Definition of variable and unit of measurement


A dummy variable equals to one if the investment is invested by cross-border investors, and zero for domestic investors.


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).