11Why Do MNCs Divest or Retain Foreign Subsidiaries?Approaches from Dependency and Redundancy in Subsidiary Networks Naoki YasudaTable 3: Hazard Model Results of Firm DivestmentModel 1 Model 2Model 3Model 4Model 5Model 6Model 7Model 8Model 9Equity from Japan－0.00548＊＊＊－0.00637＊＊＊－0.00566＊＊＊－0.00550＊＊＊－0.00674＊＊＊－0.00632＊＊＊－0.00611＊＊＊－0.00557＊＊＊－0.00689＊＊＊(0.00163)(0.00179)(0.00171)(0.00163)(0.00184)(0.00170)(0.00169)(0.00163)(0.00174)Local sales ratio－0.128－0.385＊＊－0.167－0.130－0.327＊＊－0.355＊＊－0.221＊－0.139－0.314＊＊(0.108)(0.121)(0.113)(0.108)(0.126)(0.116)(0.111)(0.108)(0.120)Local procurement ratio0.3040.139－0.08080.307＊＊－0.08050.251＊0.1540.302＊＊0.157(0.108)(0.120)(0.125)(0.109)(0.134)(0.114)(0.115)(0.108)(0.120)Number of employees (log)－0.195＊＊＊－0.178＊＊＊－0.183＊＊＊－0.194＊＊＊－0.165＊＊＊－0.196＊＊＊－0.189＊＊＊－0.194＊＊＊－0.194＊＊＊(0.0230)(0.0250)(0.0241)(0.0230)(0.0257)(0.0238)(0.0235)(0.0229)(0.0240)Subsidiary ROS－0.0135＊－0.0124－0.0121＊－0.0135＊－0.0136＊＊－0.0139＊－0.0144＊＊－0.0134＊－0.0151＊＊(0.00684)(0.00642)(0.00536)(0.00685)(0.00505)(0.00630)(0.00531)(0.00682)(0.00492)Subsidiary R&D intensity0.08800.08680.125＊0.08800.180＊＊＊0.09240.1180.08870.186＊＊＊(0.0594)(0.0637)(0.0551)(0.0593)(0.0300)(0.0630)(0.0620)(0.0591)(0.0300)Export platform type－0.231－0.230－0.247－0.227－0.192－0.188－0.211－0.228－0.189(0.220)(0.223)(0.228)(0.220)(0.230)(0.220)(0.221)(0.219)(0.222)Vertical type－0.329－0.219－0.327－0.324－0.196－0.217－0.315－0.312－0.234(0.183)(0.190)(0.195)(0.183)(0.202)(0.185)(0.187)(0.183)(0.190)Networked type－0.357＊－0.289－0.320－0.348＊－0.200－0.262－0.320＊－0.319＊－0.237(0.150)(0.152)(0.166)(0.151)(0.170)(0.151)(0.157)(0.151)(0.160)Parent firm ROS－0.0474－0.0521－0.0391－0.0474－0.0387－0.0623－0.0583－0.0481－0.0555(0.0325)(0.0332)(0.0339)(0.0325)(0.0323)(0.0336)(0.0527)(0.0325)(0.0375)Parent firm employees (log)0.249＊＊＊0.126＊＊＊0.162＊＊＊0.252＊＊＊0.121＊＊＊0.144＊＊＊0.163＊＊＊0.259＊＊＊0.150＊＊＊(0.0258)(0.0306)(0.0293)(0.0262)(0.0320)(0.0283)(0.0281)(0.0263)(0.0294)Parent firm R&D intensity0.337＊0.418＊＊0.2410.336＊0.315＊0.451＊＊0.1650.337＊0.317(0.160)(0.161)(0.169)(0.160)(0.152)(0.168)(0.365)(0.160)(0.210)Parent firm international experience0.000844－0.000357－0.002470.001150.00007850.000174－0.001740.002150.000598(0.00179)(0.00199)(0.00193)(0.00189)(0.00210)(0.00186)(0.00192)(0.00195)(0.00206)GDP per capita (log)0.04820.05340.03500.04860.05540.05970.0809＊0.04290.0654(0.0357)(0.0395)(0.0373)(0.0356)(0.0401)(0.0368)(0.0362)(0.0357)(0.0370)GDP growth0.0445＊＊0.02500.0301＊0.0456＊＊＊0.0340＊0.0430＊＊0.0462＊＊＊0.0442＊＊0.0456＊＊(0.0136)(0.0147)(0.0144)(0.0139)(0.0153)(0.0140)(0.0139)(0.0136)(0.0141)POLCON0.1700.1810.265＊0.1690.2270.287＊0.321＊＊0.1450.300＊(0.122)(0.133)(0.131)(0.121)(0.138)(0.123)(0.122)(0.123)(0.127)Year dummyYesYesYesYesYesYesYesYesYesDegree of hub function in a country－0.887＊＊＊－0.369＊(0.105)(0.163)Degree of authority function in a country－0.946＊＊＊－0.815＊＊＊(0.106)(0.169)Redundancy in subsidiary functions in a country－0.00435－0.0298＊＊(0.00765)(0.0110)Degree of hub function in a region－0.901＊＊＊－0.279(0.130)(0.193)Degree of authority function in a region－0.970＊＊＊－0.795＊＊＊(0.127)(0.202)Redundancy in subsidiary functions in a region－0.00475†－0.00522†(0.00285)(0.00323)Wald chi2404.88465.53539.03404.67548.40443.70475.42406.18506.38Log pseudolikelihood－7077.8116－5696.5033－6398.6349－7077.69－5305.3052－6368.2245－6637.4262－7076.5629－6116.4197N442283750941522442283591640892424444422839759Standard errors in parentheses†p＜0.10, ＊p0.05, ＊＊p＜0.01, ＊＊＊p＜0.001
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