Institutional Risk Preference and Asymmetric Role of Institutional Distance: An Examination on the OFDI of China

Table 2

Variable definitions and descriptive statistics of variables.

Variable	Meaning	Unit	Max	Min	Average	Standard deviation
OFDI	China’s foreign investment flows	U.S. $10,000	1045248	-45713	24891.31	74723.39
CD	Cultural distance	—	7.72	0.55	2.88	1.82
PD	Political distance	—	4.6	0.09	1.19	0.93
ED	Economic distance	—	19.82	0.003	4.64	4.06
CGDP	China’s GDP	U.S.$1,000,000,000	94781.27	17989.83	50462.05	25475.03
HGDP	GDP of host country	U.S.$1,000,000,000	59163.17	8.251781	5135.098	11929.82
DIS	Geographic distance	Kilometers	7722.64	1172.05	5568.86	1754.18
HAGDP	Per capita GDP of host country	U.S. $	60351.14	330.30	11112.38	12095.47
RD	R&D expenditure (% of GDP)	%	63.58	0	22.84	15.67
IM	Degree of dependence on import trade	%	73.02	0.16	10.99	11.03
Nature	Fuel, ore and metal exports (% of merchandise exports)	%	99.79	0	24.42	27.29

Note. In the table, the flow of China’s foreign investment, China’s GDP, GDP, and per capita GDP of the host country are all expressed in constant US dollars in 2010.