Research Article
The Impact of Venture Capital Background on CEO Replacement in Portfolio Companies: Empirical Evidence from China
Table 4
Benchmark regression results.
| | Variable | Logit | Probit | OLS | | (1) | (2) | (3) | (4) | (5) | (6) |
| | Domestic VC | 0.710 (0.190) | | 0.336 (0.087) | | 0.047 (0.011) | | | Domestic and foreign VC | | 0.419 (0.236) | | 0.201 (0.113) | | 0.024 (0.015) | | VC syndicate | −0.003 (0.037) | 0.060 (0.066) | 0.000 (0.019) | 0.029 (0.032) | −0.000 (0.003) | 0.004 (0.005) | | VC experience | −0.067 (0.038) | −0.072 (0.088) | −0.037 (0.020) | −0.032 (0.042) | −0.006 (0.003) | −0.005 (0.006) | | VC age | 0.088 (0.045) | −0.035 (0.116) | 0.048 (0.024) | −0.017 (0.055) | 0.008 (0.004) | −0.002 (0.007) | | CEO tenure | 0.414 (0.058) | 0.363 (0.077) | 0.175 (0.028) | 0.175 (0.040) | 0.056 (0.009) | 0.046 (0.012) | | Company age | −0.414 (0.059) | −0.362 (0.088) | −0.173 (0.029) | −0.171 (0.044) | −0.056 (0.009) | −0.046 (0.013) | | Company employee | −0.186 (0.117) | −0.187 (0.195) | −0.089 (0.059) | −0.079 (0.092) | −0.014 (0.009) | −0.010 (0.012) | | Seed stage | 0.283 (0.155) | 0.367 (0.334) | 0.135(0.079) | 0.156 (0.164) | 0.027(0.013) | 0.025 (0.025) | | Early stage | −0.034 (0.145) | −0.043 (0.223) | −0.025 (0.073) | −0.048 (0.103) | −0.003 (0.011) | −0.005 (0.013) | | Late stage | −1.007 (1.832) | 0.626 (0.640) | −0.302 (0.581) | 0.244 (0.334) | −0.045 (0.062) | 0.042 (0.062) | | Constant | −3.056 (0.240) | −2.782 (0.377) | −1.681 (0.114) | −1.564 (0.177) | 0.042 (0.016) | 0.063 (0.023) | | Year | YES | YES | YES | YES | YES | YES | | Observations | 5942 | 1869 | 5942 | 1869 | 5942 | 1869 | | R2 | 0.046 | 0.049 | 0.038 | 0.045 | 0.039 | 0.040 |
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Notes: standard errors are provided in parentheses. < 0.1, < 0.05, and < 0.01. |
