Abstract

Legitimacy is directly related to resource acquisition (Meyer & Rowan, 1977). Institutional theory has provided a strong framework for examining this process. Independent Venture Capital (IVC) has emerged as a major funding source in the past four decades and new ventures have traditionally relied on IVC firms to provide financial and managerial resources (Park & Steensma, 2011). Prior work has highlighted the role of media on the perceived status or reputation of ventures (Dimov et al., 2007) and IPO performance (Pollock & Rindova, 2003). However, research has yet to examine how other sources of legitimacy – including cognitive, regulatory, and industry – may interact with the media attention, a normative source of legitimacy, in impacting resource acquisition performance. Moreover, we focus on the role of media on new ventures’ fundraising through various rounds over time.

Share

COinS