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Sustainable firms and legitimacy: Corporate venture capital as an effective endorsement

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  • Deborah de Lange
  • Dave Valliere

Abstract

This empirical study investigates the legitimizing effects of the presence of different investor types supporting entrepreneurial ventures. These effects may differ for sustainable ventures that face greater liabilities of newness due to powerful incumbents and negative halo effects of prominent failures. Drawing on institutional theory, this study developed and tested a model of investor legitimization with data on 184 entrepreneurial ventures using negative binomial regression. Findings suggest that the legitimizing effects of investor types for sustainable ventures differ from those of other ventures. In particular, corporate venture capital seems to legitimize sustainable ventures in a manner unlike other venture types.

Suggested Citation

  • Deborah de Lange & Dave Valliere, 2020. "Sustainable firms and legitimacy: Corporate venture capital as an effective endorsement," Journal of Small Business Management, Taylor & Francis Journals, vol. 58(6), pages 1187-1220, November.
    • Handle: RePEc:taf:ujbmxx:v:58:y:2020:i:6:p:1187-1220
    DOI: 10.1080/00472778.2019.1681880
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    Cited by:

    1. Lucia DURAC & Liliana Mihaela MOGA & Ionica SIMBANU & Daniel TECU, 2023. "A Comparative Analysis Between Social Entrepreneurship and Corporate Entrepreneurship," Economics and Applied Informatics, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, issue 1, pages 69-77.
    2. Hegeman, Puck D. & Sørheim, Roger & Landström, Hans & Saether, Erik Andreas, 2024. "Corporate angels: A new breed of investors in the funding landscape for technology-based start-ups," Technovation, Elsevier, vol. 134(C).
    3. Kok-Bing Poh & Fang-Yi Lo & Kun-Huang Huarng & Ing. Tatiana Masárová, 2024. "Legitimacy theory for digitalization and international strategy of new venture capitalization," International Entrepreneurship and Management Journal, Springer, vol. 20(4), pages 3349-3372, December.
    4. Julian Bafera & Simon Kleinert, 2023. "Signaling Theory in Entrepreneurship Research: A Systematic Review and Research Agenda," Entrepreneurship Theory and Practice, , vol. 47(6), pages 2419-2464, November.

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