The Impact of Venture Capital Background on CEO Replacement in Portfolio Companies: Empirical Evidence from China

Table 1

The definition of the variables.

Name	Description
VC syndicate	The calculation is based on the number of investors participating in the round.
VC experience	Calculated as the number of times the VC has invested in other Chinese startups before its involvement in the startup.
VC age	The calculation is based on the number of years the VC has been in existence.
CEO tenure	The calculation is based on the number of years the CEO has been with the startup.
Company age	Calculated as the number of years between the time the company was founded and the time it received support from VC.
Company employee	Since the size of startups is usually small, this paper values the variable employee size as 1 when the size of the company is greater than or equal to 50 employees and 0 otherwise.
Seed stage	This variable takes the value of 1 if the startup is at the seed stage when it receives VCs’ investment and 0 otherwise.
Early stage	This variable takes the value of 1 if the startup is at the early stage when it receives VCs’ investment and 0 otherwise.
Late stage	This variable takes the value of 1 if the startup is at the late stage when it receives VCs’ investment and 0 otherwise.
VC_Firm distance	Calculated as a straight-line geographic distance between VC and startups, for which the natural logarithm is taken in the regression to reduce heteroskedasticity.