Table 3: Robustness regressions for alternative estimation methods for number of cross-border outbound M&A investments from emerging economies, 1997–2009

||**E**|**1**||**E2**|**E**|**3**|**E**|**4**|
|---|---|---|---|---|---|---|---|---|
||to EM|to AD|to EM|to AD|to EM|to AD|to EM|to AD|
|||||_Home countr_|_y characteri_|_stics_|||
|GDP|-5.448<br>|21.707<br>|-3.838<br>|2.067<br>|1.661<br>|11.670<br>|5.082<br>|6.794<br>|
||(4.48)|(8.49)<sup>_∗∗_</sup>|(2.31)<sup>_∗_</sup>|(2.37)|(1.85)|(3.47)<sup>_∗∗∗_</sup>|(0.57)<sup>_∗∗∗_</sup>|(0.26)<sup>_∗∗∗_</sup>|
|GDP per|4.723|2.315|3.144|2.990|1.340|0.614|-0.472|-0.056|
|capita|(2.35)<sup>_∗∗_</sup>|(1.95)|(1.03)<sup>_∗∗∗_</sup>|(1.05)<sup>_∗∗∗_</sup>|(0.94)|(0.87)|(0.10)<sup>_∗∗∗_</sup>|(0.05)|
|Trade|2.858|0.722|2.353|0.977|3.966|2.763|4.562|3.282|
|openness|(2.43)|(1.07)|(0.82)<sup>_∗∗∗_</sup>|(0.85)|(1.80)<sup>_∗∗_</sup>|(1.14)<sup>_∗∗_</sup>|(0.60)<sup>_∗∗∗_</sup>|(0.06)<sup>_∗∗∗_</sup>|
|Reserves|0.144|-0.231|-0.787|1.608|-0.648|0.652|-0.749|1.663|
||(0.27)|(1.19)|(0.25)<sup>_∗∗∗_</sup>|(0.28)<sup>_∗∗∗_</sup>|(0.30)<sup>_∗∗_</sup>|(0.93)|(0.12)<sup>_∗∗∗_</sup>|(0.20)<sup>_∗∗∗_</sup>|
|Economic|0.048|-0.330|-0.081|0.046|0.182|-0.146|0.481|0.529|
|risk|(0.17)|(0.28)|(0.33)|(0.42)|(0.20)|(0.28)|(0.16)<sup>_∗∗∗_</sup>|(0.11)<sup>_∗∗∗_</sup>|
|||||_Host country_|_characteris_|_tics_|||
|GDP|19.805|2.425|13.623|1.847|9.287|0.896|3.143|0.811|
||(10.97)<sup>_∗_</sup>|(2.22)|(2.64)<sup>_∗∗∗_</sup>|(0.68)<sup>_∗∗∗_</sup>|(4.93)<sup>_∗_</sup>|(0.50)<sup>_∗_</sup>|(0.77)<sup>_∗∗∗_</sup>|(0.77)<sup>_∗∗∗_</sup>|
|GDP per|-0.370|1.036|-1.439|1.041|-1.311|0.691|-1.518|0.704|
|capita|(1.64)|(0.61)<sup>_∗_</sup>|(1.39)|(0.88)|(0.77)<sup>_∗_</sup>|(0.29)<sup>_∗∗_</sup>|(0.40)<sup>_∗∗∗_</sup>|(0.31)<sup>_∗∗_</sup>|
|Trade|2.453|-3.639|2.058|-4.144|2.945|-1.672|1.712|-2.194|
|openness|(1.35)<sup>_∗_</sup>|(1.62)<sup>_∗∗_</sup>|(0.94)<sup>_∗∗_</sup>|(2.27)<sup>_∗_</sup>|(1.10)<sup>_∗∗∗_</sup>|(0.96)<sup>_∗_</sup>|(0.45)<sup>_∗∗∗_</sup>|(0.93)<sup>_∗∗_</sup>|
|Patents|-3.511|0.842|-5.142|0.253|-4.028|-2.223|-3.111|-2.892|
|granted|(1.60)<sup>_∗∗_</sup>|(1.38)|(1.42)<sup>_∗∗∗_</sup>|(2.06)|(1.90)<sup>_∗∗_</sup>|(0.85)<sup>_∗∗∗_</sup>|(0.89)<sup>_∗∗∗_</sup>|(0.23)<sup>_∗∗∗_</sup>|
|Reserves|-1.934|0.065|-2.005|0.062|-1.059|-0.012|-0.909|-0.722|
||(0.96)<sup>_∗∗_</sup>|(0.20)|(0.27)<sup>_∗∗∗_</sup>|(0.24)|(0.46)<sup>_∗∗_</sup>|(0.19)|(0.14)<sup>_∗∗∗_</sup>|(0.11)<sup>_∗∗∗_</sup>|
|Economic|-0.350|-0.038|-0.267|0.533|-0.220|0.011|0.476|0.040|
|risk|(0.36)|(0.75)|(0.33)|(0.91)|(0.34)|(0.70)|(0.12)<sup>_∗∗∗_</sup>|(0.46)|
|||||_Country-pair_|_characteris_|_tics_|||
|Distance|||-2.942<br>|-2.131<br>|-2.150<br>|1.747<br>|-2.649<br>|2.283<br>|
||||(0.24)<sup>_∗∗∗_</sup>|(0.44)<sup>_∗∗∗_</sup>|(0.51)<sup>_∗∗∗_</sup>|(0.59)<sup>_∗∗∗_</sup>|(0.42)<sup>_∗∗∗_</sup>|(0.42)<sup>_∗∗∗_</sup>|
|Bilateral|1.310|0.493|2.510|0.541|1.540|0.527|1.642|0.587|
|trade fows|(0.62)<sup>_∗∗_</sup>|(0.09)<sup>_∗∗∗_</sup>|(0.03)<sup>_∗∗∗_</sup>|(0.01)<sup>_∗∗∗_</sup>|(0.69)<sup>_∗∗_</sup>|(0.09)<sup>_∗∗∗_</sup>|(0.11)<sup>_∗∗∗_</sup>|(0.04)<sup>_∗∗∗_</sup>|
|Adjusted _R_<sup>2</sup>|0.096|0.096|0.207|0.207|||0.263|0.263|
|_R_<sup>2 </sup>(within)|0.097|0.097|||0.093|0.093|||
|_R_<sup>2 </sup>(between)|||||0.310|0.310|||
|_F_|6.767<sup>_∗∗∗_</sup>|6.767<sup>_∗∗∗_</sup>|251.5<sup>_∗∗∗_</sup>|251.5<sup>_∗∗∗_</sup>|||||
|Wald _χ_<sup>2</sup>|||||279.1<sup>_∗∗∗_</sup>|279.1<sup>_∗∗∗_</sup>|10,182.5<sup>_∗∗∗_</sup>|10,182.5<sup>_∗∗∗_</sup>|
|Estimator|2-way FE|2-way FE|3-way FE|3-way FE|RE|RE|SUR-PCSE|SUR-PCSE|
|N|37,909|37,909|37,909|37,909|37,909|37,909|37,909|37,909|

> _†_ Heteroskedasticity and autocorrelation-robust standard errors (all specifications), clustered by country-pair (third specification), are reported in parentheses. Global controls and a constant term were included in the regressions, but not reported. _∗_ indicates significance at 10 percent level, _∗∗_ indicates significance at 5 percent level, and _∗∗∗_ indicates significance at 1 percent level.

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