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Bedeutung der VC-Finanzierung für die Legitimierung junger Unternehmen - Ergebnisse einer empirischen Studie

  • Siegrun Brink

    (Schumpeter School of Business and Economics, Bergische Universität Wuppertal)

This paper reviews the impact of legitimacy on new ventures and explores the overlap between two similar constructs, legitimacy and reputation. A positive organizational reputation can be crucial to successful venture development. Building on the idea that reputation is socially constructed, this paper depicts reputation as the outcome of the process of legitimation. In this context the study investigates the influence of venture capital and the relationship among venture capital finance and venture’s reputation. Results of the empirical study reveal a correlation between venture capital finance and the organizational reputation and legitimation of start-ups.

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File URL: http://elpub.bib.uni-wuppertal.de/servlets/DerivateServlet/Derivate-1524/sdp09010.pdf
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Paper provided by Universitätsbibliothek Wuppertal, University Library in its series Schumpeter Discussion Papers with number sdp09010.

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Length: 26
Date of creation: Oct 2009
Date of revision:
Handle: RePEc:bwu:schdps:sdp09010
Contact details of provider: Web page: http://elpub.bib.uni-wuppertal.de

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  1. De Clercq, Dirk & Sapienza, Harry J., 2006. "Effects of relational capital and commitment on venture capitalists' perception of portfolio company performance," Journal of Business Venturing, Elsevier, vol. 21(3), pages 326-347, May.
  2. 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.
  3. C. Mirjam van Praag, 2003. "Business Survival and Success of Young Small Business Owners," Tinbergen Institute Discussion Papers 03-050/3, Tinbergen Institute.
  4. C. Mirjam van Praag, 2003. "Business Survival and Success of Young Small Business Owners," Tinbergen Institute Discussion Papers 03-050/3, Tinbergen Institute.
  5. Tornikoski, Erno T. & Newbert, Scott L., 2007. "Exploring the determinants of organizational emergence: A legitimacy perspective," Journal of Business Venturing, Elsevier, vol. 22(2), pages 311-335, March.
  6. Sahlman, William A., 1990. "The structure and governance of venture-capital organizations," Journal of Financial Economics, Elsevier, vol. 27(2), pages 473-521, October.
  7. de Bettignies, Jean-Etienne & Brander, James A., 2007. "Financing entrepreneurship: Bank finance versus venture capital," Journal of Business Venturing, Elsevier, vol. 22(6), pages 808-832, November.
  8. Davila, Antonio & Foster, George & Gupta, Mahendra, 2003. "Venture capital financing and the growth of startup firms," Journal of Business Venturing, Elsevier, vol. 18(6), pages 689-708, November.
  9. David L. Deephouse & Suzanne M. Carter, 2005. "An Examination of Differences Between Organizational Legitimacy and Organizational Reputation," Journal of Management Studies, Wiley Blackwell, vol. 42(2), pages 329-360, 03.
  10. 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.
  11. 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.
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