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Table 2 Variables and explanations

From: The productivity of return migrants: the case of China’s “Sea Turtles”

Variables

Definition and measurement

Dependent variable

 

Probability of exit

Instantaneous rate of exit given some time has elapsed.

Independent variables

 

Foreign

Equals 1 if a venture capitalist holds a foreign degree, 0 otherwise.

Experience

Number of cases a venture capitalist has involved in before a specific investment.

JointVenture

Equals 1 if the funds of a VC firm are from both home and overseas, 0 otherwise.

Offshore

Equals 1 if the funds of a VC firm are from overseas, 0 otherwise.

Syndicate

Number of unique VC firms a specific VC firm cooperates with in the first round of financing a certain company.

TotalFund

The size of funds under a VC firm’s management in billions of US dollars.

ExitRatio

Measured by number of successful exits divided by the total number of cases a VC firm has undertaken up till the date a specific investment takes place.

Tenure1

Time span measured in years between a VC firm’s founding date and a specific funding date.

Roundsize

The size of an investment measured in millions of US dollars.

Tenure2

Time span measured in years between a company’s founding date and the initial funding date.

Development

Equals 1 if a portfolio company is in the development stage when it receives the investment, 0 otherwise.

Expansion

Equals 1 if a portfolio company is in the expansion stage when it receives the investment, 0 otherwise.

LateStage

Equals 1 if the portfolio company is in the late stage when it receives the investment, 0 otherwise.