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The aim of this study is to understand the levels (i.e. mild vs intense) of task conflict (TC) expressions between angel investors and entrepreneurs at the post-investment stage and how it affect angel investors’ follow-on investment intentions with the same entrepreneur.

Survey data was gathered from 71 angel investors in China. Mplus was used to test the proposed research model.

This study found that angels perceive affective conflict (AC) when engaged in intense TC, unlike the case for mild TC expressions. Furthermore, the analysis shows that, unlike mild TC expressions, intense TC expressions impede angels’ reinvestment intentions when they perceive ACs. Other results indicate that when angels perceive that entrepreneurs are not open to coaching, the prominence of mild TC expression is sharply mitigated and becomes as detrimental as intense TC expressions.

This study only focused on one specific aspect of the angel–entrepreneur post-investment relationship: The effect of their TC expressions on angels’ reinvestment intentions. By no means do the authors imply that TC expression in the angel–entrepreneur post-investment relationship is the only factor that matters to angel investors in their follow-on investment intentions with the same entrepreneur.

The findings suggest that entrepreneurs should pay careful attention to TC that may arise between them and their financiers. TCs are not entirely detrimental, but their negative effect might depend on how they are expressed. An appropriate level of TC may also improve enterprise performance and collaboration. Thus, angels and entrepreneurs should set clear goals and performance standards, where task interactions mainly focus on the goals and expected outcomes.

Prior to this study, little was known about whether all TCs potentially lead to ACs. By distinguishing between levels (i.e. mild vs intense) of TC expressions between angels and entrepreneurs, this study adds a novel aspect to it by showing that TC, in and of itself, does not necessarily lead to AC but can lead to AC once its intensity grows.

This empirical study uses herd behavior model to explore the role of anchor investors in ensuring fundraising success and overfunding of crowdfunded ventures.

Qualitative comparative analysis (QCA) is applied to find the configurational patterns describing how anchor investors' information disclosure leads to successful financing and overfunding.

Even when the anchor investor's resume is not detailed or the anchor investor has little experience in entrepreneurial investment, success or overfunding can be achieved, provided the anchor investor is a corporation rather than an individual. For individual anchor investors, a detailed resume matters. Overfunding can be achieved even when an individual anchor investor makes a small relative investment, if this small relative investment is compensated for by a detailed resume. Experience in entrepreneurial investment is crucial when individual anchor investors have few previous investments. Regardless of the anchor investor's identity, investment in absolute terms is crucial for crowdfunding success when experience in entrepreneurial investment is low. Such experience must be extensive if the anchor investor's resume is not detailed.

Both entrepreneurs and crowdfunding platforms can benefit from the findings in relation to the design of campaigns that use anchor investors' informational cues to achieve success and overfunding.

The study examines the importance of anchor investors' information disclosure in digital crowdfunding environments, differentiating between individual and corporate anchor investors.

本實證研究使用羊群行為模型, 去探究錨定投資者在確保眾籌活動可達成功籌資以及過多籌資方面所扮演的角色。

研究人員以定性比較分析法、去找出描述錨定投資者的資訊公佈如何帶來成功融資和過多籌資的配置模式。

研究結果顯示、只要錨定投資者不是個人、而是一間公司, 則即使他們的履歷不詳盡, 又或他們對企業投資的經驗淺薄, 也無礙籌資或過多籌資的成功完成。如錨定投資者為個人, 則詳盡的履歷會影響甚鉅。即使個人錨定投資者相對而言參與少量的投資, 但若這少量的投資給他們詳盡的履歷所彌補的話, 則過多籌資仍可成功達到。若個別錨定投資者原有的投資量不多的話, 則企業投資的經驗至為重要。不管錨定投資者的身份是什麼, 若他們對企業投資所持的經驗淺薄, 則按絕對值計算的投資額對眾籌能否成功至為重要。若錨定投資者的履歷不詳盡, 則這種經驗必須是豐富廣泛的。

本研究區分了個人錨定投資者與公司錨定投資者兩者對眾籌的影響, 就此而研究在數碼的眾籌環境裡, 錨定投資者信息公佈的重要性。

研究結果可幫助企業家和群眾募資平台去設計可使用錨定投資者的資訊提示來達至成功眾籌和過多籌資的活動。

We theorize the critical role of angel investors' affective experiences and first impressions in the context of entrepreneurial finance. We develop a model and propositions to illustrate why angel investors make the decision to continue screening, thus explaining why certain investment proposals make it, while others do not.

Drawing on affective events theory and the literature on affective experiences, we theorize how the perceptions of pitches that trigger positive or/and negative physiological arousal, short-lived emotions, and associated thoughts are different, thus allowing us to build new theory of how these different experiences can influence the outcome of the evaluation process in the initial screening stage.

Our model suggests that the initial evaluation unfolds in five stages: perception of an entrepreneurial pitch, physiological arousal, emotions, first impression, and a decision to continue screening. When different manifestations of physiological arousal and subsequent emotions set the tone of first impressions, they can be either a positive, negative, or mixed experience. While positive and mixed first impression can lead to selection, negative first impression can lead to rejection.

We illustrate what is of value for angel investors when they look for new investments, and why certain entrepreneurial pitches lead to the decision to continue screening, while others do not. We propose that what angel investors feel is particularly important in situations where they are not yet making the ultimate decision to invest money but are involved in decisions about whether to continue to spend time to investigate the investment proposal.

This study aims to investigate a startup accelerator’s decisions toward exerting effort in an information acquisition process and selecting an information disclosure strategy. In particular, the authors are interested in examining which factors may cause the accelerator to report more or less accurate information, which will subsequently affect the investment decision and the outcome of the ventures. This study examines the impact of the equity share taken by the accelerator on the effort level being exerted in the information acquisition process, as well as the accelerator’s decision on the information disclosure regime.

The authors use mathematical models built upon well-established theoretical and practical concepts to analyze the research problems and derive the findings.

The authors show that when the accelerator takes a sufficiently large equity share from the entrepreneur in exchange for admitting the entrepreneur’s venture into the acceleration program, the accelerator is motivated to exert a significant level of effort to observe an accurate signal for the quality of the venture, and then disclose the information about the venture’s quality consistently with the observed signal (informative disclosure regime). On the other hand, if the accelerator takes a small equity share, it is optimal for her to exert no effort in the information acquisition process and simply adopt the basic disclosure regime, where the accelerator reports the quality of the venture based solely on the ex ante expected payoff of the venture, regardless of the observed signal.

The results indicate that an equity sharing scheme, which awards a sufficient amount of equity to the accelerator, can be an effective tool to help obtain accurate information about the quality of a startup venture and make a well-informed investment decision.

This research illustrates that the ownership stake of the accelerator can potentially indicate the accuracy of the information about the venture provided by the accelerator to outside investors. That is, when the stake held by the accelerator is large, the investors can conjecture that the information about the venture reported by the accelerator may be highly accurate and reliable. In contrast, if the accelerator holds a small stake, then it is likely that the information provided by the accelerator may not add any value to the publicly available information. These insights can guide investors (e.g. angle investors, venture capitalists, etc.) in making well-informed startup investment decisions.

This paper aims to answer three questions: (1) Which countries invest more capital in green firms? (2) What kind of industries do venture capitals (VCs) invest in? (3) Do VCs invest more capital in green firms?

First, the authors provide summary statistics of the key variables for green and non-green firms. Then the authors use figures to plot the growth of green firms over time. Next, the authors use descriptive data to study VC-invested firms for the top 10 countries and industries for all firms, green firms and non-green firms. Finally, the authors compare the VC investors' characteristics and investment behavior between green and non-green firms.

This study documents that venture-backed investments in clean technologies have increased dramatically in the number of deals and in the total amount of dollar volume over time. This paper provides evidence that VC firms invest more in green firms in each deal than in non-green firms. The United States and European countries play an important role in funding clean technologies across countries, and this study’s results suggest that VC investors play a considerable role in shaping the development of green finance.

This paper makes the first attempt to investigate the role of VCs in clean technologies to support carbon neutrality, providing initial evidence on venture capitalists' investment efforts towards carbon neutrality. The paper also has practical implications for start-up firms that raise capital and venture capitalists who finance green start-ups.

The purpose of this study is to investigate if a firm's exchange complexity profile (that is, the linkages between the firm and its environment) influences investor behavior at the negotiation table where a firm valuation is derived.

The authors utilize Qualitative Comparative Analysis (QCA). Specifically, the authors utilize fuzzy-set Qualitative Comparative Analysis (fsQCA), a QCA variant that allows the researcher to assign graduated membership in sets.

When the authors dichotomize their positions as either higher stakes that favor the seller (high capital, low equity, high valuation) or lower stakes that favor the buyer (low capital, high equity, low valuation), and when the authors focus primarily on the equity outcome, the authors find that investors adopt a reductionist stance that adheres to a transaction cost economics logic under conditions of lower stakes and higher complexity as well as higher stakes and lower complexity conditions. The authors interpret this to mean that equity serves as a counter-balancing lever for a firm's exchange complexity configuration.

On a theoretical level, the authors showcase the exchange complexity framework and differentiate its position within the extant frameworks that address a firm's competitive advantage. More generally, the authors note that this framework brings the discipline of micro-economics and the field of strategic management closer together, providing scholars with a new tool enabling research across industries for the portfolio level of analysis.

An important but neglected area of investigation in digital entrepreneurship is the combined role of both core and peripheral members of an emerging technological field in shaping the symbolic and social boundaries of the field. This is a serious gap as both categories of members play a distinct role in expanding the pool of resources of the field. I address this gap by exploring how membership category is related to funding decisions in the emerging field of artificial intelligence (AI).

The first quantitative study involved a sample of 1,315 AI-based startups which were founded in the period of 2011–2018 in the United States. In the second qualitative study, the author interviewed 32 members of the field (core members, peripheral members and investors) to define the boundaries of their respective role in shaping the social boundaries of the AI field.

The author finds that core members in the newly founded field of AI were more successful at attracting funding from investors than peripheral members and that size of the founding team, number of lead investors, number of patents and CEO approval were positively related to funding. In the second qualitative study, the author interviewed 30 members of the field (core members, peripheral members and investors) to define their respective role in shaping the social boundaries of the AI field.

This study is one of the first to build on the growing literature in emerging organizational fields to bring empirical evidence that investors adapt their funding strategy to membership categories (core and peripheral members) of a new technological field in their resource allocation decisions. Furthermore, I find that core and peripheral members claim distinct roles in their participation and contribution to the field in terms of technological developments, and that although core members attract more resources than peripheral members, both actors play a significant role in expanding the field’s social boundaries.

Core AI entrepreneurs who wish to attract funding may consider operating in fewer categories in order to be perceived as core members of the field, and thus focus their activities and limited resources to build internal AI capabilities. Entrepreneurs may invest early in filing a patent to signal their in-house AI capabilities to investors.

The social boundaries of an emerging technological field are shaped by a multitude of actors and not only the core members of the field. The author should pay attention to the role of each category of actors and build on their contributions to expand a promising field.

This paper is among the first to build on the growing literature in emerging organizational fields to study the resource acquisition strategies of entrepreneurs in a newly establishing technological field.

In this chapter, we outline the background to the present volume, including the history of the Emonet group and the origins of the book series. We argue that the volume subtitle “A coat of many colors” reflects the diversity of approaches to studying emotion in organizational settings. We then provide a summary of the 11 contributor chapters in the volume, which illustrates the wide range of emotion-related topics covered in the volume.

This chapter provides an overview of the chapters in the volume, and gives a brief summary of each chapter, explaining how each fits into the overall theme of the volume and listing the key contribution of each chapter.

The introduction concludes with a summary of main findings of the chapters, and how they shape the future of the field, concluding that, since emotion-related topics nowadays are so integrated into the mainstream literature in organizational behavior and organization theory, maybe there is no longer a need to address emotions as a stand-alone topic.

The chapters in this volume address a wide range of emotion-related topics in the fields of organizational behavior and organization theory and point to the future of research in this field.

This study investigates the relationship between the individual’s levels of innovativeness (ILI) and the individual’s intention to finance (IIF) an equity crowdfunding campaign to understand whether and to what extent individuals' personalities (IP) can foster crowdfunding success.

OLS models are applied based on survey data collected from 385 US and UK citizen respondents. Further, the baseline relationship between ILI and IIF is broken down on the basis of the interactions with two behavioral characteristics: proactive personality (PP) and openness to experience (OE).

Results show a positive relationship between individual’s levels of innovativeness and the individual’s intention to finance an equity crowdfunding campaign. Furthermore, this relationship continues to be positive when moderators are introduced in the models, demonstrating that PP and OE are personal traits that strengthen the main relationship.

Our findings contribute to enriching the stream of literature according to which equity crowdfunding is a helpful tool not only able to bridge the financial gap of companies during the first phase of their life cycle. The findings also contribute to the development of the innovation process, creating also a social identity within the crowdfunding community.