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Nascent ventures competing for start-up capital: Matching reputations and investors

  • Ebbers, Joris J.
  • Wijnberg, Nachoem M.
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    Although nascent ventures have not yet developed a performance-based reputation, the individual reputations of their founders, based on the performance of their earlier ventures, can function as important signals to investors. Selection system theory distinguishes between different types of reputations as well as different types of investors, in order to analyze how particular types of reputations affect the investment behavior of particular types of investors. The empirical setting of this paper is the Dutch film industry, in which we study the impact of different types of reputations of producers and directors on the investment decisions of the three main investors.

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    File URL: http://www.sciencedirect.com/science/article/pii/S0883902611000255
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    Article provided by Elsevier in its journal Journal of Business Venturing.

    Volume (Year): 27 (2012)
    Issue (Month): 3 ()
    Pages: 372-384

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    Handle: RePEc:eee:jbvent:v:27:y:2012:i:3:p:372-384
    Contact details of provider: Web page: http://www.elsevier.com/locate/jbusvent

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    1. Shapiro, Carl, 1983. "Premiums for High Quality Products as Returns to Reputations," The Quarterly Journal of Economics, MIT Press, vol. 98(4), pages 659-79, November.
    2. Giuseppe Delmestri & Fabrizio Montanari & Alessandro Usai, 2005. "Reputation and Strength of Ties in Predicting Commercial Success and Artistic Merit of Independents in the Italian Feature Film Industry," Journal of Management Studies, Wiley Blackwell, vol. 42(5), pages 975-1002, 07.
    3. Baum, Joel A. C. & Silverman, Brian S., 2004. "Picking winners or building them? Alliance, intellectual, and human capital as selection criteria in venture financing and performance of biotechnology startups," Journal of Business Venturing, Elsevier, vol. 19(3), pages 411-436, May.
    4. Joeri M. Mol & Nachoem M. Wijnberg & Charles Carroll, 2005. "Value Chain Envy: Explaining New Entry and Vertical Integration in Popular Music," Journal of Management Studies, Wiley Blackwell, vol. 42(2), pages 251-276, 03.
    5. Pollock, Timothy G. & Chen, Guoli & Jackson, Eric M. & Hambrick, Donald C., 2010. "How much prestige is enough? Assessing the value of multiple types of high-status affiliates for young firms," Journal of Business Venturing, Elsevier, vol. 25(1), pages 6-23, January.
    6. Parker, Simon C. & van Praag, C. Mirjam, 2006. "Schooling, Capital Constraints, and Entrepreneurial Performance: The Endogenous Triangle," Journal of Business & Economic Statistics, American Statistical Association, vol. 24, pages 416-431, October.
    7. Bates, Timothy, 1997. "Financing small business creation: The case of Chinese and Korean immigrant entrepreneurs," Journal of Business Venturing, Elsevier, vol. 12(2), pages 109-124, March.
    8. Beckman, Christine M. & Burton, M. Diane & O'Reilly, Charles, 2007. "Early teams: The impact of team demography on VC financing and going public," Journal of Business Venturing, Elsevier, vol. 22(2), pages 147-173, March.
    9. Muzyka, Dan & Birley, Sue & Leleux, Benoit, 1996. "Trade-offs in the investment decisons of European venture capitalists," Journal of Business Venturing, Elsevier, vol. 11(4), pages 273-287, July.
    10. Delmar, Frederic & Shane, Scott, 2004. "Legitimating first: organizing activities and the survival of new ventures," Journal of Business Venturing, Elsevier, vol. 19(3), pages 385-410, May.
    11. Masako Ueda, 2004. "Banks versus Venture Capital: Project Evaluation, Screening, and Expropriation," Journal of Finance, American Finance Association, vol. 59(2), pages 601-621, 04.
    12. Gorman, Michael & Sahlman, William A., 1989. "What do venture capitalists do?," Journal of Business Venturing, Elsevier, vol. 4(4), pages 231-248, July.
    13. Davidsson, Per & Honig, Benson, 2003. "The role of social and human capital among nascent entrepreneurs," Journal of Business Venturing, Elsevier, vol. 18(3), pages 301-331, May.
    14. Franke, Nikolaus & Gruber, Marc & Harhoff, Dietmar & Henkel, Joachim, 2006. "What you are is what you like--similarity biases in venture capitalists' evaluations of start-up teams," Journal of Business Venturing, Elsevier, vol. 21(6), pages 802-826, November.
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