APPENDIX 1
APPENDIX 2
Figure 1
Scatter plot for the whole sample with adding squared term of internationalization
Regression Standardized Predicted Value
3 2 1 0 -1 -2 -3
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2 0 -2 -4Scatterplot
Scatter plot for the whole sample with adding cubed term of internationalization
Regression Standardized Predicted Value
3 2 1 0 -1 -2 -3
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2 0 -2 -4Scatterplot
Figure 3
Scatterplot for cases with national heterogeneity below 0.42 and squared
internationalization term added
Regression Standardized Predicted Value
4 3 2 1 0 -1 -2
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2 1 0 -1 -2Scatterplot
Regression Standardized Predicted Value
2 1 0 -1 -2 -3R
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2 1 0 -1 -2 -3Scatterplot
Dependent Variable: logperfinperc
National heterogeneity index (Binned): .42+
Figure 5
Scatteplot for cases with national heterogeneity below 0.42 and cubed
internationalization term added
Regression Standardized Predicted Value
4 3 2 1 0 -1 -2
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2 1 0 -1 -2Scatterplot
Scatteplot for cases with national heterogeneity equal and above 0.42 and cubed
internationalization term added
Regression Standardized Predicted Value
2 1 0 -1 -2 -3
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2 1 0 -1 -2 -3Scatterplot
APPENDIX 3A
Independent variables Model 1 Model 2 Model3 Model 4 Model 5 Model 6 Model 7 Model 8 Constant -.464 -.309 -.270 -.365 -.359 -.291 -.387 -.375 (-.827) (-.535) (-.467) (-.627) (-.610) (-.504) (-.665) (-.636) Logdebttoeq -.261** -.257* -.272** -.264* -.265* -.275** -.267* -.269* (-2.395) (-2.360) (-2.479) (-2.408) (-2.391) (-2.502) (-2.428) (-2.421) Logsize -.150 $ -.187 -.188 -.174 -.175 -.185$ -.172$ -.175$ (-1.367) (-1.631) (-1.635) (-1.508) (-1.496) -1.615 (-1.490) (-1.492) TMT size .198* .188$ .205$ .182$ .182$ .208 .186$ .185$ (1.845) (1.753) (1.892) (1.656) (1.640) (1.914) (1.682) (1.662) (1.846) Industry manufactuirng 0.35 -.010 -.024 -.023 -.023 -.025 -.023 -.023 Vs. Nonmanufacturing) .331 (-.085) (-.206) (-.200) (-.196) (-.217) (-.203) (-.198) Internationalization .129 -.150 -.288 -.277 -.043 -.128 -.120 Ratio (1.096) (-.509) (-.911) (-.822) (-.219) (-.611) (-.556) Internationalization .300 .391 .378 Ratio² (1.030) (1.301) (1.145) Internationalization .208 .250 .237 Ratio ³ (1.094) (1.295) (1.149) National heterogeneity . .143 .143 .133 .135 Index of TMT (1.201) (1.197) (1.137) (1.142)
National heterogeneity index of TMT x 0.12 .021
APPENDIX 3B
Independent variable Model1 Model2 Model3 Model4 Model5 Model6 Model7 Model 8 Constant .538 .475 .514 .386 .267 .508 373 -.231 (.736) (.625) (.669) (.489) (.346) (.663) (.474) (-1.587) Logdebttoequity -.336* -.337* -.341* -.342* -.254$ -.345* -.347* -.261$ (-2.152) (-2.137) (-2.143) (-2.138) (-1.548) (-2.166) (-2.167) (-1.587) Log size -.391* -.376* -.379* -.353* -.278$ -.377* -.350* -.279$ (-2.518) (-2.310) (-2.306) (-2.096) (-1.641) (-2.303) (-2.085) (-1.646) TMT size .300$ .306$ 1.968$ 286$ .277$ .312$ .287$ .278$ (1.952) (1.958) (1.968) (1.765) (1.757) (1.980) (1.776) (1.766) Industry Manufacturing vs. .038 .055 .041 .057 .043 .037 .054 .042 No manufacturing (.249) (.339) (.247) (.340) (.264) (.227) (.322) (.259) Internationalization -.057 -.315 -.452 -.912$ -.246 -.344 -.729 Ratio (-.361) (-.678) (-.909) (-1.651) (-.778) (-1.014) (-1.807) Internationalization .275 .381 .454 Ratio² (.591) (.783) (.954) Internationalization .217 .285 .297 Ratio³ (.692) (.875) ( .931) National Heterogeneity .130 .049 .132 .049 Index of TMT (.799) (.296) (.815) ( .295)
National heterogeneity index of TMT X -.494$ -.475.$
Internationalization ratio (-1.732) (-1.672)
R² 0.215 0.218 0.225 0.238 0.299 .228 .242 .298
APPENDIX 3C
Internationalization variable Model1 Mode2 Model3 Model4 Model5 Model6 Model7 Model8 Constant -1.487$ -1.205 -1.205 -1.354 -1.577 -1.213 -1.376 -1.560 (-1.684) (-1.312) (-1.312) (-1.447) (-1.442) (-1.326) (-1.475) (-1.435) Logdebttequity -.194 -.193 -.193 -.164 -.162 -.196 -.167 -.165 (-1.196) (-1.172) (-1.172) (-.978) (-.954) (-1.189) (-.995) (-.968) Log size .063 -.006 -.006 -.037 -.020 -.004 -.036 -.021 (.395) (-.034) (-.034) (-.212) (-.108) (-.023) (-.204) (-.116) TMT size .135 .149 .149 .140 .143 .154 .146 .147 (.843) (.908) (.908) (.849) (859) (.932) (.882) (.880) Industry Manufacturing vs. .029 -.055 -.058 -.106 -.111 -.062 -.112 -.115 Nonmanufacturing (.186) (-.322) (-.337) (-.585) (-.605) (-.355) (-.616) (-.624) Internationalization .219 .127 .072 .282 .133 .106 .266 Ratio (1.235) (.235) (.132) (.374) (.382) (.303) (.453) Internationalization 097 .185 .105 Ratio² (.180) (.339) (.178) Internationalization .099 .164 .112 Ratio³ (.289) (.468) (.289) National heterogeneity . .158 .184 .163 185 Index of TMT (.903) (.978) (.933) (.982)
National Heterogeneity index of TMT X -.158 -.136
Internationalization Ratio (-.408) (-.342)
R² .079 .115 .116 .136 .140 .117 .139 .142
R change .079 .036 .001 .020 .004 .002 .021 .003
APPENDIX 4 A
Spearman correlation for the whole sample
* Correlation is significant at the 0.05 level (2-tailed). ** Correlation is significant at the 0.01 level (2-tailed).
logperf logdebttoeq logsize TMT size Industry
APPENDIX 4 B
Spearman correlation for TMT with high national heterogeneity index
logperf logdebttoeq logsize TMT size Industry
Internationali zation ratio
National heterogeneity
index Spearman's rho logperf Correlation Coefficient 1.000
logdebttoeq Correlation Coefficient -.297 1.000
logsize Correlation Coefficient .021 .021 1.000
TMT size Correlation Coefficient .093 .093 .027 1.000
Industry Correlation Coefficient .070 .070 -.057 .082 1.000
Internationalization ratio Correlation Coefficient .231 .231 .278 .031 .310(*) 1.000 .
APPENDIX 4 C
Spearman correlation for TMT with high national heterogeneity index
* Correlation is significant at the 0.05 level (2-tailed).
.
logperf logdebttoeq logsize TMT size Industry
