(Un)Tangled: Exploring the Asymmetric Coevolution of New Venture Capital Firms' Reputation and Status

• 成果类型: Article
• 署名作者: Pollock, Timothy G.; Lee, Peggy M.; Jin, Kyuho; Lashley, Kisha
• 署名单位: Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Arizona State University; Arizona State University-Tempe; Seoul National University (SNU); University of Virginia
• 刊物名称: ADMINISTRATIVE SCIENCE QUARTERLY
• ISSN/ISSBN: 0001-8392
• DOI: 10.1177/0001839215585602
• 发表日期: 2015
• 页码: 482-517
• 关键词: INITIAL NETWORK; panel-data; performance; signals; MARKET; POWER; ORGANIZATIONS; CONSEQUENCES; centrality; expertise

摘要

We explore the relationship between status and reputation, examining how its dynamics change over time as these two intangible assets coevolve and how reputation and status are influenced by participation in highly visible events. Using a sample of more than 400 newly founded venture capital (VC) firms, we find that reputation and status positively influence each other but that reputation has a greater effect on status, particularly when firms are older. We also find that the effect of past status on current status weakens as VC firms age, but the relationship between past and current reputation remains consistent with age. Furthermore, our findings show that participating in big hitsblockbuster initial public offeringshas a positive relationship with status when firms are young and a positive relationship with reputation when firms are older, and it helps low-status and low-reputation firms more than it helps high-status and high-reputation firms. This study helps differentiate status and reputation, shows how they coevolve, and provides insight into how new firms build these important intangible assets.