Sustainable firms and legitimacy: Corporate venture capital as an effective endorsement

Deborah E. de Lange · Dave Valliere

39 citations0/0 files storedJournal of Small Business Management

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Private Equity and Venture Capital Entrepreneurship Studies and Influences Community Development and Social Impact

Abstract

This empirical study investigates the legitimizing effects of the presence of different investor types supporting entrepreneurial ventures. These effects may differ for sustainable ventures that face greater liabilities of newness due to powerful incumbents and negative halo effects of prominent failures. Drawing on institutional theory, this study developed and tested a model of investor legitimization with data on 184 entrepreneurial ventures using negative binomial regression. Findings suggest that the legitimizing effects of investor types for sustainable ventures differ from those of other ventures. In particular, corporate venture capital seems to legitimize sustainable ventures in a manner unlike other venture types.

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References

1983The Iron Cage Revisited: Institutional Isomorphism and Collective Rationality in Organizational Fields 1977Institutionalized Organizations: Formal Structure as Myth and Ceremony 2004The iron cage revisited institutional isomorphism and collective rationality in organizational fields 1970The Market for "Lemons": Quality Uncertainty and the Market Mechanism 1991Exploration and Exploitation in Organizational Learning 1995Managing Legitimacy: Strategic and Institutional Approaches 1973Job Market Signaling 2013A literature and practice review to develop sustainable business model archetypes

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