Research Article
The Impact of Venture Capital Background on CEO Replacement in Portfolio Companies: Empirical Evidence from China
Table 5
Estimation results of two-stage instrumental variables.
| | Variable | First stage | Second stage | First stage | Second stage | | (1) | (2) | (3) | (4) |
| | Air quality | −0.038 (0.001) | | −0.073 (0.002) | | | Domestic VC | | 0.302 (0.178) | | | | Domestic and foreign VC | | | | 0.397 (0.181) | | VC syndicate | 0.015 (0.003) | 0.002 (0.021) | 0.054 (0.005) | 0.002 (0.037) | | VC experience | −0.003 (0.003) | −0.037 (0.019) | 0.034 (0.007) | −0.040 (0.041) | | VC age | −0.050 (0.004) | 0.046 (0.026) | 0.013 (0.009) | −0.017 (0.056) | | CEO tenure | −0.005 (0.004) | 0.174 (0.017) | −0.012(0.007) | 0.176 (0.030) | | Company age | 0.007 (0.004) | −0.173(0.018) | 0.011 (0.007) | −0.172 (0.032) | | Company employee | −0.061 (0.009) | −0.091 (0.059) | 0.002 (0.015) | −0.072 (0.096) | | Seed stage | 0.141 (0.012) | 0.142 (0.084) | 0.096 (0.029) | 0.113 (0.168) | | Early stage | 0.113 (0.011) | −0.020 (0.075) | 0.074 (0.017) | −0.075 (0.106) | | Late stage | −0.130 (0.067) | −0.309 (0.520) | 0.034 (0.065) | 0.237 (0.351) | | Constant | 1.021 (0.014) | −1.654 (0.168) | 0.664 (0.035) | −1.575 (0.183) | | Year | YES | YES | YES | YES | | Observations | 5942 | 5942 | 1869 | 1869 | | Adj R-squared | 0.300 | | 0.573 | | | F | 255.230 | | 251.980 | |
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Notes: standard errors are provided in parentheses. < 0.1, < 0.05, and < 0.01. |
