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

Table 4

Institutional preference.

Model variables	(1)		(2)		(3)
	First	Second	First	Second	First	Second
ln (CGDP)	0.392; (2.34)	2.862; (9.56)	0.543; (2.24)	3.166; (8.50)	0.460; (2.37)	2.848; (6.84)
ln (HGDP)	0.41; (7.80)	0.325; (2.01)	0.517; (7.46)	0.476; (3.93)	0.627; (8.93)	0.157; (0.54)
ln (DIS)	−0.473; (−1.68)	−2.080; (−4.77)	0.257; (0.68)	−2.002; (−4.28)	−0.567; (−1.49)	−1.771; (−2.61)
PD	−0.222; (−2.10)	0.302; (1.76)
PDD	0.189; (0.92)	−0.797; (−2.84)
ED			−0.066; (−0.88)	0.574; (3.94)
EDD			0.453; (2.19)	0.209; (1.77)
CD					0.198; (4.03)	−0.307; (−2.26)
CDD					0.015; (0.64)	0.011; (0.30)
ln (HAGDP)	0.085; (0.71)	0.376; (2.10)	0.268; (2.43)	0.018; (0.10)	−0.039; (−0.45)	0.610; (3.74)
RD	−0.017; (−2.89)	−0.034; (−3.25)	−0.019; (−2.97)	−0.049; (−4.73)	−0.017; (−2.58)	−0.038; (−2.70)
EX	0.016; (1.51)	0.004; (0.27)	0.068; (3.42)	0.009; (0.37)	0.006; (0.32)	0.006; (0.17)
Nature	−0.009; (−2.78)	0.007; (1.24)	−0.015; (−4.49)	0.024; (4.19)	−0.013; (−4.07)	0.027; (3.19)
RTA	0.295; (2.05)		0.596; (3.38)		0.378; (2.53)
Constant	−0.766; (−0.33)	−2.519; (−0.71)	−6.274; (−2.09)	−5.155; (−1.34)	−1.082; (−0.40)	−4.181; (−0.89)
Mills	−1.951; (−2.20)	−0.933; (−1.65)	−2.62; (−2.68)
LR	212.10	297.94	179.46
N	588	478	536

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