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

Table 3

Institutional distance and China’s OFDI.

Model variables

(1)

(2)

(3)

(4)

(5)

(6)

First

Second

First

Second

First

Second

First

Second

First

Second

First

Second

ln (CGDP)

0.288; (2.69)

2.711; (7.09)

0.384; (2.30)

2.859; (8.50)

0.414; (2.47)

2.949; (10.43)

0.478; (2.89)

2.612; (5.37)

0.350; (2.05)

3.018; (10.78)

0.406; (2.36)

2.934; (9.56)

ln (HGDP)

0.329; (9.80)

0.058; (0.23)

0.401; (7.86)

0.266; (1.45)

0.410; (7.34)

0.355; (2.23)

0.505; (8.91)

−0.091; (−0.28)

0.398; (7.13)

0.368; (2.43)

0.495; (7.56)

0.135; (0.68)

ln (DIS)

1.350; (−9.44)

−1.289; (−1.73)

−0.534; (−1.96)

−1.714; (−3.58)

−0.296; (−1.07)

−2.092; (−5.50)

−0.648; (−2.34)

−1.352; (−1.83)

−0.456; (−1.56)

−2.014; (−5.13)

−0.619; (−2.10)

−1.726; (−3.74)

PD

−0.244; (−2.37)

0.400; (2.08)

−0.239; (−1.93)

0.201; (1.10)

−0.155; (−2.21)

0.161 (0.83)

ED

−0.136; (−2.05)

0.449; (3.59)

−0.077; (−1.06)

0.382; (2.86)

−0.075; (−1.04)

0.389; (2.73)

CD

0.148; (3.27)

−0.252; (−1.62)

0.138; (2.92)

−0.182; (−1.88)

ln (HAGDP)

0.146; (1.47)

0.112; (0.64)

0.008; (0.09)

0.199; (1.44)

0.023; (0.31)

0.325; (1.83)

0.151; (1.30)

0.109; (0.67)

0.109; (0.93)

0.127; (0.72)

RD

−0.016; (−2.80)

−0.034; (−2.88)

−0.012; (−2.11)

−0.048; (−4.98)

−0.022; (−3.73)

−0.020; (−1.87)

−0.011; (−1.95)

−0.049; (−5.26)

−0.017; (−2.71)

−0.042; (−3.73)

EX

0.015; (1.46)

0.006; (0.35)

0.020; (1.67)

0.004; (0.29)

0.011; (1.07)

0.003; (0.12)

0.022; (1.87)

0.002; (0.12)

0.018; (1.58)

−0.004; (−0.23)

Nature

−0.010; (−3.28)

0.013; (1.97)

−0.010; (−3.53)

0.020; (3.47)

−0.011; (−3.72)

0.017; (1.70)

−0.014; (−3.98)

0.022; (3.39)

−0.018; (−4.64)

0.029; (3.73)

RTA

0.179; (1.86)

0.267; (1.91)

0.347; (2.42)

0.265; (1.89)

0.347; (2.40)

0.335; (2.31)

Constant

8.223; (5.41)

−3.320; (−0.57)

−0.476; (−0.21)

−3.706; (−0.95)

−1.868; (−0.81)

−2.712; (−0.81)

−0.189; (−0.08)

−3.618; (−0.65)

−0.899; (−0.38)

−3.391; (−1.02)

−0.314; (−0.13)

−3.625; (−0.99)

Mills

−3.77; (−2.35)

−3.19; (−2.41)

−1.49; (−1.75)

−3.41; (−2.42)

−1.45; (−1.76)

−2.17; (−2.62)

LR

20.70

160.85

299.84

78.32

311.49

269.79

N

656

588

571

588

588

571

Note. The number in the brackets is t value; , , and represent the significance levels of 1%, 5%, and 10%, respectively; N represents the total number of samples; LR represents the likelihood ratio statistic; Mills represents the inverse Mills ratio.