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

Table 2

Descriptive statistics of all variables.

Variable	Observations	Mean value	Standard deviation	Minimum value	Maximum value
CEO replacement	7,103	0.097	0.296	0	1
Domestic VC	5,942	0.881	0.324	0	1
Domestic and foreign VC	1,869	0.621	0.485	0	1
VC syndicate	7,103	2.048	1.532	1	22
VC experience	7,103	19.289	32.187	0	324
VC age	7,103	20.792	31.880	0	525
CEO tenure	7,103	3.737	4.889	0	75
Company age	7,103	3.636	4.836	0	75
Company employee	7,103	0.253	0.435	0	1
Seed stage	7,103	0.292	0.455	0	1
Early stage	7,103	0.524	0.499	0	1
Late stage	7,103	0.005	0.068	0	1
VC_Firm distance	7,103	1268.492	2696.156	0	18,715