13Why Do MNCs Divest or Retain Foreign Subsidiaries?Approaches from Dependency and Redundancy in Subsidiary Networks Naoki YasudaFigure 2: Alternative MeasuresVariableOperationalizationHub functionExports of a focal subsidiary in Asia/A MNC’s regional total exports in AsiaAuthority function A focal subsidiary’s imports in Asia/A MNC’s regional total imports in AsiaTable 4: Hypotheses Testing Results (Asian Region)Model 10Model 11Equity from Japan－0.009－0.007(0.00249)(0.00268)Local sales ratio－0.660＊＊＊－0.690＊＊＊(0.170)(0.175)Local procurement ratio0.2350.335(0.180)(0.195)Number of employees (log)－0.242＊＊＊－0.269＊＊＊(0.0392)(0.0404)Subsidiary ROS－0.0230＊＊＊－0.0363＊＊＊(0.00657)(0.0101)Subsidiary R&D intensity－0.710－1.259(0.959)(1.562)Export platform type－0.152－0.0582(0.304)(0.313)Vertical type－0.07170.0427(0.264)(0.281)Networked type－0.235－0.156(0.210)(0.216)Parent firm ROS－0.596－1.449＊＊＊(0.838)(0.274)Parent firm employees (log)0.0862＊0.160＊＊＊(0.0427)(0.0471)Parent firm R&D intensity1.4340.238(0.768)(1.059)Parent firm international experience－0.000697－0.00164(0.00298)(0.00325)GDP per capita (log)0.0231－0.0751(0.0594)(0.0598)GDP growth0.0528*0.0500＊(0.0220)(0.0234)POLCON－0.05080.0372(0.221)(0.235)Year dummyYesYesDegree of hub function within Asia－0.914＊＊＊(0.190)Degree of authority function within Asia－0.417＊(0.190)Wald chi2382.23211.35Log pseudolikelihood－2583.3275－2276.5471N2055018707Standard errors in parentheses†p＜0.10, ＊p0.05, ＊＊p＜0.01, ＊＊＊p＜0.001
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