85.63***
Wald’s test for heteroscedasticity. H0: lnsigma2 = 0
lnsigma2	−0.087***	−0.072***	/	−0.113***	−0.094***	/	/
lnemp(−1)	(0.029)	(0.028)	/	(0.032)	(0.029)	/	/
χ²(1)	9.20***	6.62***		12.22***	10.91***
Likelihood-ratio test; rho = 0: χ²(1) (Prob > χ²)
	/	/	28.68***	/	/	10.07***	0.43

Note(s): Marginal effects (dydx) in square brackets, robust std. err. in round brackets, adjusted for firm level clusters; ***p < 0.01, **p < 0.05, *p < 0.1

Source(s): Authors’ own work, based on data provided by the Statistical Office of the Republic of Slovenia, the Bank of Slovenia, and the Agency of the Republic of Slovenia for Public Legal Records and Related Service

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