| Variable | Definition of variable and unit of measurement |
| Cross-border | A dummy variable equals to one if the investment is invested by cross-border investors, and zero for domestic investors. |
| Follow-on | A dummy variable equals to one if the investor entered in a follow-on financing round and equal to zero for others. |
| Syndicate size | Number of VC investors in parallel at time t. |
| Equity amount deal | The natural logarithm of equity amount invested by all investors in the deal in USD dollars. |
| VC experience | VC experience measured as (the logarithm of) the difference (in years) between the founding date and the date of investment. |
| Market liquidity | The volume of IPOs (source: Thomson One Banker) in the host country divided by host country’s GDP. |
| Legal rights | Such as Li and Zahra [16] , we use the average of six broad dimensions of governance including Voice and Accountability, Political Stability and Absence of Violence/Terrorism, Government Effectiveness, Regulatory Quality, Rule of Law and Control of Corruption to represent the quality of legal rights in the host country (source: Worldwide Governance Indictors). |
| GDP growth | The growth of GDP in the host country (source: World Bank). |