It also includes the moderating effect of age on size (c1) (Table 4) and replacement of founder (c2) (Table 5). In addition, it includes the potential relationship between age and size (a1), where older firms are expected to be larger, the potential relationship between size and obtaining venture capital (a2)––larger firms are more likely to have venture capital (Sapienza et al.,1996), the potential effect of age on the replacement of the founder as CEO (a3) and the argument that venture capitalists professionalize firms and,