Yan Zhang: The paper tries to justify the effects of Chinese returnees on OFDI. The introduction, however, only provides an overview of the internationalization by Chinese firms (ICF) theory. The link between OFDI and returnees should have been built up in the introduction.
It is hard to say whether the role of foreign experts is not important, as more information is needed. Is some information of foreign experts dropped by technological-members overlap? Is the foreign expertise of Chinese returnees related to the size of firms or the amounts of intangible assets or fixed assets?
TechRev, HTechRev, and Patent all measure a firm's high-tech intensity. What happens if they are added to the regression one by one?
PerWage also measures the inputs (cost) of labor. Because the paper only controls returnees and foreign experts, does higher PerWage means less employment of domestic workers, given that they are paid relatively less?...