The Influence Mechanism of Knowledge Heterogeneity of Venture Capital Syndication on Innovation Performance of Entrepreneurial Firms: Evidence from China
Table 2
Descriptive analysis of controlling variables.
Variable
Variable definition
Variable measurement
Lnasset
Company size
Logarithm of total assets in IPO year
Roa
Profitability
IPO year net profit/total assets
Tobinsq
Company value
Tobin’s Q in IPO year
Indepnum
Percentage of independent directors
Percentage of independent directors on the board of directors in the IPO year
Synnum
Number of syndicate members
Number of VCS members
Grants
Cumulative number of patents at the time of investment
Cumulative number of patents at the time of investment
Stage
Investment stage
Investment stage
Ownnum
Number of shares held by senior management
Number of shares held by senior management in the IPO year