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.
Maurer, Joshua D. and Sahaym, Arvin
"LIFTOFF? THE IMPACT OF ENTREPRENEUR AND VENTURE SOURCES OF LEGITIMACY ON FUNDING PERFORMANCE IN THE PRIVATE SPACEFLIGHT INDUSTRY (SUMMARY),"
Frontiers of Entrepreneurship Research: Vol. 35
, Article 6.
Available at: http://digitalknowledge.babson.edu/fer/vol35/iss1/6