Research Article
The Impact of Venture Capital Background on CEO Replacement in Portfolio Companies: Empirical Evidence from China
Table 6
Regression results of heterogeneity analysis.
| | Variable | Logit | Probit | OLS | | (1) | (2) | (3) | (4) | (5) | (6) |
| | Domestic VC | 0.819 (0.219) | 0.389 (0.399) | 0.382 (0.100) | 0.262 (0.197) | 0.053 (0.012) | 0.036 (0.030) | | VC syndicate | −0.014 (0.038) | 0.204 (0.179) | −0.006 (0.020) | 0.127 (0.097) | −0.001 (0.003) | 0.025 (0.018) | | VC experience | −0.060 (0.040) | −0.108 (0.135) | −0.033 (0.021) | −0.072 (0.066) | −0.006 (0.004) | −0.011 (0.012) | | VC age | 0.119 (0.048) | −0.061 (0.134) | 0.064 (0.025) | −0.035 (0.070) | 0.011 (0.004) | −0.006 (0.012) | | CEO tenure | 0.362 (0.064) | 0.700 (0.183) | 0.149 (0.031) | 0.317 (0.071) | 0.047 (0.010) | 0.101 (0.017) | | Company age | −0.362 (0.066) | −0.715 (0.202) | −0.147 (0.032) | −0.316 (0.078) | −0.046 (0.010) | −0.102 (0.018) | | Company employee | −0.100 (0.123) | −0.776 (0.418) | −0.049 (0.062) | −0.321 (0.189) | −0.007 (0.010) | −0.053 (0.025) | | Seed stage | 0.234 (0.163) | 0.632 (0.492) | 0.107 (0.083) | 0.410 (0.244) | 0.022 (0.014) | 0.074 (0.041) | | Early stage | −0.072 (0.154) | 0.187 (0.416) | −0.046 (0.077) | 0.153 (0.204) | −0.006 (0.012) | 0.017 (0.026) | | Late stage | −0.689 (1.806) | −10.636 (0.639) | −0.159 (0.611) | 0.000 (0.002) | −0.034 (0.086) | −0.022 (0.025) | | Constant | −3.214 (0.271) | −2.713 (0.577) | −1.752 (0.128) | −1.649 (0.301) | 0.032 (0.017) | 0.054 (0.045) | | Year | YES | YES | YES | YES | YES | YES | | Observations | 5270 | 672 | 5270 | 672 | 5270 | 672 | | R2 | 0.035 | 0.166 | 0.028 | 0.147 | 0.027 | 0.162 |
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Notes: standard errors are provided in parentheses. < 0.1, < 0.05, and < 0.01. |
