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Table 5 Estimation results from the competing risk models

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

 

Simple hazard

Latent survivor

Cox proportional

  

Fair

Good

Strat

Unstrat

 

Coef/Std

Coef/Std

Coef/Std

Coef/Std

Coef/Std

Foreign

-0.43*

-0.81*

-0.31

-0.56

-0.60

 

(0.21)

(0.40)

(0.25)

(0.37)

(0.38)

Experience

-0.00

0.06

-0.02

0.03

0.03

 

(0.02)

(0.03)

(0.02)

(0.03)

(0.03)

JointVenture

-0.24

0.37

-0.47

0.96

0.99

 

(0.23)

(0.57)

(0.28)

(0.55)

(0.56)

Offshore

-0.25

0.66

-0.64*

1.61**

1.61**

 

(0.25)

(0.53)

(0.31)

(0.50)

(0.51)

Syndicate

0.31***

-0.07

0.42***

-0.08

-0.05

 

(0.09)

(0.20)

(0.10)

(0.20)

(0.20)

TotalFund

0.01

0.03*

0.00

0.03**

0.03**

 

(0.00)

(0.01)

(0.00)

(0.01)

(0.01)

ExitRatio

0.19**

-0.02

0.20*

0.10

0.10

 

(0.07)

(0.19)

(0.09)

(0.19)

(0.20)

Tenure1

-0.02

-0.03

-0.01

-0.03

-0.03

 

(0.01)

(0.03)

(0.01)

(0.03)

(0.03)

Roundsize

0.03

-0.01

0.05**

-0.06

-0.06

 

(0.02)

(0.03)

(0.02)

(0.04)

(0.04)

Tenure2

0.06*

-0.04

0.07**

-0.07

-0.06

 

(0.02)

(0.07)

(0.03)

(0.06)

(0.06)

Development

0.68**

0.03

1.29***

0.74***

0.75***

 

(0.22)

(0.37)

(0.32)

(0.22)

(0.22)

Expansion

1.11***

-0.57

1.88***

1.21***

1.20***

 

(0.26)

(0.73)

(0.35)

(0.26)

(0.26)

LateStage

1.39**

-35.17***

2.30***

1.54***

1.53***

 

(0.42)

(2.32)

(0.51)

(0.42)

(0.42)

Foreign ×G O O D

   

0.19

0.24

    

(0.43)

(0.44)

Experience ×G O O D

   

-0.04

-0.05

    

(0.04)

(0.04)

JointVenture ×G O O D

   

-1.46*

-1.48*

    

(0.58)

(0.59)

Offshore ×G O O D

   

-2.41***

-2.39***

    

(0.56)

(0.56)

Syndicate ×G O O D

   

0.48*

0.45*

    

(0.22)

(0.22)

TotalFund ×G O O D

   

-0.02**

-0.03**

    

(0.01)

(0.01)

ExitRatio ×G O O D

   

0.10

0.11

    

(0.20)

(0.21)

Tenure1 ×G O O D

   

0.02

0.02

    

(0.03)

(0.03)

Roundsize ×G O O D

   

0.11*

0.10*

    

(0.05)

(0.05)

Tenure2 ×G O O D

   

0.15*

0.13*

    

(0.06)

(0.06)

GOOD

    

0.92

     

(0.51)

N

887

887

887

1774

1774

  1. * p < 0.05, ** p < 0.01, *** p < 0.001.
  2. G O O D = 1 if failure type of an observation is IPO, and it is included as a regressor in the unstratified model.
  3. Industry, region and year fixed effects are included in all regressions.
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