RESOURCES AND RELATIONSHIPS IN ENTREPRENEURSHIP: AN EXCHANGE THEORY OF THE DEVELOPMENT AND EFFECTS OF THE ENTREPRENEUR-INVESTOR RELATIONSHIP

• 成果类型: Article
• 署名作者: Huang, Laura; Knight, Andrew P.
• 署名单位: University of Pennsylvania; Washington University (WUSTL)
• 刊物名称: ACADEMY OF MANAGEMENT REVIEW
• ISSN/ISSBN: 0363-7425
• DOI: 10.5465/amr.2014.0397
• 发表日期: 2017
• 页码: 80-102
• 关键词: VENTURE CAPITALIST; KNOWLEDGE; GROWTH; MODEL; team; performance; PASSION; MARKET; stage; firm

摘要

We develop a theoretical model, grounded in exchange theory, about the process through which relationships between entrepreneurs and investors develop and influence the growth of new ventures. Our theory highlights the multifaceted relationships that entrepreneurs and investors share comprising both affective and instrumental dimensions and the bidirectional exchanges of social and financial resources that build these relationships over time. An exchange theory perspective sheds light on the emergence of different patterns of relationship development over time and how different kinds of resource exchange contribute to new venture growth, contingent on the core problems that a venture faces at a given stage of development. We discuss implications of an exchange perspective on resources and relationships in entrepreneurship for theory, research, and practice.