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Here Comes the Sun: The Impact of Incidental Contextual Factors on Entrepreneurial Resource Acquisition
Academy of Management Journal ( IF 9.5 ) Pub Date : 2020-12-24 , DOI: 10.5465/amj.2019.0128
Gary Dushnitsky 1 , Sayan Sarkar 2
Affiliation  

This paper focuses on investment decisions in nascent, seed-stage startups, where information is scarce and uncertainty is intense. The entrepreneurship literature shows investment is a function of the investor-startup pair; some studies investigate startup characteristics, while others focus on investor traits. We complement extant work by studying factors beyond the investor-startup pair; namely, incidental contextual factors such as changes in the physical environment. Drawing on affect-as-information theory, we conjecture that, in the face of intense uncertainty, sunnier days may affect investors’ mood and result in a greater likelihood of investment. Archival and experimental analyses inform our predictions. The former utilizes proprietary data on 1,335 startups graduating from European accelerators. Every accelerator holds a Demo Day, where startups pitch to investors. We find that graduating on a ‘sunnier’ day increases the likelihood of investment. The ‘sunnier’ effect is stronger under intense uncertainty, where startups (a) are nascent, or (b) the founders have limited human-capital. An experimental study where prospective investors evaluate a Demo Day pitch yields further insights. Not only do we find a positive sunshine-investment association, but also document the association is mediated by investors’ mood. Our findings complement extant work and contribute to the understanding of seed-stage investment decisions.

中文翻译:

太阳来了:偶然背景因素对创业资源获取的影响

本文重点介绍新生、种子阶段初创公司的投资决策,这些初创公司的信息稀缺且不确定性很强。创业文献表明,投资是投资者-创业对的函数;一些研究调查了创业公司的特征,而另一些则侧重于投资者的特征。我们通过研究投资者-初创公司以外的因素来补充现有的工作;即偶然的背景因素,例如物理环境的变化。借鉴影响作为信息的理论,我们推测,面对强烈的不确定性,阳光明媚的日子可能会影响投资者的情绪并导致更大的投资可能性。档案和实验分析为我们的预测提供信息。前者利用了从欧洲加速器毕业的 1,335 家初创公司的专有数据。每个加速器都有一个演示日,初创公司向投资者推销的地方。我们发现在“阳光明媚”的日子毕业会增加投资的可能性。在强烈的不确定性下,“阳光”效应更强,初创公司 (a) 刚刚起步,或 (b) 创始人的人力资本有限。潜在投资者评估演示日宣传的实验研究产生了进一步的见解。我们不仅发现了一个积极的阳光投资关联,而且还记录了这种关联是由投资者的情绪所介导的。我们的发现补充了现有的工作,并有助于理解种子阶段的投资决策。潜在投资者评估演示日宣传的实验研究产生了进一步的见解。我们不仅发现了一个积极的阳光投资关联,而且还记录了这种关联是由投资者的情绪所介导的。我们的发现补充了现有的工作,并有助于理解种子阶段的投资决策。潜在投资者评估演示日宣传的实验研究产生了进一步的见解。我们不仅发现了一个积极的阳光投资关联,而且还记录了这种关联是由投资者的情绪所介导的。我们的发现补充了现有的工作,并有助于理解种子阶段的投资决策。
更新日期:2020-12-24
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