|
| Variable | Variable definition |
|
| Independent variables |
| Cooperation between state-owned PEs | Coinvestment of two state-owned private equities |
| Cooperation between state-owned PE and domestic private-owned PE | Coinvestment of a state-owned PE and a domestic private-owned PE |
| Cooperation between state-owned PE and foreign PE | Coinvestment of a state-owned PE and a foreign PE |
|
| Control variables: Dyad level |
| Cooperation between domestic private-owned PE and foreign PE | Coinvestment of a domestic private-owned PE and a foreign PE |
| Cooperation between foreign PEs | Coinvestment of two foreign PEs |
| Geographical distance between PEs | The geographical distance between the cities where the two PEs locate |
| Industry distance between PEs | 1 minus the Jaccard coefficient. The Jaccard coefficient is obtained by dividing the intersection of the invested industries of two private equities by the union of the invested industries |
| Relationship embeddedness | The number of coinvestments between the two PEs in the last five-year time window |
| Structural embeddedness | The number of common neighbors of two PEs in a five-year time window |
| Edge | The number of ties divided by the maximum number of possible ties |
| Isolated node | Solo PE that has no coinvestments in the window period |
| Three-star configuration | Private equity has cooperation with three other private equities |
|
| Moderators |
| Marketization index | The average value of the marketization index of two cities where private equities locate |
| Tendency to invest in high-tech enterprises | The average ratio of two PE investing high-tech startups among all startups |
|
