Table 5 Cross section probit results of...

Table 5

Cross section probit results of foreign (PCN) manager appointment in foreign-owned firms in Slovenia

	(1) MgrForeign_1 yr probit	(2) MgrForeign_2 yr probit	(3) MgrPCN_1 yr heteroscedastic probit	(4) MgrPCN_2 yr heteroscedastic probit
Firm-specific factors
lnAge	−0.447***	−0.247**	−0.291**	−0.225**
lnAge	(0.128)	(0.114)	(0.119)	(0.089)
lnSize (−1)	0.306***	0.259***	0.323***	0.318***
lnSize (−1)	(0.080)	(0.066)	(0.038)	(0.042)
ExPropensity (−1)	0.207	0.077	0.041	−0.057
ExPropensity (−1)	(0.298)	(0.267)	(0.269)	(0.241)
dOutFDI (−1)	0.373	−0.092	0.348	0.143
dOutFDI (−1)	(0.304)	(0.282)	(0.242)	(0.191)
Host market structure factors
IndMarkup (−1)	0.608***	0.440***	0.529***	0.509***
IndMarkup (−1)	(0.168)	(0.138)	(0.133)	(0.117)
HighTech	0.356	0.574	0.632**	0.774***
HighTech	(0.436)	(0.357)	(0.293)	(0.299)
lnTFPlocal (−1)	−0.591***	−0.376**	−0.423***	−0.302**
lnTFPlocal (−1)	(0.165)	(0.151)	(0.149)	(0.138)
lnMarketSize (−1)	−0.028	−0.007	0.154	0.096
lnMarketSize (−1)	(0.110)	(0.083)	(0.109)	(0.091)
lnNoLocalFirms (−1)	−0.112	−0.094	−0.217**	−0.137*
lnNoLocalFirms (−1)	(0.103)	(0.085)	(0.098)	(0.083)
Country-specific (macro) factors
dist	−2.20e−6	−2.81e−5	6.55e−6	5.13e−5*
dist	(4.3e−5)	(4.18e−5)	(3.56e−5)	(2.8e−5)
dist_c_pdi	−0.008	−0.008	−0.017**	−0.016***
dist_c_pdi	(0.009)	(0.008)	(0.009)	(0.006)
dist_c_idv	0.004	0.004	0.004	0.002
dist_c_idv	(0.008)	(0.007)	(0.006)	(0.005)
dist_c_mas	−0.010	−0.007	0.001	0.004
dist_c_mas	(0.009)	(0.007)	(0.006)	(0.005)
dist_c_uai	−0.024*	−0.016	−0.005	−0.003
dist_c_uai	(0.014)	(0.0126)	(0.012)	(0.009)
dist_c_ltowvs	0.002	0.003	−0.007	−0.008
dist_c_ltowvs	(0.014)	(0.012)	(0.011)	(0.009)
dist_c_ivr	0.085***	0.055**	0.039*	0.028
dist_c_ivr	(0.028)	(0.024)	(0.022)	(0.018)
Constant	−5.279	−4.244**	−7.284***	−6.444***
Constant	(2.109)	(1.799)	(2.053)	(1.799)
Observations	576	601	529	554
Log (pse.) likelihood	−83.3405	−111.7728	−44.0342	−51.3876
Wald test	χ²(23) = 70.24***	χ²(24) = 54.98***	χ²(21) = 149.61***	χ²(22) = 93.09***
Wald’s test for heteroscedasticity. H0: lnsigma2 = 0
lnsigma2	0.100	0.194	−0.205**	−0.245***
lnemp(−1)	(0.163)	(0.121)	(0.088)	(0.070)
χ²(1)	0.38	2.55	5.43**	12.35***

	(1)MgrForeign_1 yr probit	(2)MgrForeign_2 yr probit	(3)MgrPCN_1 yr heteroscedastic probit	(4)MgrPCN_2 yr heteroscedastic probit
Firm-specific factors
lnAge	−0.447***	−0.247**	−0.291**	−0.225**
lnAge	(0.128)	(0.114)	(0.119)	(0.089)
lnSize (−1)	0.306***	0.259***	0.323***	0.318***
lnSize (−1)	(0.080)	(0.066)	(0.038)	(0.042)
ExPropensity (−1)	0.207	0.077	0.041	−0.057
ExPropensity (−1)	(0.298)	(0.267)	(0.269)	(0.241)
dOutFDI (−1)	0.373	−0.092	0.348	0.143
dOutFDI (−1)	(0.304)	(0.282)	(0.242)	(0.191)
Host market structure factors
IndMarkup (−1)	0.608***	0.440***	0.529***	0.509***
IndMarkup (−1)	(0.168)	(0.138)	(0.133)	(0.117)
HighTech	0.356	0.574	0.632**	0.774***
HighTech	(0.436)	(0.357)	(0.293)	(0.299)
lnTFPlocal (−1)	−0.591***	−0.376**	−0.423***	−0.302**
lnTFPlocal (−1)	(0.165)	(0.151)	(0.149)	(0.138)
lnMarketSize (−1)	−0.028	−0.007	0.154	0.096
lnMarketSize (−1)	(0.110)	(0.083)	(0.109)	(0.091)
lnNoLocalFirms (−1)	−0.112	−0.094	−0.217**	−0.137*
lnNoLocalFirms (−1)	(0.103)	(0.085)	(0.098)	(0.083)
Country-specific (macro) factors
dist	−2.20e−6	−2.81e−5	6.55e−6	5.13e−5*
dist	(4.3e−5)	(4.18e−5)	(3.56e−5)	(2.8e−5)
dist_c_pdi	−0.008	−0.008	−0.017**	−0.016***
dist_c_pdi	(0.009)	(0.008)	(0.009)	(0.006)
dist_c_idv	0.004	0.004	0.004	0.002
dist_c_idv	(0.008)	(0.007)	(0.006)	(0.005)
dist_c_mas	−0.010	−0.007	0.001	0.004
dist_c_mas	(0.009)	(0.007)	(0.006)	(0.005)
dist_c_uai	−0.024*	−0.016	−0.005	−0.003
dist_c_uai	(0.014)	(0.0126)	(0.012)	(0.009)
dist_c_ltowvs	0.002	0.003	−0.007	−0.008
dist_c_ltowvs	(0.014)	(0.012)	(0.011)	(0.009)
dist_c_ivr	0.085***	0.055**	0.039*	0.028
dist_c_ivr	(0.028)	(0.024)	(0.022)	(0.018)
Constant	−5.279	−4.244**	−7.284***	−6.444***
Constant	(2.109)	(1.799)	(2.053)	(1.799)
Observations	576	601	529	554
Log (pse.) likelihood	−83.3405	−111.7728	−44.0342	−51.3876
Wald test	χ²(23) = 70.24***	χ²(24) = 54.98***	χ²(21) = 149.61***	χ²(22) = 93.09***
Wald’s test for heteroscedasticity. H0: lnsigma2 = 0
lnsigma2	0.100	0.194	−0.205**	−0.245***
lnemp(−1)	(0.163)	(0.121)	(0.088)	(0.070)
χ²(1)	0.38	2.55	5.43**	12.35***

Note(s): Robust Std. Err. in round brackets; ***p < 0.01, **p < 0.05, *p < 0.1. Industry dummies included

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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