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Contracting, signaling, and moral hazard: a model of entrepreneurs, 'angels,' and venture capitalists

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Cited by:

  1. Ponce de Leon, Rebecca & Carter, James T. & Rosette, Ashleigh Shelby, 2024. "Sincere solidarity or performative pretense? Evaluations of organizational allyship," Organizational Behavior and Human Decision Processes, Elsevier, vol. 180(C).
  2. Andrieu, Guillaume & Groh, Alexander Peter, 2018. "Specialist versus generalist investors: Trading off support quality, investment horizon and control rights," European Economic Review, Elsevier, vol. 101(C), pages 459-478.
  3. Messeni Petruzzelli, Antonio & Mora, Luca & Natalicchio, Angelo & Platania, Federico & Toscano Hernandez, Celina, 2024. "Consumers’ reaction to sci-fi as a source of information for technological development: An empirical analysis," Technovation, Elsevier, vol. 132(C).
  4. Francesco Martielli & Vittorio Laus & Antonio Salvi & Anna Kotaskova, 2025. "Unlocking funding success: intercultural entrepreneurship dynamics in European startups," International Entrepreneurship and Management Journal, Springer, vol. 21(1), pages 1-31, December.
  5. Mendiola Teng-Calleja & Alfred Presbitero & Mira Michelle Guzman, 2023. "Organizational direction, expectations, and employees’ intention for Green HRM practices in the Philippines: a signaling theory perspective," Asian Business & Management, Palgrave Macmillan, vol. 22(4), pages 1301-1327, September.
  6. James A. Cunningham & Matthias Menter & Katharine Wirsching, 2019. "Entrepreneurial ecosystem governance: a principal investigator-centered governance framework," Small Business Economics, Springer, vol. 52(2), pages 545-562, February.
  7. Nicole Darnall & Konstantinos Iatridis & Effie Kesidou & Annie Snelson‐Powell, 2024. "Penalty Zones in International Sustainability Standards: Where Improved Sustainability Doesn't Pay," Journal of Management Studies, Wiley Blackwell, vol. 61(6), pages 2373-2405, September.
  8. Rafał Morawczyński, 2020. "Venture Capitalists’ Investment Criteria in Poland: Entrepreneurial Opportunities, Entrepreneurs, and Founding Teams," Administrative Sciences, MDPI, vol. 10(4), pages 1-30, October.
  9. Michael M. Moedl, 2021. "Two’s a company, three’s a crowd: Deal breaker terms in equity crowdfunding for prospective venture capital," Small Business Economics, Springer, vol. 57(2), pages 927-952, August.
  10. Chang Gue Lim & Sang‐Youn Lee & Jinseon Seo, 2020. "The signaling effect of ambidexterity of social enterprises on acquiring financial resources in South Korea," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 91(4), pages 633-647, December.
  11. Gimmon, Eli & Levie, Jonathan, 2010. "Founder's human capital, external investment, and the survival of new high-technology ventures," Research Policy, Elsevier, vol. 39(9), pages 1214-1226, November.
  12. Hsu, David H., 2007. "Experienced entrepreneurial founders, organizational capital, and venture capital funding," Research Policy, Elsevier, vol. 36(5), pages 722-741, June.
  13. Balboa, Marina & Marti, Jose, 2007. "Factors that determine the reputation of private equity managers in developing markets," Journal of Business Venturing, Elsevier, vol. 22(4), pages 453-480, July.
  14. Xun Liu & Sen Lin & Lixing Liu & Fei Qian & Kun Zhang, 2020. "Exploring the Factors Triggering Occupational Ethics Risk of Technology Transaction in Chinese Construction Industry," IJERPH, MDPI, vol. 17(4), pages 1-18, February.
  15. Andrieu, Guillaume & Peter Groh, Alexander, 2021. "Strategic exits in secondary venture capital markets," Journal of Business Venturing, Elsevier, vol. 36(2).
  16. Eghbali, Mohammad-Ali & Rasti-Barzoki, Morteza & Altmann, Jörn, 2024. "An evolutionary game-theoretic approach to analysis the green innovation chain dynamics under government policies," Technology in Society, Elsevier, vol. 77(C).
  17. Urbig, Diemo & Weitzel, Utz & Rosenkranz, Stephanie & Witteloostuijn, Arjen van, 2012. "Exploiting opportunities at all cost? Entrepreneurial intent and externalities," Journal of Economic Psychology, Elsevier, vol. 33(2), pages 379-393.
  18. Min Maung & Danny Miller & Zhenyang Tang & Xiaowei Xu, 2020. "Value-Enhancing Social Responsibility: Market Reaction to Donations by Family vs. Non-family Firms with Religious CEOs," Journal of Business Ethics, Springer, vol. 163(4), pages 745-758, May.
  19. Thomas W. Archibald & Edgar Possani, 2021. "Investment and operational decisions for start-up companies: a game theory and Markov decision process approach," Annals of Operations Research, Springer, vol. 299(1), pages 317-330, April.
  20. Mark R. Ayoub & Sandra Gottschalk & Bettina Müller, 2017. "Impact of public seed-funding on academic spin-offs," The Journal of Technology Transfer, Springer, vol. 42(5), pages 1100-1124, October.
  21. Shamir, Noam & Zvilichovsky, David, 2022. "Dynamic reputation, project selection and market efficiency: The importance of small projects," International Journal of Production Economics, Elsevier, vol. 248(C).
  22. Tevfik Aktekin & Dev K. Dutta & Jeffrey E. Sohl, 2018. "Entrepreneurial firms and financial attractiveness for securing debt capital: a Bayesian analysis," Venture Capital, Taylor & Francis Journals, vol. 20(1), pages 27-50, January.
  23. Epure, Mircea & Guasch, Martí, 2020. "Debt signaling and outside investors in early stage firms," Journal of Business Venturing, Elsevier, vol. 35(2).
  24. Carolin Bock & Alexander Huber & Svenja Jarchow, 2018. "Growth factors of research-based spin-offs and the role of venture capital investing," The Journal of Technology Transfer, Springer, vol. 43(5), pages 1375-1409, October.
  25. Brian Dollery & Michael A. Kortt, 2017. "Fast and Loose: An Evaluation of the PricewaterhouseCoopers Report Marriage Equality in Australia," Economic Papers, The Economic Society of Australia, vol. 36(1), pages 49-59, March.
  26. Ko, Eun-Jeong & McKelvie, Alexander, 2018. "Signaling for more money: The roles of founders' human capital and investor prominence in resource acquisition across different stages of firm development," Journal of Business Venturing, Elsevier, vol. 33(4), pages 438-454.
  27. Aaron H. Anglin & Jeremy C. Short & David J. Ketchen Jr. & Thomas H. Allison & Aaron F. McKenny, 2020. "Third-Party Signals in Crowdfunded Microfinance: The Role of Microfinance Institutions," Entrepreneurship Theory and Practice, , vol. 44(4), pages 623-644, July.
  28. Julien Salin & Nadine Levratto, 2020. "Are business angel-backed companies truly different? a comparative analysis of the financial structure," EconomiX Working Papers 2020-5, University of Paris Nanterre, EconomiX.
  29. Pieter de Jong & Lakshmi Goel, 2016. "The influence of security analysts on CEO pay cuts," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 13(1), pages 26-52, February.
  30. Carmen Virues & Maria Velez & Jose M. Sanchez, 2019. "Signaling Trustworthiness to Stakeholders: International vs. Domestic Entrepreneurs," Sustainability, MDPI, vol. 11(7), pages 1-22, April.
  31. Cavallo, Angelo & Ghezzi, Antonio & Dell'Era, Claudio & Pellizzoni, Elena, 2019. "Fostering digital entrepreneurship from startup to scaleup: The role of venture capital funds and angel groups," Technological Forecasting and Social Change, Elsevier, vol. 145(C), pages 24-35.
  32. Chi-Lin Yang & Tsai-Yin Lin & Chien-Wei Chen & Min-Hsien Chiang, 2018. "Information and timing of new product preannouncement and firm value," Australian Journal of Management, Australian School of Business, vol. 43(1), pages 111-131, February.
  33. Herrera-Echeverri Hernán & Haar Jerry & Estevez-Bretón Juan Benavides, 2014. "Foreign Investment, Institutional Quality, Public Expenditure, and Activity of Venture Capital Funds in Emerging Market Countries," Global Economy Journal, De Gruyter, vol. 14(2), pages 127-162, April.
  34. Sanchez-Ruiz, Paul & Wood, Matthew S. & Long-Ruboyianes, Anna, 2021. "Persuasive or polarizing? The influence of entrepreneurs' use of ingratiation rhetoric on investor funding decisions," Journal of Business Venturing, Elsevier, vol. 36(4).
  35. Jung, Eunjun & Lee, Changjun & Hwang, Junseok, 2022. "Effective strategies to attract crowdfunding investment based on the novelty of business ideas," Technological Forecasting and Social Change, Elsevier, vol. 178(C).
  36. Simon Kleinert & Christine Volkmann & Marc Grünhagen, 2020. "Third-party signals in equity crowdfunding: the role of prior financing," Small Business Economics, Springer, vol. 54(1), pages 341-365, January.
  37. Suying Gao & Xiangshan Jin & Ye Zhang, 2021. "User Participation Behavior in Crowdsourcing Platforms: Impact of Information Signaling Theory," Sustainability, MDPI, vol. 13(11), pages 1-19, June.
  38. HONJO Yuji & IKEUCHI Kenta & NAKAMURA Hiroki, 2022. "Does risk aversion affect individuals’ actions and interests in angel investing? Empirical evidence from Japan," Discussion papers 22040, Research Institute of Economy, Trade and Industry (RIETI).
  39. Johannes Wallmeroth & Peter Wirtz & Alexander Peter Groh, 2017. "Institutional Seed Financing, Angel Financing, and Crowdfunding of Entrepreneurial Ventures: A Literature Review," Working Papers hal-01527999, HAL.
  40. Yang Zhao & Xuemei Xie & Liuyong Yang, 2021. "Female entrepreneurs and equity crowdfunding: the consequential roles of lead investors and venture stages," International Entrepreneurship and Management Journal, Springer, vol. 17(3), pages 1183-1211, September.
  41. Hoenig, Daniel & Henkel, Joachim, 2015. "Quality signals? The role of patents, alliances, and team experience in venture capital financing," Research Policy, Elsevier, vol. 44(5), pages 1049-1064.
  42. Nigam, Nirjhar & Benetti, Cristiane & Johan, Sofia A., 2020. "Digital start-up access to venture capital financing: What signals quality?," Emerging Markets Review, Elsevier, vol. 45(C).
  43. Gry Agnete Alsos & Elisabet Ljunggren, 2017. "The Role of Gender in Entrepreneur–Investor Relationships: A Signaling Theory Approach," Entrepreneurship Theory and Practice, , vol. 41(4), pages 567-590, July.
  44. Hong, Jieying, 2020. "The financing of alliance entrepreneurship," Journal of Business Venturing, Elsevier, vol. 35(1).
  45. Douglas, Evan J. & Shepherd, Dean A. & Venugopal, Vidhula, 2021. "A multi-motivational general model of entrepreneurial intention," Journal of Business Venturing, Elsevier, vol. 36(4).
  46. Yu, Feifei & Du, Hongyan & Li, Xiaotong & Cao, Jiayu, 2023. "Enterprise digitalization, business strategy and subsidy allocation: Evidence of the signaling effect," Technological Forecasting and Social Change, Elsevier, vol. 190(C).
  47. Taj, Saud A., 2016. "Application of signaling theory in management research: Addressing major gaps in theory," European Management Journal, Elsevier, vol. 34(4), pages 338-348.
  48. Momtaz, Paul P., 2021. "Entrepreneurial Finance and Moral Hazard: Evidence from Token Offerings," Journal of Business Venturing, Elsevier, vol. 36(5).
  49. Ekaterina S. Bjornali & Ferran Giones & Anders Billstrom, 2017. "Reveal or Conceal? Signaling Strategies for Building Legitimacy in Cleantech Firms," Sustainability, MDPI, vol. 9(10), pages 1-19, October.
  50. Hoenen, Sebastian & Kolympiris, Christos & Schoenmakers, Wilfred & Kalaitzandonakes, Nicholas, 2014. "The diminishing signaling value of patents between early rounds of venture capital financing," Research Policy, Elsevier, vol. 43(6), pages 956-989.
  51. Dimitrios Koutmos & Konstantinos Bozos & Dionysia Dionysiou & Neophytos Lambertides, 2018. "The timing of new corporate debt issues and the risk-return tradeoff," Review of Quantitative Finance and Accounting, Springer, vol. 50(4), pages 943-978, May.
  52. Artie W. Ng & Douglas Macbeth & Leslie S. C. Yip, 2017. "Exploring performance drivers for technology-based ventures from early stage to expansion: perspectives of venture capitalists," Venture Capital, Taylor & Francis Journals, vol. 19(4), pages 335-359, October.
  53. Evila Piva & Cristina Rossi-Lamastra, 2018. "Human capital signals and entrepreneurs’ success in equity crowdfunding," Small Business Economics, Springer, vol. 51(3), pages 667-686, October.
  54. Petra A. Nylund & Boyd Cohen, 0. "Collision density: driving growth in urban entrepreneurial ecosystems," International Entrepreneurship and Management Journal, Springer, vol. 0, pages 1-20.
  55. Bruno S. Frey & Jana Gallus, 2014. "Awards are a Special Kind of Signal," CREMA Working Paper Series 2014-04, Center for Research in Economics, Management and the Arts (CREMA).
  56. Wu Zhenyu & Yuan Wenlong & Wei Xueqi, 2012. "The Effects of New Ventures' Resource Strategies on Angels' Investing Outcomes: Big Gains and Big Losses in Angel Investments," Entrepreneurship Research Journal, De Gruyter, vol. 2(3), pages 1-27, July.
  57. Hyo Jin Jean Jeon & John Nolan, 2024. "Meta-analytic Review of Firm Reputation and Firm Performance," Corporate Reputation Review, Palgrave Macmillan, vol. 27(3), pages 216-227, August.
  58. Zhou, Lu Jolly & Zhang, Xinyu & Sha, Yezhou, 2021. "The role of angel investment for technology-based SMEs: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 67(C).
  59. Yang Zhao & Xuemei Xie & Liuyong Yang, 0. "Female entrepreneurs and equity crowdfunding: the consequential roles of lead investors and venture stages," International Entrepreneurship and Management Journal, Springer, vol. 0, pages 1-29.
  60. Pollack, Jeffrey M. & Bosse, Douglas A., 2014. "When do investors forgive entrepreneurs for lying?," Journal of Business Venturing, Elsevier, vol. 29(6), pages 741-754.
  61. Prof. (Dr.) Amol S. Dhaigude & Narain Gupta & Deepak Sardana & Vikas Kumar & Milé Terziovski, 2024. "The catalytic role of “responsible investments” in innovation and firm performance link: in the context of manufacturing in Asia-Pacific," Asia Pacific Journal of Management, Springer, vol. 41(3), pages 1315-1343, September.
  62. Petra A. Nylund & Boyd Cohen, 2017. "Collision density: driving growth in urban entrepreneurial ecosystems," International Entrepreneurship and Management Journal, Springer, vol. 13(3), pages 757-776, September.
  63. Katrin Hummel & Christian Schlick & Matthias Fifka, 2019. "The Role of Sustainability Performance and Accounting Assurors in Sustainability Assurance Engagements," Journal of Business Ethics, Springer, vol. 154(3), pages 733-757, February.
  64. Chitsazan, Hasti & Bagheri, Afsaneh & Tajeddin, Mahdi, 2022. "Initial coin offerings (ICOs) success: Conceptualization, theories and systematic analysis of empirical studies," Technological Forecasting and Social Change, Elsevier, vol. 180(C).
  65. Agerti Galo, 2021. "Analytical Hierarchy Process as a Decision-Making Model," European Journal of Multidisciplinary Studies Articles, Revistia Research and Publishing, vol. 2, January A.
  66. repec:bla:jomstd:v:47:y:2010:i:s2:p:1561-1589 is not listed on IDEAS
  67. Douglas Cumming & Minjie Zhang, 2019. "Angel investors around the world," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 50(5), pages 692-719, July.
  68. Cristiana Cardi & Camilla Mazzoli & Sabrina Severini, 2018. "Friend or foe? The effect of corporate governance on intellectual capital disclosure in IPOs," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 15(1), pages 1-12, February.
  69. Schwienbacher, Armin, 2013. "The entrepreneur's investor choice: The impact on later-stage firm development," Journal of Business Venturing, Elsevier, vol. 28(4), pages 528-545.
  70. Adil El Fakir & Richard Fairchild & Mohamed Tkiouat & Abderrahim Taamouti, 2023. "A bargaining model for PLS entrepreneurial financing: A game theoretic model using agent‐based simulation," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(2), pages 1228-1241, April.
  71. Subhan Shahid & Ioanna Liouka & Ioanna Deligianni, 2024. "Signaling sustainability: Can it entice business angels' willingness to invest?," Business Strategy and the Environment, Wiley Blackwell, vol. 33(4), pages 2832-2848, May.
  72. 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.
  73. Dutta, Supradeep & Folta, Timothy B., 2016. "A comparison of the effect of angels and venture capitalists on innovation and value creation," Journal of Business Venturing, Elsevier, vol. 31(1), pages 39-54.
  74. Harrison, Richard T. & Bock, Adam J. & Gregson, Geoff, 2020. "Stairway to heaven? rethinking angel investment policy and practice," Journal of Business Venturing Insights, Elsevier, vol. 14(C).
  75. Evren Tok, 2020. "The Incentives and Efforts for Innovation and Entrepreneurship in a Resource-Based Economy: A Survey on Perspective of Qatari Residents," Sustainability, MDPI, vol. 12(2), pages 1-20, January.
  76. Will Drover & Matthew S. Wood & G. Tyge Payne, 2014. "The Effects of Perceived Control on Venture Capitalist Investment Decisions: A Configurational Perspective," Entrepreneurship Theory and Practice, , vol. 38(4), pages 833-861, July.
  77. Fisch, Christian, 2019. "Initial coin offerings (ICOs) to finance new ventures," Journal of Business Venturing, Elsevier, vol. 34(1), pages 1-22.
  78. Hottenrott, Hanna & Richstein, Robert, 2020. "Start-up subsidies: Does the policy instrument matter?," Research Policy, Elsevier, vol. 49(1).
  79. Cuntz, Alexander & Peuckert, Jan, 2023. "From hackers to start-ups: Innovation commons and local entrepreneurial activity," Research Policy, Elsevier, vol. 52(2).
  80. NAKAMURA Hiroki & HONJO Yuji & IKEUCHI Kenta, 2019. "Potentiality and Actuality: Characteristics and Linkage of Entrepreneurs and Angel Investors in Japan," Discussion papers 19089, Research Institute of Economy, Trade and Industry (RIETI).
  81. Fairchild, Richard, 2011. "An entrepreneur's choice of venture capitalist or angel-financing: A behavioral game-theoretic approach," Journal of Business Venturing, Elsevier, vol. 26(3), pages 359-374, May.
  82. Kromidha, Endrit & Li, Matthew C., 2019. "Determinants of leadership in online social trading: A signaling theory perspective," Journal of Business Research, Elsevier, vol. 97(C), pages 184-197.
  83. Dawson, Alexandra & Ginesti, Gianluca & Sciascia, Salvatore, 2020. "Family-related antecedents of business legality: An empirical investigation among Italian family owned SMEs," Journal of Family Business Strategy, Elsevier, vol. 11(1).
  84. de Bettignies, Jean-Etienne & Brander, James A., 2007. "Financing entrepreneurship: Bank finance versus venture capital," Journal of Business Venturing, Elsevier, vol. 22(6), pages 808-832, November.
  85. Stutz, Adrian & Schell, Sabrina & Hack, Andreas, 2022. "In family firms we trust – Experimental evidence on the credibility of sustainability reporting: A replication study with extension," Journal of Family Business Strategy, Elsevier, vol. 13(4).
  86. Gurupdesh Pandher, 2019. "Financier Search and Boundaries of the Angel and VC Markets," Entrepreneurship Theory and Practice, , vol. 43(6), pages 1223-1249, November.
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