“…When OFDI takes place in the host countries of Hong Kong, Macau, Taiwan, Japan, South Korea, Singapore, European, and North America (Buckley et al, 2007;Philippe Gugler & Bertram Boie, 2008), it is coded 1, denoting market-seeking orientation of strategy. When OFDIs take place in host areas such as Middle Asia, Saudi Arabia, Africa, Oceania, Central and South America, Southeast Asia, India, and Russia (Ruben, 2012;Buckley et al, 2007;Sindzingre, 2013;Yun, 2014), it is coded 0, denoting a resource-seeking orientation. According to 'World Economic Outlook (2015), the economic development of each host country is also classified and measured by two dummy variables denoting advanced economies (1,0), developing economies(0,1), or least developed economies (0,0).…”