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Firm-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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Parietti, L.V. (2017), "Firm-Level Analysis: Results", Internationalization of Firms: The Role of Institutional Distance on Location and Entry mode, Emerald Publishing Limited, Leeds, pp. 177-188. https://doi.org/10.1108/978-1-78714-134-320171008

Publisher

:

Emerald Publishing Limited

Copyright © 2017 Emerald Publishing Limited

Table B.1:

Correlation Matrix of Variables for Firm-Level Analysis.
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22)
(1) ID_inf 1
(2) ID_f 0.557*** 1
(3) INST_qual 0.152* 0.103 1
(4) ID_qual 0.152* 0.103 1 1
(5) Int_exp 0.0209 0.0690 0.0475 0.0475 1
(6) Host_exp −0.262*** −0.134* 0.0623 0.0623 0.488*** 1
(7) Acqu_exp 0.0577 0.0484 0.122 0.122 0.357*** 0.133* 1
(8) Green_exp 0.190** 0.237*** 0.0936 0.0936 0.359*** 0.208*** 0.425*** 1
(9) Network −0.211*** −0.151* 0.0523 0.0523 0.359*** 0.461*** 0.183** 0.102 1
(10) Cluster 0.156* 0.0138 0.198** 0.198** 0.0709 0.00887 0.0535 0.136* 0.0619 1
(11) Expansion −0.0370 −187.0 −0.0254 −0.0254 −0.0199 0.0111 0.0859 −0.0438 0.00763 −0.0637 1
(12) Diversification 0.0220 −0.001394 −0.0113 −0.0113 0.0829 0.109 0.111 0.163** 0.0913 −0.0571 −0.0443 1
(13) New_markets −0.0736 −0.0253 −0.0589 −0.0589 −0.157* −0.0222 −0.276*** −205.0** −0.0585 0.0518 −0.230*** −208.0 1
(14) Nat_res 0.0882 −0.0912 −0.0162 −0.0162 0.118 0.155* 0.0131 −0.0375 0.0572 −0.0816 −0.0632 −0.0282 −0.147* 1
(15) Human_res −0.0101 −0.0171 −0.0147 −0.0147 −0.0592 −0.0852 −0.120 −0.0834 −0.0413 0.0304 −0.0575 −0.0256 −0.133* −0.0366 1
(16) New_technologies −0.254*** −0.270*** −0.0362 −0.0362 0.107 0.0260 0.0419 0.0324 0.103 0.0153 −0.141* −0.0631 −0.328*** −0.0901 −0.0820 1
(17) Low_wages 0.292*** 0.384*** 0.126 0.126 0.0199 −0.0929 0.197** 0.168** −0.0823 0.0250 −0.202** −0.0899 −0.468*** −0.128 −0.117 −0.287*** 1
(18) Sector 0.00446 0.151* 0.0451 0.0451 0.0502 −0.0264 −0.0257 0.0537 0.0669 −0.119 −0.0347 0.0787 −0.131 −0.0445 −0.0691 −0.113 0.258*** 1
(19) Firm_size −0.0697 −0.0130 −0.0321 −0.0321 0.0796 0.0471 0.308*** 0.168** 0.00357 0.0329 0.146* −0.0560 −0.0671 −0.0296 −0.128 −0.0489 0.0878 −0.0277 1
(20) Time_period −0.0487 0.136* −0.0494 −0.0494 0.145* 0.0994 0.178** 0.153* 0.153* 0.147* 0.0478 0.102 −0.104 −0.0335 −0.0142 0.118 −0.0307 −0.0618 0.0550 1
(21) Size_foreign_operation −0.0500 −0.0346 0.189** 0.189** 0.137* 0.124 0.121 0.117 0.0633 0.0216 −0.0497 0.0912 −0.120 −0.0866 0.0545 0.104 0.0665 0.0497 −0.149* 0.0231 1
(22) Host_R&D −0.0917 −0.0888 0.0162 0.0162 −0.120 −0.120 −0.0124 −0.0790 −0.0162 −0.0632 −0.0199 −0.0176 −0.167** −0.0507 0.180** 0.153* 0.0289 0.0225 −0.257*** 0.0779 0.516*** 1

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

Table B.2:

Results for Determinants of Establishment Choice of Swiss Firms.
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)
Establishment Logit Logit_R Logit Logit_R Logit Logit_R Probit Probit_R Probit Probit_R Probit Probit_R
ID_inf 0.270 0.270 0.379 0.379 0.0715 0.0715 0.164 0.164 0.234 0.234* 0.0546 0.0546
(0.201) (0.196) (0.253) (0.240) (0.517) (0.480) (0.120) (0.117) (0.150) (0.138) (0.316) (0.290)
ID_f −0.232 −0.232 −0.384 −0.384* −0.749 −0.749* −0.142 −0.142 −0.231 −0.231* −0.482 −0.482*
(0.200) (0.191) (0.257) (0.233) (0.521) (0.454) (0.121) (0.116) (0.154) (0.136) (0.317) (0.274)
Int_exp 0.599 0.599 −1.159 −1.159 0.360 0.360 −0.748 −0.748
(0.539) (0.555) (1.694) (1.667) (0.323) (0.325) (1.004) (0.943)
Host_exp 0.254 0.254 0.173 0.173 0.123 0.123 0.0944 0.0944
(0.509) (0.496) (1.409) (1.272) (0.307) (0.293) (0.858) (0.764)
Acqu_exp 0.573 0.573 1.600 1.600 0.333 0.333 1.017 1.017
(0.560) (0.566) (1.523) (1.448) (0.330) (0.320) (0.893) (0.814)
Green_exp 0.315 0.315 2.910** 2.910** 0.208 0.208 1.734** 1.734**
(0.472) (0.445) (1.344) (1.337) (0.283) (0.265) (0.771) (0.737)
Network 0.759 0.759 −0.719 −0.719 0.466* 0.466* −0.424 −0.424
(0.470) (0.470) (1.545) (1.495) (0.281) (0.278) (0.925) (0.871)
Cluster −0.555 −0.555 1.021 1.021 −0.346 −0.346 0.521 0.521
(0.583) (0.605) (1.528) (1.477) (0.344) (0.347) (0.922) (0.857)
Expansion −13.77 −13.77*** −15.16 −15.16*** −4.182 −4.182*** −5.345 −5.345***
(1465.9) (1.142) (1459.7) (1.372) (223.8) (0.554) (363.7) (0.594)
Diversification −14.57 −14.57*** −16.23 −16.23*** −4.612 −4.612*** −5.941 −5.941***
(1465.9) (1.443) (1459.7) (1.738) (223.8) (0.801) (363.7) (0.868)
New_markets −13.29 −13.29*** −14.43 −14.43*** −3.896 −3.896*** −4.925 −4.925***
(1465.9) (1.025) (1459.7) (1.305) (223.8) (0.468) (363.7) (0.521)
Natural_res −14.76 −14.76*** −16.63 −16.63*** −4.741 −4.741*** −6.195 −6.195***
(1465.9) (1.220) (1459.7) (1.659) (223.8) (0.634) (363.7) (0.785)
Human_res −11.74 −11.74*** −12.73 −12.73*** −2.942 −2.942*** −3.883 −3.883***
(1465.9) (1.702) (1459.7) (2.071) (223.8) (0.877) (363.7) (0.941)
New_technologies −13.58 −13.58*** −14.99 −14.99*** −4.066 −4.066*** −5.246 −5.246***
(1465.9) (1.127) (1459.7) (1.462) (223.8) (0.543) (363.7) (0.631)
Low_wages −13.52 −13.52*** −14.30 −14.30*** −4.011 −4.011*** −4.794 −4.794***
(1465.9) (1.083) (1459.7) (1.398) (223.8) (0.526) (363.7) (0.590)
Sector 0.204 0.204 −0.0231 −0.0231 0.124 0.124 −0.0197 −0.0197
(0.474) (0.446) (0.566) (0.522) (0.286) (0.265) (0.339) (0.301)
Firm_size_medium 0.899 0.899 1.164 1.164 0.546 0.546 0.721* 0.721*
(0.625) (0.622) (0.730) (0.709) (0.375) (0.368) (0.426) (0.391)
Firm_size_large 0.909 0.909 1.065 1.065 0.587 0.587 0.676 0.676
(0.672) (0.635) (0.797) (0.783) (0.405) (0.379) (0.464) (0.429)
2_time_period 0.408 0.408 0.723 0.723 0.204 0.204 0.378 0.378
(0.695) (0.698) (0.770) (0.756) (0.406) (0.400) (0.452) (0.420)
3_time_period −0.237 −0.237 −0.364 −0.364 −0.152 −0.152 −0.239 −0.239
(0.595) (0.572) (0.652) (0.605) (0.357) (0.338) (0.393) (0.351)
Size_foreign_operation −0.0111 −0.0111 −0.0143 −0.0143 −0.00719 −0.00719 −0.00918 −0.00918
(0.0140) (0.0169) (0.0168) (0.0207) (0.00803) (0.00926) (0.00950) (0.0105)
Host_R&D −0.000250 −0.000250 0.00466 0.00466 0.0000252 0.0000252 0.00268 0.00268
(0.0123) (0.0131) (0.0146) (0.0170) (0.00740) (0.00764) (0.00848) (0.00908)
Ownership −0.222 −0.222 −0.115 −0.115 −0.113 −0.113 −0.0759 −0.0759
(0.506) (0.554) (0.581) (0.620) (0.295) (0.307) (0.339) (0.344)
ID_inf*Int_exp 1.276* 1.276* 0.763* 0.763*
(0.752) (0.718) (0.448) (0.417)
ID_inf*Host_exp −0.707 −0.707 −0.450 −0.450
(0.783) (0.687) (0.466) (0.396)
ID_inf*Acqu_exp −1.042 −1.042 −0.649 −0.649
(0.726) (0.777) (0.417) (0.407)
ID_inf*Green_exp 0.0243 0.0243 0.0473 0.0473
(0.721) (0.727) (0.418) (0.394)
ID_f*Int_exp −0.00173 −0.00173 0.0260 0.0260
(0.778) (0.781) (0.457) (0.440)
ID_f*Host_exp 0.566 0.566 0.358 0.358
(0.674) (0.566) (0.404) (0.331)
ID_f*Acqu_exp 0.341 0.341 0.195 0.195
(0.748) (0.703) (0.441) (0.388)
ID_f*Green_exp −1.093* −1.093* −0.673* −0.673**
(0.657) (0.563) (0.392) (0.324)
ID_inf*Network 0.531 0.531 0.315 0.315
(0.774) (0.731) (0.456) (0.415)
ID_f*Network 0.193 0.193 0.115 0.115
(0.720) (0.644) (0.432) (0.375)
ID_inf*Cluster −1.514** −1.514** −0.911** −0.911**
(0.744) (0.698) (0.444) (0.404)
ID_f*Cluster 0.617 0.617 0.402 0.402
(0.663) (0.534) (0.406) (0.325)
N 161 161 156 156 156 156 161 161 156 156 156 156
Pseudo R2 0.011 0.011 0.124 0.124 0.213 0.213 0.011 0.011 0.125 0.125 0.216 0.216
AIC 201.8 201.8 215.2 215.2 222.3 222.3 201.8 201.8 215.0 215.0 221.7 221.7
BIC 211.0 211.0 288.4 288.4 332.1 332.1 211.0 211.0 288.2 288.2 331.5 331.5

Notes: The dependent variable is the probability to choose a greenfield (est=1) versus the probability to choose an acquisition (est=0). The three model specifications (i.e., only ID determinants, all determinants, and determinants with interactions effects) are estimated using a logit model and a logit model with robust variance, as well as using a probit model without and with robust variance. The following statistics are reported: the number of observations (N); the pseudo R2; the Akaike Information Criterion (AIC); and the Bayesian Information Criterion (BIC). Standard errors in parentheses. *p<0.10, **p<0.05, ***p<0.01.

Table B.3:

Results for Determinants of Ownership Choice of Swiss Firms.
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)
Ownership Logit Logit_R Logit Logit_R Logit Logit_R Probit Probit_R Probit Probit_R Probit Probit_R
ID_inf −0.237 −0.237 −0.0598 −0.0598 1.749** 1.749* −0.146 −0.146 −0.0112 −0.0112 1.046** 1.046**
(0.183) (0.189) (0.254) (0.287) (0.839) (0.934) (0.112) (0.115) (0.146) (0.149) (0.479) (0.472)
ID_f −0.330* −0.330* −0.345 −0.345 −3.118* −3.118** −0.206* −0.206* −0.216 −0.216 −1.815* −1.815**
(0.196) (0.192) (0.254) (0.243) (1.823) (1.400) (0.119) (0.116) (0.150) (0.137) (1.039) (0.736)
Int_exp 0.868 0.868 −4.206 −4.206* 0.511 0.511 −2.338 −2.338*
(0.623) (0.663) (2.837) (2.247) (0.354) (0.350) (1.663) (1.271)
Host_exp 0.232 0.232 −1.473 −1.473 0.168 0.168 −0.952 −0.952
(0.574) (0.551) (1.781) (1.579) (0.334) (0.310) (1.078) (0.920)
Network 0.597 0.597 7.718*** 7.718*** 0.305 0.305 4.453*** 4.453***
(0.576) (0.604) (2.341) (2.124) (0.328) (0.314) (1.350) (1.159)
Cluster 0.0182 0.0182 1.241 1.241 0.0135 0.0135 0.794 0.794
(0.596) (0.647) (1.769) (1.445) (0.348) (0.359) (1.074) (0.874)
Expansion 0.654 0.654 0.618 0.618 0.354 0.354 0.300 0.300
(1.616) (1.318) (1.724) (1.388) (1.029) (0.862) (1.079) (0.892)
Diversification −0.395 −0.395 −0.567 −0.567 −0.223 −0.223 −0.333 −0.333
(1.965) (1.897) (2.037) (1.995) (1.214) (1.161) (1.240) (1.180)
New_markets −0.0661 −0.0661 −0.181 −0.181 −0.0439 −0.0439 −0.131 −0.131
(1.534) (1.257) (1.593) (1.242) (0.979) (0.831) (1.010) (0.830)
Natural_res −0.834 −0.834 0.0811 0.0811 −0.529 −0.529 −0.0365 −0.0365
(1.871) (1.695) (2.000) (1.726) (1.143) (1.027) (1.226) (1.052)
Human_res −0.354 −0.354 0.685 0.685 −0.353 −0.353 0.249 0.249
(1.969) (1.791) (2.076) (1.717) (1.213) (1.076) (1.296) (1.064)
New_technologies 2.528 2.528* 3.388* 3.388** 1.450 1.450 1.864* 1.864**
(1.645) (1.416) (1.811) (1.636) (1.024) (0.883) (1.088) (0.944)
Low_wages −0.0277 −0.0277 −0.330 −0.330 −0.0372 −0.0372 −0.202 −0.202
(1.551) (1.295) (1.605) (1.268) (0.988) (0.845) (1.015) (0.837)
Sector −0.245 −0.245 0.0168 0.0168 −0.141 −0.141 −0.0247 −0.0247
(0.542) (0.533) (0.647) (0.635) (0.316) (0.293) (0.380) (0.343)
Firm_size_medium 0.0317 0.0317 −0.414 −0.414 0.0784 0.0784 −0.186 −0.186
(0.809) (0.886) (0.976) (1.049) (0.450) (0.451) (0.549) (0.532)
Firm_size_large 0.812 0.812 0.621 0.621 0.553 0.553 0.395 0.395
(0.819) (0.886) (0.972) (1.018) (0.460) (0.452) (0.557) (0.526)
2_time_period 2.135** 2.135** 2.028** 2.028** 1.185** 1.185*** 1.136** 1.136***
(0.882) (0.884) (0.993) (0.854) (0.488) (0.416) (0.567) (0.426)
3_time_period 2.048** 2.048** 2.224** 2.224*** 1.133** 1.133*** 1.265** 1.265***
(0.838) (0.833) (0.951) (0.804) (0.461) (0.375) (0.543) (0.396)
Size_foreign_operation 0.0292** 0.0292* 0.0566*** 0.0566** 0.0158* 0.0158* 0.0321*** 0.0321***
(0.0144) (0.0154) (0.0214) (0.0221) (0.00853) (0.00844) (0.0119) (0.0105)
Host_R&D 0.00693 0.00693 −0.00104 −0.00104 0.00788 0.00788 0.00156 0.00156
(0.0165) (0.0265) (0.0215) (0.0355) (0.00828) (0.0113) (0.0107) (0.0132)
Establishment 0.00492 0.00492 0.370 0.370 0.0146 0.0146 0.245 0.245
(0.491) (0.542) (0.571) (0.588) (0.279) (0.287) (0.329) (0.319)
ID_inf*Int_exp −1.185 −1.185 −0.652 −0.652
(0.772) (0.859) (0.439) (0.444)
ID_inf*Host_exp −0.707 −0.707 −0.415 −0.415
(0.857) (0.658) (0.507) (0.383)
ID_f*Int_exp 4.155** 4.155** 2.335** 2.335***
(1.993) (1.654) (1.124) (0.860)
ID_f*Host_exp 1.331 1.331* 0.812 0.812**
(0.870) (0.731) (0.504) (0.400)
ID_inf*Network 0.0515 0.0515 −0.0219 −0.0219
(0.839) (0.749) (0.497) (0.429)
ID_f*Network −2.810*** −2.810*** −1.583*** −1.583***
(0.920) (0.843) (0.522) (0.450)
ID_inf*Cluster −0.725 −0.725 −0.461 −0.461
(0.706) (0.780) (0.407) (0.413)
ID_f*Cluster 0.254 0.254 0.143 0.143
(0.746) (0.816) (0.424) (0.415)
N 161 161 156 156 156 156 161 161 156 156 156 156
Pseudo R2 0.048 0.048 0.308 0.308 0.409 0.409 0.049 0.049 0.309 0.309 0.409 0.409
AIC 210.2 210.2 187.8 187.8 182.9 182.9 210.1 210.1 187.7 187.7 182.8 182.8
BIC 219.5 219.5 254.9 254.9 274.4 274.4 219.4 219.4 254.8 254.8 274.3 274.3

Notes: The dependent variable is the probability of choosing a partial ownership (own=1) versus the probability of choosing a full ownership (own=0). The three model specifications (i.e., only ID determinants, all determinants, and determinants with interactions effects) are estimated using a logit model and a logit model with robust variance, as well as using a probit model without and with robust variance. The following statistics are reported: the number of observations (N); the pseudo R2; the Akaike Information Criterion (AIC); and the Bayesian Information Criterion (BIC). Standard errors in parentheses. *p<0.10, **p<0.05, ***p<0.01.

Table B.4:

Results for Determinants of Interrelated Choice (Ownership and Establishment) of Swiss Firms, Bivariate Probit Estimations.
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
Own-1 Own-1_R Own-2 Own-2_R Own-3 Own-3_R Est-1 Est-1_R Est-2 Est-2_R Est-3
ID_inf −0.146 −0.146 −0.0101 −0.0101 1.046** 1.046** 0.165 0.165 0.253* 0.253* 0.0927 0.0927
(0.112) (0.115) (0.144) (0.150) (0.475) (0.472) (0.120) (0.117) (0.149) (0.137) (0.305) (0.284)
ID_f −0.204* −0.204* −0.217 −0.217 −1.834* −1.834** −0.144 −0.144 −0.217 −0.217* −0.543* −0.543**
(0.119) (0.116) (0.149) (0.138) (1.034) (0.732) (0.121) (0.116) (0.150) (0.130) (0.296) (0.265)
Int_exp 0.512 0.512 −2.331 −2.331* 0.507* 0.507 −0.00556 −0.00556
(0.355) (0.342) (1.649) (1.262) (0.302) (0.311) (0.878) (0.892)
Host_exp 0.169 0.169 −0.902 −0.902 0.121 0.121 0.354 0.354
(0.334) (0.310) (1.073) (0.927) (0.301) (0.290) (0.820) (0.773)
Network 0.307 0.307 4.396*** 4.396*** 0.478* 0.478* −0.491 −0.491
(0.324) (0.313) (1.325) (1.138) (0.278) (0.274) (0.847) (0.780)
Cluster 0.0126 0.0126 0.817 0.817 −0.307 −0.307 0.326 0.326
(0.348) (0.358) (1.072) (0.856) (0.340) (0.342) (0.908) (0.727)
Expansion 0.351 0.351 0.241 0.241 −5.281 −5.281 −5.356 −5.356***
(1.026) (0.863) (1.074) (0.890) (4901.1) (4.299) (2745.8) (1.719)
Diversification −0.227 −0.227 −0.412 −0.412 −5.513 −5.513 −5.701 −5.701***
(1.212) (1.158) (1.238) (1.197) (4901.1) (3.928) (2745.8) (1.757)
New_markets −0.0461 −0.0461 −0.168 −0.168 −5.053 −5.053 −5.081 −5.081***
(0.978) (0.831) (1.010) (0.825) (4901.1) (3.301) (2745.8) (1.701)
Nat_res −0.534 −0.534 −0.141 −0.141 −5.877 −5.877 −6.327 −6.327***
(1.139) (1.017) (1.218) (1.046) (4901.1) (3.797) (2745.8) (1.720)
Human_res −0.352 −0.352 0.238 0.238 −4.080 −4.080 −4.174 −4.174**
(1.213) (1.075) (1.298) (1.059) (4901.1) (3.082) (2745.8) (1.764)
New_technologies 1.447 1.447 1.807* 1.807* −5.223 −5.223 −5.254 −5.254***
(1.022) (0.884) (1.081) (0.949) (4901.1) (3.745) (2745.8) (1.534)
Low_wages −0.0396 −0.0396 −0.237 −0.237 −5.077 −5.077* −4.989 −4.989***
(0.987) (0.845) (1.017) (0.832) (4901.1) (2.714) (2745.8) (1.081)
Sector −0.141 −0.141 −0.0223 −0.0223 0.0837 0.0837 −0.0638 −0.0638
(0.317) (0.292) (0.378) (0.342) (0.283) (0.263) (0.317) (0.292)
Firm_size_medium 0.0805 0.0805 −0.147 −0.147 0.556 0.556 0.680* 0.680*
(0.449) (0.452) (0.545) (0.534) (0.373) (0.364) (0.399) (0.389)
Firm_size_large 0.555 0.555 0.431 0.431 0.691* 0.691* 0.736* 0.736*
(0.459) (0.454) (0.555) (0.527) (0.394) (0.364) (0.433) (0.404)
2_time_period 1.185** 1.185*** 1.150** 1.150*** 0.227 0.227 0.343 0.343
(0.489) (0.414) (0.566) (0.427) (0.400) (0.394) (0.425) (0.413)
3_time_period 1.132** 1.132*** 1.253** 1.253*** −0.144 −0.144 −0.0664 −0.0664
(0.460) (0.375) (0.536) (0.394) (0.351) (0.333) (0.363) (0.322)
Size_foreign_operation 0.0157* 0.0157* 0.0314*** 0.0314*** −0.00653 −0.00653 −0.00985 −0.00985
(0.00852) (0.00841) (0.0116) (0.0103) (0.00793) (0.00896) (0.00868) (0.0103)
Host_R&D 0.00788 0.00788 0.00183 0.00183 −0.0000225 −0.0000225 0.00337 0.00337
(0.00828) (0.0113) (0.0106) (0.0135) (0.00744) (0.00732) (0.00828) (0.00910)
ID_inf*Int_exp −0.622 −0.622 0.489 0.489
(0.434) (0.449) (0.384) (0.358)
ID_inf*Host_exp −0.435 −0.435 −0.419 −0.419
(0.502) (0.382) (0.426) (0.381)
ID_f*Int_exp 2.320** 2.320*** −0.0707 −0.0707
(1.107) (0.849) (0.380) (0.371)
ID_f*Host_exp 0.814 0.814** 0.222 0.222
(0.499) (0.389) (0.369) (0.314)
ID_inf*Network −0.00869 −0.00869 0.343 0.343
(0.493) (0.418) (0.428) (0.398)
ID_f*Network −1.558*** −1.558*** 0.166 0.166
(0.511) (0.439) (0.395) (0.359)
ID_inf*Cluster −0.495 −0.495 −0.698* −0.698**
(0.406) (0.406) (0.400) (0.347)
ID_f*Cluster 0.151 0.151 0.249 0.249
(0.422) (0.407) (0.383) (0.307)
N 161 161 156 156 156 156
AIC 413.8 413.8 398.8 392.8 401.7 397.7
BIC 435.3 435.3 530.0 514.8 581.6 571.5

Notes: The dependent variables are the probability of choosing a partial ownership (own=1) versus the probability of choosing a full ownership (own=0) and the probability of choosing a greenfield (est=1) vs. the probability of choosing an acquisition (est=0). The three model specifications (i.e., only ID determinants, all determinants, and determinants with interactions effects) are estimated using a bivariate probit model without and with robust variance. The results are displayed separately for ownership and establishment, the number after own- or est- corresponds to the model specification. The following statistics are reported: the number of observations (N); the Akaike Information Criterion (AIC); and the Bayesian Information Criterion (BIC).

Standard errors in parentheses. *p<0.10, **p<0.05, ***p<0.01.

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