Research Article

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.

VariableVariable definitionVariable measurement

LnassetCompany sizeLogarithm of total assets in IPO year
RoaProfitabilityIPO year net profit/total assets
TobinsqCompany valueTobin’s Q in IPO year
IndepnumPercentage of independent directorsPercentage of independent directors on the board of directors in the IPO year
SynnumNumber of syndicate membersNumber of VCS members
GrantsCumulative number of patents at the time of investmentCumulative number of patents at the time of investment
StageInvestment stageInvestment stage
OwnnumNumber of shares held by senior managementNumber of shares held by senior management in the IPO year
MancostManagement feesManagement fees in IPO year