Table 1: Benchmark regressions for factors associated with number of cross-border outbound M&A investments from emerging economies, 1997–2009

||**B1**<br>to EM<br>to AD|to EM|**B2**<br>to AD|to EM|**B3**<br>to AD|
|---|---|---|---|---|---|
|||_Home country _|_characteristics_|||
|GDP|4.781<br>17.060<br><sup>_∗∗∗_</sup><br><sup>_∗∗∗_</sup>|2.728<br><sup>_∗∗∗_</sup>|8.391<br><sup>_∗∗∗_</sup>|3.714<br><sup>_∗∗∗_</sup>|8.158<br><sup>_∗∗∗_</sup>|
||(1.10)<br>(4.00)|(1.01)|(0.92)|(1.38)|(2.20)|
|GDP per capita||-0.672|-0.616|-0.321|-1.770|
|||(0.64)|(0.64)|(1.00)|(0.83)<sup>_∗∗_</sup>|
|GDP growth||||-0.350<br>(0.48)|1.136<br>(0.76)|
|Trade||5.096|3.751|5.232|2.458|
|oenness||(181)<sup>_∗∗∗_</sup>|(132)<sup>_∗∗∗_</sup>|(211)<sup>_∗∗_</sup>|(169)|
|p<br>Financial||.|.|.<br>0.227|.<br>-0.737|
|openness<br>||||(0.33)|(0.45)|
|Stock market||||1.816|5.298|
|capitalization||||(0.50)<sup>_∗∗∗_</sup>|(1.83)<sup>_∗∗∗_</sup>|
|Patents||||-5.496|-1.993|
|granted||||(2.80)<sup>_∗∗_</sup>|(2.56)|
|Reserves||-1.276|1.179|-2.218|1.356|
|||(0.44)<sup>_∗∗∗_</sup>|(0.31)<sup>_∗∗∗_</sup>|(0.72)<sup>_∗∗∗_</sup>|(0.78)<sup>_∗_</sup>|
|Economic||0.684|0.481|0.986|-0.296|
|risk<br>Political||(0.29)<sup>_∗∗_</sup>|(0.34)|(0.44)<sup>_∗∗_</sup><br>-0.733|(0.66)<br>-0.055|
|risk||||(0.47)|(0.34)|
|||_Host country c_|_haracteristics_|||
|GDP|6.899<br>1.652<br><sup>_∗∗_</sup><br><sup>_∗∗∗_</sup>|3.706<br><sup>_∗_</sup>|0.752<br><sup>_∗∗_</sup>|1.139|0.844<br><sup>_∗∗_</sup>|
||(3.28)<br>(0.45)|(1.99)|(0.36)||(0.41)|
|GDP per capita||-1.227<br><sup>_∗∗_</sup>|0.921<br><sup>_∗∗∗_</sup>|-0.646<br>|0.701<br><sup>_∗∗_</sup>|
|GDP growth||(0.49)|(0.30)|(0.53)<br>0.312|(0.30)<br>0.355|
|||||(0.56)|(1.37)|
|Trade||1.994|-1.865|1.797|-3.257|
|openness||(0.72)<sup>_∗∗∗_</sup>|(0.81)<sup>_∗∗_</sup>|(0.78)<sup>_∗∗_</sup>|(1.36)<sup>_∗∗_</sup>|
|Financial||||0.339|0.122|
|openness||||(0.15)<sup>_∗∗_</sup>|(0.08)|
|Stock market||||-0.080|2.926|
|capitalization||||(0.53)|(0.75)<sup>_∗∗∗_</sup>|
|Patents<br>granted||-6.219<br>(2.69)<sup>_∗∗_</sup>|-2.622<br>(0.83)<sup>_∗∗∗_</sup>|-8.283<br>(3.54)<sup>_∗∗_</sup>|-5.886<br>(1.28)<sup>_∗∗∗_</sup>|
|Reserves||-0.694|-0.552|0.616|-0.099|
|||(0.28)<sup>_∗∗_</sup>|(0.31)<sup>_∗_</sup>|(1.15)|(0.32)|
|Economic||0.420|-1.224|0.163|-2.656|
|risk<br>||(0.35)|(0.76)|(0.49)|(1.21)<sup>_∗∗_</sup>|
|Political||||-0.332|2.512|
|risk||||(0.25)|(0.60)<sup>_∗∗∗_</sup>|
||**C**|**ountry-pair c**|**haracteristics**|||
|Distance|-3.810<br>0.229<br><br>|-1.236<br>|2.025<br>|-0.838<br>|0.325<br>|
||(0.76)<sup>_∗∗∗_</sup><br>(0.56)|(0.55)<sup>_∗∗_</sup>|(0.73)<sup>_∗∗∗_</sup>|(0.68)|(0.80)|
|Bilateral||2.583|0.551|3.013|0.501|
|trade fows||(0.90)<sup>_∗∗∗_</sup>|(0.17)<sup>_∗∗∗_</sup>|(0.94)<sup>_∗∗∗_</sup>|(0.16)<sup>_∗∗∗_</sup>|
|BITs||||1.226<br><sup>_∗_</sup>|-0.639<br>|
|||||(0.70)|(0.77)|
|||**Global c**|**ontrols**|||
|10-yr Treasury||-1.575|4.472|-1.646|2.156|
|rate<br>||(1.34)<br>|(1.23)<sup>_∗∗∗_</sup><br>|(0.67)<sup>_∗∗_</sup><br>|(0.87)<sup>_∗∗_</sup><br>|
|Energy price<br>index||-0.958<br>(0.06)<sup>_∗∗∗_</sup>|-0.288<br>(0.18)|-1.311<br>(0.53)<sup>_∗∗_</sup>|-0.536<br>(0.53)|
|Agricultural||0.164|-0.302|0.921|1.098|
|price index||(0.01)<sup>_∗∗∗_</sup>|(0.27)|(0.59)|(0.60)<sup>_∗_</sup>|
|Adjusted _R_<sup>2</sup><br>_F_|0.078<br>0.078<br>128162<sup>_∗∗∗_</sup><br>128162<sup>_∗∗∗_</sup>|0.275<br>32686<sup>_∗∗∗_</sup>|0.275<br>32686<sup>_∗∗∗_</sup>|0.289<br>20998<sup>_∗∗∗_</sup>|0.289<br>20998<sup>_∗∗∗_</sup>|
|N|.<br>.<br>55,497<br>55,497|.<br>37,909|.<br>37,909|.<br>29,995|.<br>29,995|

> _†_ Heteroskedasticity and autocorrelation-robust standard errors, clustered by time and country-pair, are reported in parentheses. A constant term were included in the regressions, but not reported.<sup>_∗_</sup> indicates significance at 10 percent level,<sup>_∗∗_</sup> indicates significance at 5 percent level, and<sup>_∗∗∗_</sup> indicates significance at 1 percent level.

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