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From liability to asset: A receiver’s perspective on eponymy signals and market value

Author

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  • Jorge Arteaga-Fonseca
  • Duygu Phillips
  • Matthew Rutherford
  • Kipp Krukowski

Abstract

Drawing on signaling theory and literatures from eponymy and branding, we take a receiver’s perspective to explicate how signaling eponymy impacts venture market value at harvest. To untangle the mixed findings on the effects of eponymy, we take a contingency approach and theorize that firm age plays a key role in how the eponymy signal will be perceived by valuators. Employing a novel dataset of 471 acquired private firms, our analysis reveals that while the market value of eponymous firms declines early in the life cycle, past a threshold their value begins to increase. This suggests that at that point, eponymy becomes an asset and adds value to the firm. We establish this nadir at a firm age of 44.

Suggested Citation

  • Jorge Arteaga-Fonseca & Duygu Phillips & Matthew Rutherford & Kipp Krukowski, 2025. "From liability to asset: A receiver’s perspective on eponymy signals and market value," Journal of Small Business Management, Taylor & Francis Journals, vol. 63(3), pages 1143-1171, May.
    • Handle: RePEc:taf:ujbmxx:v:63:y:2025:i:3:p:1143-1171
    DOI: 10.1080/00472778.2024.2371502
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