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Country-Level Analysis: Results

Laura Vanoli Parietti (University of Fribourg, Switzerland)

Internationalization of Firms: The Role of Institutional Distance on Location and Entry mode

ISBN: 978-1-78714-135-3, eISBN: 978-1-78714-134-6

Publication date: 14 February 2017

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Citation

Parietti, L.V. (2017), "Country-Level Analysis: Results", Internationalization of Firms: The Role of Institutional Distance on Location and Entry mode, Emerald Publishing Limited, Leeds, pp. 165-175. https://doi.org/10.1108/978-1-78714-134-320171006

Publisher

:

Emerald Publishing Limited

Copyright © 2017 Emerald Publishing Limited

Table A.1:

Correlation Matrix of Variables.
LID_inf LID_f INST_qual LGDP_home LGDP LPATENT LTERT LWAGE LNAT_RES LGEO_dist LOPEN LIMP LEXP LINFL LER
LID_inf 1
LID_f −0.163* 1
INST_qual 0.166* −0.487*** 1
LGDP_home 0.116 −0.105 0.0581 1
LGDP −0.0899 0.192** −0.353*** −0.136 1
LPATENT −0.207** 0.0973 −0.155 −0.210** 0.837*** 1
LTERT 0.130 −0.332*** 0.305*** 0.166* −0.286*** −0.295*** 1
LWAGE −0.0573 −0.606*** 0.295*** 0.0627 −0.116 0.0774 0.375*** 1
LNAT_RES −0.0989 −0.179* 0.121 −0.0257 0.130 0.141 −0.128 0.0167 1
LGEO_dist −0.131 0.130 0.141 −0.132 0.115 0.481*** −0.315*** −0.186* 0.180* 1
LOPEN 0.143 −0.453*** 0.196** 0.136 −0.507*** −0.371*** 0.317*** 0.590*** −0.421*** −0.200** 1
LIMP −0.232** −0.0473 −0.284*** 0.0182 0.564*** 0.381*** −0.0724 0.373*** −0.232** −0.475*** 0.0780 1
LEXP −0.165* 0.0199 −0.298*** −0.0503 0.718*** 0.619*** 0.0265 0.217** −0.308*** −0.191** −0.0377 0.828*** 1
LINFL 0.0515 0.292*** 0.000982 0.217** −0.0681 −0.116 −0.305*** −0.387*** 0.196** 0.220** −0.0903 −0.268*** −0.262*** 1
LER −0.118 0.0571 −0.0616 0.0837 0.0233 0.0860 −0.0943 −0.0404 0.0160 0.139 −0.0320 −0.0519 0.0264 0.117 1

Level of significance: *p<0.10; **p<0.05; ***p<0.01.

Table A.2:

Results for Swiss OFDI Determinants, Total Sample with Alternative ID Measures, RE Estimations.
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)
LOFDI_tot MD-KS MD-ED MD-PCA MD-FA KS-MD KS-KS KS-ED KS-PCA KS-FA ED-MD ED-KS ED-ED ED-PCA ED-FA
LMD_inf −0.632** −0.632** −0.704** −0.706**
(0.304) (0.304) (0.300) (0.300)
LKS_inf −0.360*** −0.317*** −0.317*** −0.364*** −0.365***
(0.116) (0.116) (0.116) (0.112) (0.112)
LED_inf −0.709*** −0.634*** −0.634*** −0.728*** −0.729***
(0.230) (0.232) (0.232) (0.225) (0.225)
LMD_f −0.170 −0.171
(0.158) (0.158)
LMD_qual 0.0983 0.0976
(0.237) (0.236)
LKS_f −0.112 −0.101 −0.101
(0.0814) (0.0826) (0.0826)
LKS_qual 0.0157 0.00921 0.00921
(0.102) (0.100) (0.100)
LED_f −0.225 −0.203 −0.203
(0.163) (0.165) (0.165)
LED_qual 0.0314 0.0184 0.0184
(0.203) (0.201) (0.201)
LPCA_f −0.0454 −0.0331 −0.0331
(0.0531) (0.0500) (0.0500)
LPCA_qual 0.0663** 0.0590* 0.0590*
(0.0332) (0.0308) (0.0308)
LFA_f −0.0425 −0.0302 −0.0302
(0.0533) (0.0503) (0.0503)
LFA_qual 0.0647* 0.0575* 0.0575*
(0.0331) (0.0309) (0.0309)
INST_qual 0.0843 0.0561 0.125 0.177* 0.0427 0.0671 0.0506 0.126* 0.172* 0.0430 0.0671 0.0506 0.126* 0.172*
(0.390) (0.213) (0.0791) (0.0971) (0.0796) (0.385) (0.210) (0.0732) (0.0900) (0.0795) (0.385) (0.210) (0.0732) (0.0900)
LGDP_home 1.295*** 1.295*** 1.307*** 1.305*** 1.219*** 1.300*** 1.300*** 1.310*** 1.308*** 1.219*** 1.300*** 1.300*** 1.310*** 1.308***
(0.289) (0.289) (0.302) (0.302) (0.289) (0.292) (0.292) (0.304) (0.304) (0.289) (0.292) (0.292) (0.304) (0.304)
LGDP 1.077*** 1.077*** 1.050*** 1.049*** 1.044*** 1.067*** 1.067*** 1.039*** 1.038*** 1.045*** 1.067*** 1.067*** 1.039*** 1.038***
(0.203) (0.203) (0.214) (0.214) (0.207) (0.203) (0.203) (0.214) (0.214) (0.207) (0.203) (0.203) (0.214) (0.214)
LPATENT −0.0387 −0.0387 −0.0158 −0.0155 −0.0308 −0.0506 −0.0506 −0.0322 −0.0320 −0.0296 −0.0506 −0.0506 −0.0322 −0.0320
(0.121) (0.121) (0.126) (0.126) (0.121) (0.120) (0.120) (0.126) (0.126) (0.121) (0.120) (0.120) (0.126) (0.126)
LTERT 0.0217 0.0217 0.0411 0.0415 0.0543 0.0360 0.0360 0.0572 0.0577 0.0522 0.0360 0.0360 0.0572 0.0577
(0.221) (0.221) (0.223) (0.223) (0.224) (0.227) (0.227) (0.229) (0.229) (0.224) (0.227) (0.227) (0.229) (0.229)
LWAGE 0.0429 0.0429 0.0588 0.0593 0.0459 0.0366 0.0366 0.0507 0.0512 0.0459 0.0366 0.0366 0.0507 0.0512
(0.0558) (0.0558) (0.0586) (0.0587) (0.0575) (0.0539) (0.0539) (0.0551) (0.0552) (0.0575) (0.0539) (0.0539) (0.0551) (0.0552)
LNAT_RES −0.0626 −0.0626 −0.0576 −0.0575 −0.0580 −0.0632 −0.0632 −0.0577 −0.0576 −0.0581 −0.0632 −0.0632 −0.0577 −0.0576
(0.0461) (0.0461) (0.0467) (0.0467) (0.0453) (0.0465) (0.0465) (0.0470) (0.0470) (0.0453) (0.0465) (0.0465) (0.0470) (0.0470)
LGEO_dist −0.238* −0.238* −0.258* −0.259* −0.227* −0.213* −0.213* −0.227* −0.227* −0.228* −0.213* −0.213* −0.227* −0.227*
(0.127) (0.127) (0.137) (0.136) (0.133) (0.128) (0.128) (0.137) (0.137) (0.133) (0.128) (0.128) (0.137) (0.137)
LOPEN 0.584*** 0.584*** 0.637*** 0.638*** 0.604*** 0.575*** 0.575*** 0.621*** 0.621*** 0.604*** 0.575*** 0.575*** 0.621*** 0.621***
(0.149) (0.149) (0.147) (0.147) (0.142) (0.152) (0.152) (0.151) (0.151) (0.142) (0.152) (0.152) (0.151) (0.151)
N 309 309 305 305 315 309 309 305 305 315 309 309 305 305
r2_o 0.782 0.782 0.775 0.775 0.781 0.783 0.783 0.777 0.777 0.780 0.783 0.783 0.777 0.777

Notes: The models are specified by the informal ID-formal ID measures used in the regression. MD=Mahalanobis distance; KS=Kogut & Singh distance; ED=Euclidean distance; PCA=Absolute distance based on the index created via PCA; FA=Absolute distance based on the index created via FA. N is the number of observations and r2_o the overall R2.

Clustered robust standard errors in parentheses. *p<0.10; ***p<0.05; ***p<0.01.

Table A.3:

Results for Swiss OFDI determinants, Manufacturing sample with alternative ID measures, RE estimations
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)
LOFDI_man MD-KS MD-ED MD-PCA MD-FA KS-MD KS-KS KS-ED KS-PCA KS-FA ED-MD ED-KS ED-ED ED-PCA ED-FA
LMD_inf −0.152 −0.152 −0.161 −0.161
(0.158) (0.158) (0.137) (0.137)
LKS_inf −0.122* −0.111 −0.111 −0.107* −0.107*
(0.0711) (0.0740) (0.0740) (0.0623) (0.0623)
LED_inf −0.225 −0.222 −0.222 −0.214* −0.214*
(0.140) (0.148) (0.148) (0.125) (0.125)
LMD_f 0.164 0.164
(0.164) (0.164)
LMD_qual −0.161 −0.163
(0.284) (0.282)
LKS_f 0.0243 0.0301 0.0301
(0.0665) (0.0647) (0.0647)
LKS_qual 0.00459 0.00483 0.00483
(0.100) (0.101) (0.101)
LED_f 0.0485 0.0603 0.0603
(0.133) (0.129) (0.129)
LED_qual 0.00918 0.00967 0.00967
(0.200) (0.202) (0.202)
LPCA_f −0.0381 −0.0334 −0.0334
(0.0426) (0.0413) (0.0413)
LPCA_qual 0.0898*** 0.0888*** 0.0888***
(0.0288) (0.0287) (0.0287)
LFA_f −0.0378 −0.0331 −0.0331
(0.0426) (0.0413) (0.0413)
LFA_qual 0.0897*** 0.0887*** 0.0887***
(0.0288) (0.0288) (0.0288)
INST_qual 0.335 0.327 0.420*** 0.492*** 0.343*** 0.342 0.334 0.424*** 0.496*** 0.342*** 0.342 0.334 0.424*** 0.496***
(0.414) (0.245) (0.0917) (0.0972) (0.0989) (0.417) (0.246) (0.0918) (0.0975) (0.0988) (0.417) (0.246) (0.0918) (0.0975)
LGDP_home 0.734*** 0.734*** 0.761*** 0.761*** 0.742*** 0.738*** 0.738*** 0.765*** 0.764*** 0.741*** 0.738*** 0.738*** 0.765*** 0.764***
(0.276) (0.276) (0.282) (0.282) (0.261) (0.276) (0.276) (0.282) (0.282) (0.262) (0.276) (0.276) (0.282) (0.282)
LGDP 1.110*** 1.110*** 1.136*** 1.136*** 1.160*** 1.104*** 1.104*** 1.129*** 1.129*** 1.160*** 1.104*** 1.104*** 1.129*** 1.129***
(0.188) (0.188) (0.200) (0.200) (0.193) (0.186) (0.186) (0.198) (0.198) (0.193) (0.186) (0.186) (0.198) (0.198)
LPATENT −0.0661 −0.0661 −0.0856 −0.0856 −0.0787 −0.0735 −0.0735 −0.0927 −0.0927 −0.0768 −0.0735 −0.0735 −0.0927 −0.0927
(0.141) (0.141) (0.146) (0.146) (0.144) (0.141) (0.141) (0.146) (0.146) (0.145) (0.141) (0.141) (0.146) (0.146)
LTERT 0.178 0.178 0.167 0.167 0.171 0.188 0.188 0.174 0.174 0.169 0.188 0.188 0.174 0.174
(0.172) (0.172) (0.167) (0.167) (0.194) (0.171) (0.171) (0.164) (0.164) (0.195) (0.171) (0.171) (0.164) (0.164)
LWAGE 0.0860 0.0860 0.0740 0.0741 0.0850 0.0823 0.0823 0.0702 0.0703 0.0854 0.0823 0.0823 0.0702 0.0703
(0.0691) (0.0691) (0.0619) (0.0619) (0.0665) (0.0663) (0.0663) (0.0593) (0.0593) (0.0669) (0.0663) (0.0663) (0.0593) (0.0593)
LNAT_RES −0.00844 −0.00844 −0.0105 −0.0105 −0.0228 −0.0101 −0.0101 −0.0124 −0.0124 −0.0227 −0.0101 −0.0101 −0.0124 −0.0124
(0.0449) (0.0449) (0.0428) (0.0428) (0.0478) (0.0449) (0.0449) (0.0427) (0.0427) (0.0479) (0.0449) (0.0449) (0.0427) (0.0427)
LGEO_dist −0.267** −0.267** −0.255** −0.255** −0.234** −0.254** −0.254** −0.243** −0.243** −0.236** −0.254** −0.254** −0.243** −0.243**
(0.105) (0.105) (0.107) (0.107) (0.110) (0.107) (0.107) (0.108) (0.108) (0.110) (0.107) (0.107) (0.108) (0.108)
LOPEN 0.450*** 0.450*** 0.414*** 0.414*** 0.471*** 0.442*** 0.442*** 0.403*** 0.403*** 0.473*** 0.442*** 0.442*** 0.403*** 0.403***
(0.116) (0.116) (0.0960) (0.0961) (0.107) (0.115) (0.115) (0.0965) (0.0965) (0.108) (0.115) (0.115) (0.0965) (0.0965)
N 240 240 236 236 246 240 240 236 236 246 240 240 236 236
r2_o 0.819 0.819 0.832 0.832 0.816 0.823 0.823 0.836 0.836 0.814 0.823 0.823 0.836 0.836

Notes: The models are specified by the informal ID-formal ID measures used in the regression. MD=Mahalanobis distance; KS=Kogut & Singh distance; ED=Euclidean distance; PCA=Absolute distance based on the index created via PCA; FA=Absolute distance based on the index created via FA. N is the number of observations and r2_o the overall R^2.

Clustered robust standard errors in parentheses (by host countries). *p<0.10; **p<0.05; ***p<0.01.

Table A.4:

Results for Swiss OFDI determinants, Services sample with alternative ID measures, RE estimations
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)
LOFDI_serv MD-KS MD-ED MD-PCA MD-FA KS-MD KS-KS KS-ED KS-PCA KS-FA ED-MD ED-KS ED-ED ED-PCA ED-FA
LMD_inf −0.771** −0.771** −0.855** −0.855**
(0.347) (0.347) (0.337) (0.337)
LKS_inf −0.464*** −0.378*** −0.378*** −0.456*** −0.456***
(0.151) (0.142) (0.142) (0.146) (0.146)
LED_inf −0.920*** −0.755*** −0.755*** −0.911*** −0.911***
(0.301) (0.283) (0.283) (0.292) (0.292)
LMD_f −0.373** −0.374**
(0.174) (0.173)
LMD_qual 0.841** 0.839**
(0.335) (0.334)
LKS_f −0.240*** −0.227*** −0.227***
(0.0763) (0.0783) (0.0783)
LKS_qual 0.132 0.115 0.115
(0.234) (0.234) (0.234)
LED_f −0.479*** −0.454*** −0.454***
(0.153) (0.157) (0.157)
LED_qual 0.265 0.229 0.229
(0.468) (0.467) (0.467)
LPCA_f −0.0269 −0.00893 −0.00893
(0.0732) (0.0703) (0.0703)
LPCA_qual −0.0270 −0.0378 −0.0378
(0.0915) (0.0893) (0.0893)
LFA_f −0.0261 −0.00814 −0.00814
(0.0731) (0.0701) (0.0701)
LFA_qual −0.0279 −0.0387 −0.0387
(0.0915) (0.0894) (0.0894)
INST_qual 0.226 −0.0112 −0.276 −0.299 −0.254* 0.170 −0.0355 −0.277 −0.309 −0.253* 0.170 −0.0355 −0.277 −0.309
(0.977) (0.564) (0.272) (0.338) (0.145) (0.979) (0.567) (0.262) (0.328) (0.145) (0.979) (0.567) (0.262) (0.328)
LGDP_home 1.438*** 1.438*** 1.445*** 1.444*** 1.310*** 1.459*** 1.459*** 1.463*** 1.462*** 1.310*** 1.459*** 1.459*** 1.463*** 1.462***
(0.410) (0.410) (0.440) (0.440) (0.419) (0.417) (0.417) (0.447) (0.447) (0.419) (0.417) (0.417) (0.447) (0.447)
LGDP 1.152*** 1.152*** 1.021*** 1.021*** 1.021*** 1.112*** 1.112*** 0.981*** 0.981*** 1.023*** 1.112*** 1.112*** 0.981*** 0.981***
(0.205) (0.205) (0.256) (0.256) (0.228) (0.208) (0.208) (0.257) (0.257) (0.228) (0.208) (0.208) (0.257) (0.257)
LPATENT −0.132 −0.132 −0.0362 −0.0361 −0.0789 −0.135 −0.135 −0.0499 −0.0498 −0.0771 −0.135 −0.135 −0.0499 −0.0498
(0.111) (0.111) (0.148) (0.148) (0.132) (0.117) (0.117) (0.152) (0.152) (0.132) (0.117) (0.117) (0.152) (0.152)
LTERT −0.469 −0.469 −0.398 −0.397 −0.384 −0.460 −0.460 −0.383 −0.383 −0.388 −0.460 −0.460 −0.383 −0.383
(0.353) (0.353) (0.375) (0.375) (0.377) (0.366) (0.366) (0.388) (0.388) (0.377) (0.366) (0.366) (0.388) (0.388)
LWAGE −0.0601 −0.0601 −0.0201 −0.0200 −0.0518 −0.0703 −0.0703 −0.0329 −0.0328 −0.0520 −0.0703 −0.0703 −0.0329 −0.0328
(0.0710) (0.0710) (0.0841) (0.0841) (0.0736) (0.0682) (0.0682) (0.0779) (0.0779) (0.0734) (0.0682) (0.0682) (0.0779) (0.0779)
LGEO_dist −0.203 −0.203 −0.254 −0.254 −0.237 −0.174 −0.174 −0.213 −0.213 −0.238 −0.174 −0.174 −0.213 −0.213
(0.156) (0.156) (0.180) (0.180) (0.167) (0.159) (0.159) (0.182) (0.182) (0.166) (0.159) (0.159) (0.182) (0.182)
LOPEN 0.541*** 0.541*** 0.696*** 0.696*** 0.573*** 0.522*** 0.522*** 0.665*** 0.665*** 0.574*** 0.522*** 0.522*** 0.665*** 0.665***
(0.155) (0.155) (0.166) (0.166) (0.153) (0.159) (0.159) (0.166) (0.166) (0.153) (0.159) (0.159) (0.166) (0.166)
N 248 248 244 244 254 248 248 244 244 254 248 248 244 244
r2_o 0.666 0.666 0.638 0.638 0.697 0.665 0.665 0.643 0.643 0.696 0.665 0.665 0.643 0.643

Notes: The models are specified by the informal ID-formal ID measures used in the regression. MD=Mahalanobis distance; KS=Kogut & Singh distance; ED=Euclidean distance; PCA=Absolute distance based on the index created via PCA; FA=Absolute distance based on the index created via FA. N is the number of observations and r2_o the overall R2.

Clustered robust standard errors in parentheses (by host countries). *p<0.10; **p<0.05; ***p<0.01.

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