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首页> 外文期刊>Journal of business venturing >Take the money or run? Investors' ethical reputation and entrepreneurs' willingness to partner
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Take the money or run? Investors' ethical reputation and entrepreneurs' willingness to partner

机译：拿钱还是跑？投资者的道德声誉和企业家的合作意愿

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摘要

Drawing on the multi-principal-agent perspective, this research models the influence of venture capitalists' reputation for ethical behavior on entrepreneurs' willingness to partner decisions. We test our model using a two-study design. Study one, a conjoint experiment, revealed that explicit knowledge of past unethical behavior negatively affects entrepreneurs' willingness to partner. Interaction effects revealed that factors previously shown to influence the entrepreneurs' evaluations-investor value-add and investment track record-become largely contingent upon and often subjugated by investors' ethical reputation. Study two, a traditional between-subjects scenario experiment, revealed that when entrepreneurs develop their own perceptions about the ethicality of an investor's prior behaviors, the ethical dimension remains highly influential. Further, we find that as the consequences of rejecting funding become more severe (e.g., possible bankruptcy), entrepreneurs become increasingly willing to partner with unethical investors. We also find that high fear of failure entrepreneurs are less willing to partner with unethical investors than their low fear of failure counterparts.
机译：基于多主体代理视角，本研究模拟了风险资本家的道德行为声誉对企业家做出合作伙伴决策的意愿的影响。我们使用两个研究设计来测试我们的模型。研究之一是一项联合实验，结果表明，对过去不道德行为的明确了解会对企业家的合作意愿产生负面影响。相互作用的影响表明，以前显示出会影响企业家评价的因素-投资者的增值和投资记录-很大程度上取决于投资者的道德声誉，并且常常受其影响。研究二是一个传统的受试者间情景实验，它揭示了当企业家发展自己对投资者先行行为的道德性的认识时，道德维度仍然具有很大的影响力。此外，我们发现，随着拒绝资助的后果变得更加严重（例如，可能破产），企业家越来越愿意与不道德的投资者合作。我们还发现，对失败的高度恐惧的企业家与其对失败的同行的恐惧相比，不愿意与不道德的投资者合作。

著录项

  • 来源
    《Journal of business venturing》 |2014年第6期|723-740|共18页
  • 作者

    Will Drover; Matthew S. Wood; Yves Fassin;

  • 作者单位

    Department of Entrepreneurship, F.W. Olin Graduate School of Business, Babson College, USA,Department of Management, College of Business, Southern Illinois University, Rehn Hall, Room 214, Carbandale, IL 62901, USA;

    Department of Management & Entrepreneurship, Hankamer School of Business, Baylor University One Bear Place #98006, Waco, TX, USA;

    Department of Management Innovation and Entrepreneurship, Ghent University, Tweekerkenstraat, 2, 9000 Gent, Belgium,Vlerick Business School, Keep 1, 9000 Gent, Belgium;

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  • 正文语种 eng
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  • 关键词

    Venture Capital; Business Ethics; Investor Reputation; Investor Selection; Conjoint Analysis;

    机译：风险投资;商业道德;投资者声誉;投资者选择;联合分析;

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