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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.