Fixed effects results of PCN manager share in foreign-owned firms in Slovenia
| MgrPCN_share | MgrPCN_share | MgrPCN_share | |
|---|---|---|---|
| (1) | (2) | (3) | |
| Firm-specific factors | |||
| lnAge | 0.0019 | 0.0021 | 0.00203 |
| (0.006) | (0.006) | (0.006) | |
| lnSize (−1) | 0.0009 | 0.0027 | 0.0027 |
| (0.003) | (0.003) | (0.003) | |
| ExPropensity (−1) | 0.0118 | 0.0112 | 0.0113 |
| (0.008) | (0.008) | (0.008) | |
| dOutFDI (−1) | −0.0058 | −0.0046 | −0.0049 |
| (0.008) | (0.008) | (0.008) | |
| ShareHEemp | 0.0005*** | 0.0007*** | 0.0007*** |
| (0.0001) | (0.0001) | (0.0001) | |
| ForeignOwner_share | −0.266 | ||
| (0.204) | |||
| Host market structure factors | |||
| TFPgap (−1) | −0.0036* | −0.0046** | −0.0046** |
| (0.002) | (0.002) | (0.002) | |
| lnMarketSize (−1) | −0.0074* | −0.0054 | −0.00544 |
| (0.004) | (0.004) | (0.00365) | |
| lnNoLocalFirms(−1) | 0.0112*** | 0.0059 | 0.00597 |
| (0.004) | (0.004) | (0.004) | |
| IndMarkup (−1) | 1.0e−06 | 5.0e−07 | 4.9e−07 |
| (1.5e−06) | (1.4e−06) | (1.4e−06) | |
| Country-specific factors | |||
| lndist | 0.0255 | 0.0255 | |
| (0.0551) | (0.055) | ||
| dist_c_pdi | −0.0006 | −0.0006 | |
| (0.001) | (0.001) | ||
| dist_c_idv | −0.0007 | −0.0007 | |
| (0.001) | (0.001) | ||
| dist_c_mas | 0.0007 | 0.0007 | |
| (0.001) | (0.001) | ||
| dist_c_uai | 0.0005 | 0.0005 | |
| (0.002) | (0.002) | ||
| dist_c_ltovs | −0.0003 | −0.0003 | |
| (0.001) | (0.001) | ||
| dist_c_ivr | −0.0029 | −0.0029 | |
| (0.002) | (0.002) | ||
| Constant | 0.1030 | −0.0222 | −0.0200 |
| (0.121) | (0.383) | (0.383) | |
| Year dummies | yes | yes | yes |
| Investor’s region dummies | yes | yes | yes |
| Industry dummies | yes | yes | yes |
| Observations | 6,715 | 6,208 | 6,199 |
| R2 | 0.067 | 0.057 | 0.057 |
| MgrPCN_share | MgrPCN_share | MgrPCN_share | |
|---|---|---|---|
| (1) | (2) | (3) | |
| lnAge | 0.0019 | 0.0021 | 0.00203 |
| (0.006) | (0.006) | (0.006) | |
| lnSize (−1) | 0.0009 | 0.0027 | 0.0027 |
| (0.003) | (0.003) | (0.003) | |
| ExPropensity (−1) | 0.0118 | 0.0112 | 0.0113 |
| (0.008) | (0.008) | (0.008) | |
| dOutFDI (−1) | −0.0058 | −0.0046 | −0.0049 |
| (0.008) | (0.008) | (0.008) | |
| ShareHEemp | 0.0005*** | 0.0007*** | 0.0007*** |
| (0.0001) | (0.0001) | (0.0001) | |
| ForeignOwner_share | −0.266 | ||
| (0.204) | |||
| TFPgap (−1) | −0.0036* | −0.0046** | −0.0046** |
| (0.002) | (0.002) | (0.002) | |
| lnMarketSize (−1) | −0.0074* | −0.0054 | −0.00544 |
| (0.004) | (0.004) | (0.00365) | |
| lnNoLocalFirms(−1) | 0.0112*** | 0.0059 | 0.00597 |
| (0.004) | (0.004) | (0.004) | |
| IndMarkup (−1) | 1.0e−06 | 5.0e−07 | 4.9e−07 |
| (1.5e−06) | (1.4e−06) | (1.4e−06) | |
| lndist | 0.0255 | 0.0255 | |
| (0.0551) | (0.055) | ||
| dist_c_pdi | −0.0006 | −0.0006 | |
| (0.001) | (0.001) | ||
| dist_c_idv | −0.0007 | −0.0007 | |
| (0.001) | (0.001) | ||
| dist_c_mas | 0.0007 | 0.0007 | |
| (0.001) | (0.001) | ||
| dist_c_uai | 0.0005 | 0.0005 | |
| (0.002) | (0.002) | ||
| dist_c_ltovs | −0.0003 | −0.0003 | |
| (0.001) | (0.001) | ||
| dist_c_ivr | −0.0029 | −0.0029 | |
| (0.002) | (0.002) | ||
| Constant | 0.1030 | −0.0222 | −0.0200 |
| (0.121) | (0.383) | (0.383) | |
| Year dummies | yes | yes | yes |
| Investor’s region dummies | yes | yes | yes |
| Industry dummies | yes | yes | yes |
| Observations | 6,715 | 6,208 | 6,199 |
| 0.067 | 0.057 | 0.057 | |
Note(s): Robust Std. Err. in round brackets, adjusted for firm 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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