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. |