期刊
ACADEMY OF MANAGEMENT JOURNAL
卷 65, 期 4, 页码 1083-1109出版社
ACAD MANAGEMENT
DOI: 10.5465/amj.2018.0579
关键词
-
This study addresses the limited research on investors' views of entrepreneurs who have failed in the past and highlights an innate asymmetry between past failure and success. Experimental results in the context of equity crowdfunding show that prospective crowdfunding investors rationally integrate informational cues regarding past outcomes and entrepreneurial skill.
Research has shown that most ventures fail, yet there has been limited work on investors' views of entrepreneurs who have failed in the past. We address this gap and call attention to an innate asymmetry between past failure and success. This asymmetry arises because success requires skill and luck jointly, whereas failure materializes due to either lack of skill (mistakes) or bad luck (misfortune). We ask: Are investors failure-averse and discount a failed entrepreneur even in the presence of additional information about entrepreneurial skill? Or do they make rational inferences in light of the additional skill information and proceed to fund the new startup? To test whether investors are failure-averse or engage in rational inference, we use experiments in the context of equity crowdfunding. The results suggest that prospective crowdfunding investors rationally integrate informational cues regarding past outcomes and entrepreneurial skill.
作者
我是这篇论文的作者
点击您的名字以认领此论文并将其添加到您的个人资料中。
推荐
暂无数据