Data overview: Average Age

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Appendixes

Appendix A

Appendix A1

Data overview: Average Age

Descriptive Statistics

125 42,625 67,750 52,79085 3,933334 -,001 ,217 1,044 ,430

125 3,752 4,216 3,96356 ,075178 -,310 ,217 ,768 ,430

125 AverageageofTMT

logage Valid N (listwise)

Statistic Statistic Statistic Statistic Statistic Statistic Std. Error Statistic Std. Error

N Minimum Maximum Mean Std.

Deviation

Skewness Kurtosis

AverageageofTMT 68,

0 66,

0 64,

0 62,

0 60,

0 58,

0 56,

0 54,

0 52,0 50,0 48,0 46,0 44,0 42,0

AverageageofTMT

Frequency

30

20

10

0

Std. Dev = 3,93 Mean = 52,8 N = 125,00

^logage

4,225 4,200 4,175 4,15

0 4,12

5 4,100 4,075 4,050 4,025 4,000 3,975 3,950 3,925 3,90

0 3,87

5 3,850 3,825 3,800 3,775 3,750

Logaverage age of TMT

20

10

0

Std. Dev = ,08 Mean = 3,964 N = 125,00

Transformation formula Xj = lnXi

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Appendix A2

Data overview: National Heterogenity

127 ,000 ,820 ,33125 ,252302 -,079 ,215 -1,277 ,427

90 -1,715 -,198 -,82670 ,380847 -,587 ,254 -,506 ,503

90 NationalHeterogeni

logaritmanationality Valid N (listwise)

Deviation

Skewness Kurtosis

NationalHeterogenity ,81 ,75 ,69 ,63 ,56 ,50 ,44 ,38 ,31 ,25 ,19 ,13 ,06 0,00

NationalHeterogenity

Frequency

40

30

20

10

0

Std. Dev = ,25 Mean = ,33 N = 127,00

logaritmanationality -,25 -,38 -,50 -,63 -,75 -,88 -1,00 -1,13 -1,25 -1,38 -1,50 -1,63 -1,75

Lognational heterogenity

16

14

12

10

8

6

4

2

0

Std. Dev = ,38 Mean = -,83 N = 90,00

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Appendix A3

Data overview: Education Level

137 1,660 4,000 2,67936 ,458336 ,419 ,207 ,089 ,411

137 ,507 1,386 ,97115 ,170728 -,038 ,207 -,214 ,411

137 Educationlevel

evellog

Valid N (listwise

Statistic Statistic Statistic Statistic Statistic Statistic Std. Error Statistic Std. Error N Minimum Maximum Mean Std.

Deviation

Skewness Kurtosis

Educationlevel

4,00 3,88 3,75 3,63 3,50 3,38 3,25 3,13 3,00 2,88 2,75 2,63 2,50 2,38 2,25 2,13 2,00 1,88 1,75 1,63

Educationlevel

Frequency

20

10

0

Std. Dev = ,46 Mean = 2,68 N = 137,00

^evellog

1,38 1,31 1,25 1,19 1,13 1,06 1,00 ,94 ,88 ,81 ,75 ,69 ,63 ,56 ,50

Logeducation level

30

20

10

0

Std. Dev = ,17 Mean = ,97 N = 137,00

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Appendix A4

Data overview: Educational Background Heterogenity

126 ,240 ,875 ,65606 ,124594 -,681 ,216 ,241 ,428 126 -1,427 5,927 -,38766 ,604700 9,164 ,216 96,853 ,428 126

Educationheteroge logeduhetero Valid N (listwise)

Statistic Statistic Statistic Statistic Statistic Statistic Std. Error Statistic Std. Error N MinimumMaximum Mean Std.

Deviation

Skewness Kurtosis

Educationheterogenity ,88 ,81 ,75 ,69 ,63 ,56 ,50 ,44 ,38 ,31 ,25

Educationheterogenity

Frequency

40

30

20

10

0

Std. Dev = ,12 Mean = ,66 N = 126,00

logeduhetero

6,00 5,50 5,00 4,50 4,00 3,50 3,00 2,50 2,00 1,50 1,00 ,50 0,00 -,50 -1,00 -1,50

Logeducation heterogenity

100

80

60

40

20

0

Std. Dev = ,60 Mean = -,39 N = 126,00

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Appendix A5

Data overview: Functional Background Heterogenity

130 ,000 ,850 ,62877 ,142966 -1,631 ,212 4,570 ,422

128 -1,1394 -,1625 -,469107 ,2132553 -1,319 ,214 1,652 ,425 128

Functionalheterogen logfunchet

Valid N (listwise)

Deviation

Skewness Kurtosis

Functionalheterogenity

65,0 60,0 55,0 50,0 45,0 40,0 35,0 30,0 25,0 20,0 15,0 10,0 5,0 0,0

Frequency

140

120

100

80

60

40

20

0

Std. Dev = 5,74 Mean = 1,1 N = 130,00

^logfunchet

-,19 -,25 -,31 -,38 -,44 -,50 -,56 -,63 -,69 -,75 -,81 -,88 -,94 -1,00 -1,06 -1,13

Logfunctional heterogenity

30

20

10

0

Std. Dev = ,21 Mean = -,47 N = 128,00

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Appendix A6

Data overview: Expatriate Experience Proportion

129 ,000 1,000 ,56166 ,263292 -,058 ,213 -,717 ,423

125 -2,303 ,000 -,65742 ,511691 -,877 ,217 ,392 ,430 125

Expatriateproportion logexpatriateproport Valid N (listwise)

Deviation

Skewness Kurtosis

Expatriateproportion

1,00 ,88 ,75 ,63 ,50 ,38 ,25 ,13 0,00

Frequency

30

20

10

0

Std. Dev = ,26 Mean = ,56 N = 129,00

logexpatriateproportion 0,00 -,25 -,50 -,75 -1,00 -1,25 -1,50 -1,75 -2,00 -2,25

Logexpatriate experience

30

20

10

0

Std. Dev = ,51 Mean = -,66 N = 125,00

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Appendix A7

Data overview: Average Company Tenure

136 ,000 30,000 9,07251 6,791707 ,615 ,208 -,162 ,413 128 -1,109 3,401 1,91918 ,983343 -1,056 ,214 ,616 ,425 128

Averagecompanyten logavecomptenure Valid N (listwise)

Deviation

Skewness Kurtosis

Averagecompanytenure 30,0 28,0 26,

0 24,

0 22, 20, 0 18, 0 16, 0

0 14,

0 12,

0 10, 8,0 0 6,0 4,0 2,0 0,0

Averagecompanytenure

Frequency

20

10

0

Std. Dev = 6,79 Mean = 9,1 N = 136,00

logavecomptenure 3,50 3,25 3,00 2,75 2,50 2,25 2,00 1,75 1,50 1,25 1,00 ,75 ,50 ,25 0,00 -,25 -,50 -,75 -1,00

Logave company tenure

30

20

10

0

Std. Dev = ,98 Mean = 1,92 N = 128,00

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Appendix A8

Data overview: Average TMT Tenure

136 1,250 20,000 5,20712 2,522095 1,701 ,208 7,503 ,413

136 ,223 2,996 1,53930 ,482563 -,283 ,208 ,041 ,413

136 AverageTMTTenu

logtmttenure Valid N (listwise)

Deviation

Skewness Kurtosis

AverageTMTTenure

20,0 19,0 18,0 17,0 16,0 15,0 14,0 13,0 12,0 11,0 10,0 9,0 8,0 7,0 5,06,0 4,0 3,0 1,02,0

AverageTMTTenure

Frequency

30

20

10

0

Std. Dev = 2,52 Mean = 5,2 N = 136,00

logtmttenure

3,00 2,75 2,50 2,25 2,00 1,75 1,50 1,25 1,00 ,75 ,50 ,25

Logave TMT tenure

20

10

0

Std. Dev = ,48 Mean = 1,54 N = 136,00

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Appendix A9

Data overview: Average ROA

142 ******** ******** ******** ******** -5,326 ,203 41,342 ,404 122 -5,90247 -1,19768 -3,36207 1,152617 -,335 ,219 -,728 ,435 122

AverageROA roalogaritma Valid N (listwise

Deviation

Skewness Kurtosis

AverageROA

,25 0,00,13 -,13 -,25 -,38 -,50 -,63 -,75 -,88 -1,00 -1,13 -1,25

average ROA

60

50

40

30

20

10

0

Std. Dev = ,15 Mean = ,03 N = 142,00

roalogaritma

-1,25 -1,50 -1,75 -2,00 -2,25 -2,50 -2,75 -3,00 -3,25 -3,50 -3,75 -4,00 -4,25 -4,50 -4,75 -5,00 -5,25 -5,50 -5,75 -6,00

Logaverage ROA

16

14

12

10

8

6

4

2

0

Std. Dev = 1,15 Mean = -3,36 N = 122,00

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Appendix B Appendix B1

Scatter Plot : ROA and Average Age

AverageageofTMT

70 60

50 40

AverageROA

,3

,2

,1

-,0

-,1

-,2

-,3

Residual Analysis: ROA and Average Age

Normal P-P Plot of Regression Standardized Residual Dependent Variable: AverageROA

Observed Cum Prob

1,0 ,8

,5 ,3

0,0

Expected Cum Prob

1,0

,8

,5

,3

0,0

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Appendix B2

Scatter Plot : ROA and National Heterogenity

NationalHeterogenity

1,0 ,8 ,6 ,4 ,2 0,0 -,2

AverageROA

,4

,2

0,0

-,2

-,4

-,6

-,8

Residual Analysis: ROA and National Heterogenity

Normal P-P Plot of Regression Standardiz Dependent Variable: AverageROA

Observed Cum Prob

1,0 ,8

,5 ,3

0,0

Expected Cum Prob

1,0

,8

,5

,3

0,0

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Appendix B3

Scatter Plot : ROA and Education Level

Educationlevel

4,5 4,0 3,5 3,0 2,5 2,0 1,5

AverageROA

,4

,2

0,0

-,2

-,4

-,6

-,8

-1,0

-1,2

-1,4

Residual Analysis: ROA and Education Level

Normal P-P Plot of Regression Standardized Res Dependent Variable: AverageROA

Observed Cum Prob

1,0 ,8

,5 ,3

0,0

Expected Cum Prob

1,0

,8

,5

,3

0,0

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Appendix B4

Scatter Plot : ROA and Educational Backgroud Heterogenity

Educationheterogenity

,9 ,8 ,7 ,6 ,5 ,4 ,3 ,2

AverageROA

,4

,2

0,0

-,2

-,4

-,6

-,8

-1,0

-1,2

-1,4

Residual Analysis: ROA and Educational Backgroud Heterogenity

Normal P-P Plot of Regression Standardized Residual Dependent Variable: AverageROA

Observed Cum Prob

1,0 ,8

,5 ,3

0,0

Expected Cum Prob

1,0

,8

,5

,3

0,0

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Appendix B5

Scatter Plot : ROA and Functional Backgroud Heterogenity

1,0 ,8

,6 ,4 ,2 0,0 -,2

AverageROA

,4

,2 0,0

-,2 -,4

-,6

-,8

-1,0 -1,2 -1,4

Residual Analysis: ROA and Functional Backgroud Heterogenity

Normal P-P Plot of Regression S Dependent Variable: AverageRO

Observed Cum Prob

1,0 ,8

,5 ,3 0,0

Expected Cum Prob

1,0

,8

,5

,3

0,0

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Appendix B6

Scatter Plot : ROA and Expatriate Experience Proportion

1,2 1,0 ,8 ,6 ,4 ,2 0,0 -,2

AverageROA

,4

,2

0,0

-,2

-,4

-,6

-,8

Residual Analysis: ROA and Expatriate Experience Proportion

Normal P-P Plot of Regression Standardized Res Dependent Variable: AverageROA

Observed Cum Prob

1,0 ,8

,5 ,3

0,0

Expected Cum Prob

1,0

,8

,5

,3

0,0

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Appendix B7

Scatter Plot : ROA and Average Company Tenure

Averagecompanytenure

40 30

20 10

0 -10

AverageROA

,4

,2

0,0

-,2

-,4

-,6

-,8

-1,0

-1,2

-1,4

Residual Analysis: ROA and Average Company Tenure

Normal P-P Plot of Regression Standar Dependent Variable: AverageROA

Observed Cum Prob

1,0 ,8

,5 ,3

0,0

Expected Cum Prob

1,0

,8

,5

,3

0,0

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Appendix B8

Scatter Plot : ROA and Average TMT Tenure

AverageTMTTenure

30 20

10 0

AverageROA

,4

,2

0,0

-,2

-,4

-,6

-,8

-1,0

-1,2

-1,4

Residual Analysis: ROA and Average TMT Tenure

Normal P-P Plot of Regression Standar Dependent Variable: AverageROA

Observed Cum Prob

1,0 ,8

,5 ,3

0,0

Expected Cum Prob

1,0

,8

,5

,3

0,0

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Appendix C

Appendix C1: Regression Results for Educational Background Heterogenity

Model Summary

,065^a ,004 -,004 **********

Model 1

R R Square

Adjusted R Square

Std. Error of the Estimate

Predictors: (Constant), Educationheterogenity a.

ANOVA^b

,012 1 ,012 ,528 ,469^a

2,830 124 ,023

2,842 125

Regression Residual Total Model 1

Sum of

Squares df Mean Square F Sig.

Predictors: (Constant), Educationheterogenity a.

Dependent Variable: AverageROA b.

Coefficients^a

-2,99E-02 ,072 -,413 ,680

7,876E-02 ,108 ,065 ,726 ,469

(Constant)

Educationheterogenity Model

1

B Std. Error Unstandardized

Coefficients

Beta Standardized

Coefficients

t Sig.

Dependent Variable: AverageROA a.

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Appendix C2: Regression Results for Log Educational Background Heterogenity

Model Summary^b

,083^a ,007 -,003 1,1196890 ,007 ,730 1 106 ,395 2,110

Model 1

R R Square

Adjusted R Square

R Square

Change F Change df1 df2 Sig. F Change Change Statistics

Durbin-W atson

Predictors: (Constant), logeduhetero a.

Dependent Variable: roalogaritma b.

ANOVA^b

,915 1 ,915 ,730 ,395^a

132,893 106 1,254

133,807 107

Sum of

Predictors: (Constant), logeduhetero a.

Coefficients^a

-3,384 ,125 -27,058 ,000

,143 ,167 ,083 ,854 ,395

(Constant) logeduhetero Model

1

Coefficients

Beta Standardized

Coefficients

t Sig.

Dependent Variable: roalogaritma a.

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Appendix C3: Regression Results for Average Age

Model Summary

,182^a ,033 ,024 1,09808788

Model 1

R R Square

Adjusted R Square

Predictors: (Constant), logage a.

ANOVA^b

4,490 1 4,490 3,723 ,056^a

131,432 109 1,206

135,921 110

Sum of

Predictors: (Constant), logage a.

Coefficients^a

7,415 5,590 1,327 ,187

-2,719 1,409 -,182 -1,930 ,056

(Constant) logage Model

1

Coefficients

Beta Standardized

Coefficients

t Sig.

Dependent Variable: roalogaritma a.

(21)

Appendix C4: Regression Results for Average Age with Removed Extreme Values

Model Summary

,215^a ,046 ,036 ,99719979

Model 1

R R Square

Adjusted R Square

Predictors: (Constant), ogaverageage a.

ANOVA^b

4,419 1 4,419 4,444 ,038^a

91,485 92 ,994

95,905 93

Sum of

Predictors: (Constant), ogaverageage a.

Dependent Variable: logaverageROA b.

Coefficients^a

8,724 5,717 1,526 ,130

-3,038 1,441 -,215 -2,108 ,038

(Constant) ogaverageage Model

1

Coefficients

Beta Standardized

Coefficients

t Sig.

Dependent Variable: logaverageROA a.