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Venture capital reputation: a blessing or a curse for entrepreneurial firm innovation--a contingent effect of industrial distance

机译:风险投资声誉:创业公司创新的祝福或诅咒-产业距离的偶然效应

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机译:This study investigates whether venture capital reputation is a blessing or a curse for entrepreneurial firm innovation by using data from 1,553 observations of venture capital investments on entrepreneurial firms in China''''s New Over-the-Counter (OTC) Market. Advantages that venture capital brings to entrepreneurial firms have been widely ack no wledged in exta nt research. However, our research emphasizes the potential resource outflows rather tha n in flows when firms are embedded in a shared reputable venture capital, and finds that the curse effect of venture capital reputation on entrepreneurial firms is manifested. Furthermore, we develop the concept of venture capital ntra-industrial reputationM and "extra-industrial reputation" to give a contingent answer to the z/blessing or curse" question. The conclusions are draw n in dicating that the curse effect is contingent o n in dustrial dista nee. Venture capital intra-industrial reputation is positively linked to entrepreneurial firm innovation, whereas extra-industrial reputation exerts a strong negative impact, which is responsible for the curse effect.

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