Exploring entrepreneurial legitimacy in reward-based crowdfunding

Venture Capital

Volumn 16, Issue 3, 2014, Pages 247-269

  Frydrych, Denis ^a   Bock, Adam J ^a   Kinder, Tony ^a   Koeck, Benjamin ^a  

^a UNIVERSITY OF EDINBURGH BUSINESS SCHOOL   (United Kingdom)

Author keywords

crowdfunding; entrepreneurial legitimacy; organisational legitimacy; resource assembly; venture capital

Indexed keywords

EID: 84904515203     PISSN: 13691066     EISSN: 14645343     Source Type: Journal    
DOI: 10.1080/13691066.2014.916512     Document Type: Article

References (70)

1. Achleitner, A.-K., N.Engel, and U.Reiner. 2013. "The Performance of Venture Capital Investments: Do Investors Overreact?" Review of Financial Economics22 (1): 20-35.
2. Agrawal, A. K., C. Catalini, and A. Goldfarb. 2011. "The Geography of Crowdfunding." NBER Working Paper No. 16820. http://www.nber.org/papers/w16820.
3. Ahlstrom, D., and G. D.Bruton. 2002. "An Institutional Perspective on the Role of Culture in Shaping Strategic Actions by Technology-Focused Entrepreneurial Firms in China." Entrepreneurship Theory and Practice26 (4): 53-70.
4. Aldrich, H., and C.Fiol. 1994. "Fools Rush in? The Institutional Context of Industry Creation." The Academy of Management Review19 (4): 645-670.
5. Alvarez, S., and L. W.Busenitz. 2001. "The Entrepreneurship of Resource-Based Theory." Journal of Management27 (6): 755-775.
6. Anderson, C.2004, October. "The Long Tail." Wired Magazine, http://www.wired.com/wired/archive/12.10/tail.html.
7. Anderson, A.2005. "Enacted Metaphor: The Theatricality of the Entrepreneurial Process." International Small Business Journal23 (6): 587-603.
8. Balboa, M., and J.Marti. 2007. "Factors That Determine the Reputation of Private Equity Managers in Developing Markets." Journal of Business Venturing22 (4): 453-480.
9. Baron, R. A., and G. D.Markman. 2003. "Beyond Social Capital: The Role of Entrepreneurs' Social Competence in Their Financial Success." Journal of Business Venturing18 (1): 41-60.
10. Baum, J., and B.Silverman. 2004. "Picking Winners or Building Them? Alliance, Intellectual, and Human Capital as Selection Criteria in Venture Financing and Performance of Biotechnology Startups." Journal of Business Venturing19 (3): 411-436.
11. Belleflamme, P., T. Lambert, and A. Schwienbacher. 2013. "Crowdfunding: Tapping the Right Crowd." Forthcoming at Journal of Business Venturing. 10.1016/j.jbusvent.2013.07.003.
12. Blaikie, N. W. H.2011. Designing Social Research. Cambridge: Polity Press.
13. Bremner, R. H.1996. Giving: Charity and Philanthropy in History. New Brunswick, NJ: Transaction.
14. Brynjolfsson, E., Y.Hu, and D.Simester. 2011. "Goodbye Pareto Principle, Hello Long Tail: The Effect of Search Costs on the Concentration of Product Sales." Management Science57 (8): 1373-1386.
15. Burtch, G., A. Ghose, and S. Wattal. 2011. "An Empirical Examination of the Antecedents and Consequences of Investment Patterns in Crowdfunded Markets.", Paper presented at the International Conference on Information Systems (ICIS), Shanghai, December 4-7.
16. Chang, C., M.Kayed, M.Girgis, and K.Shaalan. 2006. "A Survey of Web Information Extraction Systems." IEEE Transactions on Knowledge and Data Engineering18 (10): 1411-1428.
17. Chen, X., X.Yao, and S.Kotha. 2009. "Entrepreneur Passion and Preparedness in Business Plan Presentations: A Persuasion Analysis of Venture Capitalists' Funding Decision." Academy of Management Journal52 (1): 199-214.
18. Ciabuschi, F., A.Perna, and I.Snehota. 2012. "Assembling Resources when Forming a New Business." Journal of Business Research65 (2): 220-229.
19. Clarke, J.2011. "Revitalizing Entrepreneurship: How Visual Symbols Are Used in Entrepreneurial Performances." Journal of Management Studies48 (6): 1365-1391.
20. Cohen, B. D., and T. J.Dean. 2005. "Information Asymmetry and Investor Valuation of IPOs: Top Management Team Legitimacy as a Capital Market Signal." Strategic Management Journal26 (7): 683-690.
21. Cornelius, B., H.Landström, and O.Persson. 2006. "Entrepreneurial Studies: The Dynamic Research Front of a Developing Social Science." Entrepreneurship Theory and Practice30 (3): 375-398.
22. Dalziel, T., R. J.Gentry, and M.Bowerman. 2011. "An Integrated Agency-Resource Dependence View of the Influence of Directors' Human and Relational Capital on Firms' R&D Spending." Journal of Management Studies48 (6): 1217-1242.
23. Delmar, F., and S.Shane. 2004. "Legitimating First: Organizing Activities and the Survival of New Ventures." Journal of Business Venturing19 (3): 385-410.
24. Eisenhardt, K. M.1989. "Building Theories from Case Study Approach." Academy of Management Review14 (4): 532-550.
25. Harrison, R.2013. "Crowdfunding and the Revitalisation of the Early Stage Risk Capital Market: Catalyst or Chimera?" Venture Capital: An International Journal of Entrepreneurial Finance15 (4): 283-287.
26. Harrison, R., C.Mason, and R.Robson. 2010. "Determinants of Long-Distance Investing by Business Angels in the UK." Entrepreneurship and Regional Development22 (2): 113-137.
27. Hitt, M. A., R. D.Ireland, D. G.Sirmon, and C. A.Trahms. 2011. "Strategic Entrepreneurship: Creating Value for Individuals, Organizations, and Society." Academy of Management Perspectives25 (2): 57-75.
28. Ingenhoff, D., and A. M.Koelling. 2009. "The Potential of Web Sites as a Relationship Building Tool for Charitable Fundraising NPOs." Public Relations Review35 (1): 66-73.
29. Ingram, C., R. Teigland, and E. Vaast. 2013. "Solving the Puzzle of Crowdfunding: Where Technology Affordances and Institutional Entrepreneurship Collide." SSRN Working Paper Series. http://www.ssrn.com/abstract = 2285426.
30. Khaire, M.2010. "Young and No Money? Never Mind: The Material Impact of Social Resources on New Venture Growth." Organization Science21 (1): 168-185.
31. Kickstarter. http://www.kickstarter.com.2014.
32. Kickstarter School. 2014. "Kickstarter School." https://www.kickstarter.com/help/school?ref = footer#defining_your_project.
33. Kickstarter Statistics. 2014. "Kickstarter Stats." http://www.kickstarter.com/help/stats?ref = footer.
34. Kosala, R., and H.Blockeel. 2000. "Web Mining Research: A Survey." ACM SIGKDD Explorations Newsletter2 (1): 1-15.
35. Kotha, R., and G.George. 2012. "Friends, Family, or Fools: Entrepreneur Experience and its Implications for Equity Distribution and Resource Mobilization." Journal of Business Venturing27 (5): 525-543.
36. Lambert, T., and A. Schwienbacher. 2010. "An Empirical Analysis of Crowdfunding." Crowdsourcing.org, [online]. Accessed November 22, 2011. http://www.crowdsourcing.org/document/an-empirical-analysis-of-crowdfunding-/2458.
37. Lane, F. C.1944. "Family Partnerships and Joint Ventures in the Venetian Republic." The Journal of Economic History4 (2): 178-196.
38. Lehner, O. M.2013. "Crowdfunding Social Ventures: A Model and Research Agenda." Venture Capital: An International Journal of Entrepreneurial Finance15 (4): 289-311.
39. Ley, A., and S.Weaven. 2011. "Exploring Agency Dynamics of Crowdfunding in Start-up Capital Financing." Academy of Entrepreneurship Journal17 (1): 85-111.
40. Lounsbury, M., and M. A.Glynn. 2001. "Cultural Entrepreneurship: Stories, Legitimacy, and the Acquisition of Resources." Strategic Management Journal22 (6-7): 545-564.
41. Martens, M. L., J. E.Jennings, and P. D.Jennings. 2007. "Do the Stories They Tell Get Them the Money They Need? The Role of Entrepreneurial Narratives in Resource Acquisition." Academy of Management Journal50 (5): 1107-1132.
42. Mason, C. M., and R. T.Harrison. 2000. "The Size of the Informal Venture Capital Market in the United Kingdom." Small Business Economics15 (2): 137-148.
43. Massolution. 2013. 2013CF - The Crowdfunding Industry Report. Massolution. http://research.crowdsourcing.org/2013cf-crowdfunding-industry-report.
44. McKelvie, A., and J.Wiklund. 2010. "Advancing Firm Growth Research: A Focus on Growth Mode Instead of Growth Rate." Entrepreneurship Theory and Practice34 (2): 261-288.
45. Mollick, E.2013. "Swept Away by the Crowd? Crowdfunding, Venture Capital, and the Selection of Entrepreneurs.", SSRN Working Paper Series. http://papers.ssrn.com/sol3/papers.cfm?abstract_id = 2239204.
46. Mollick, E.2014. "The Dynamics of Crowdfunding: An Explorative Study." Journal of Business Venturing29 (1): 1-16.
47. Morduch, J.1999. "The Microfinance Promise." Journal of Economic Literature37 (4): 1569-1614.
48. O'Connor, E.2004. "Storytelling to be Real: Narrative, Legitimacy Building and Venturing." In Narrative and Discursive Approaches in Entrepreneurship, edited by D.Hjorth and C.Steyaert, 105-124. Northampton: Edward Elgar.
49. Packalen, K. A.2007. "Complementing Capital: The Role of Status, Demographic Features and Social Capital in Founding Teams' Abilities to Obtain Resources." Entrepreneurship Theory and Practice31 (6): 873-891.
50. Rao, H.1994. "The Social Construction of Reputation: Certification Contests, Legitimation and the Survival of Organization in the American Automobile Industry: 1895-1912." Strategic Management Journal15 (S1): 29-44.
51. Reuber, A. R., and E.Fischer. 2005. "The Company You Keep: How Young Firms in Different Competitive Contexts Signal Reputation through Their Customers." Entrepreneurship Theory and Practice29 (1): 57-78.
52. Reuber, A. R., and E.Fischer. 2011. "International Entrepreneurship in Internet-Enabled Markets." Journal of Business Venturing26 (6): 660-679.
53. Rocha, H.2004. "Entrepreneurship and Development: The Role of Clusters." Small Business Economics23 (5): 363-400.
54. Roddick, A.2000. Business as Unusual. London: Thorsons.
55. Shane, S., and D.Cable. 2002. "Network Ties." Reputation, and the Financing of New Ventures. Management Science48 (3): 364-381.
56. Shepherd, D. A., and A.Zacharakis. 2003. "A New Venture's Cognitive Legitimacy: An Assessment by Customers." Journal of Small Business Management41 (2): 148-167.
57. Sievers, S., C. F.Mokwa, and G.Keienburg. 2013. "The Relevance of Financial versus Non-Financial Information for the Valuation of Venture Capital-backed Firms." European Accounting Review22 (3): 467-511.
58. Smith, R., and A. R.Anderson. 2004. "The Devil is in the E-Tale: Forms and Structures in the Entrepreneurial Narratives." In Narrative and Discursive Approaches in Entrepreneurship, edited by D.Hjorth and C.Steyaert, 125-143. Northampton: Edward Elgar.
59. Sorescu, A., V.Shankar, and T.Kushwaha. 2007. "New Product Preannouncements and Shareholder Value: Don't Make Promises You Can't Keep." Journal of Marketing Research44 (3): 468-489.
60. Stinchcombe, A. L.1965. "Social Structure and Organization." In Handbook of Organizations, edited by J. G.March, 142-193. Chicago, IL: Rand-McNally.
61. Suchman, M. C.1995. "Managing Legitimacy: Strategic and Institutional Approaches." The Academy of Management Review20 (3): 571-610.
62. Surowiecki, J.2004. The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies, and Nations. New York: Doubleday.
63. Thelwall, M.2001. "A Web Crawler Design for Data Mining." Journal of Information Science27 (5): 319-325.
64. Tornikoski, E. T., and S. L.Newbert. 2007. "Exploring the Determinants of Organizational Emergence: A Legitimacy Perspective." Journal of Business Venturing22 (2): 311-335.
65. Vanacker, T. R., and S.Manigart. 2010. "Pecking Order and Debt Capacity Considerations for High-Growth Companies Seeking Financing." Small Business Economics35 (1): 53-69.
66. Ward, C., and V. Ramachandran. 2010. "Crowdfunding the Next Hit: Microfunding Online Experience Goods." http://www.cs.umass.edu/~wallach/workshops/nips2010css/papers/ward.pdf.
67. Zhang, J., and P.Liu. 2012. "Rational Herding in Microloan Markets." Management Science58 (2): 892-912.
68. Zhao, Y. L., M.Song, and G. L.Storm. 2013. "Founding Team Capabilities and New Venture Performance: The Mediating Role of Strategic Positional Advantages." Entrepreneurship Theory and Practice37 (4): 789-814.
69. Zimmerman, M. A.2008. "The Influence of Top Management Team Heterogeneity on the Capital Raised through Initial Public Offering." Entrepreneurship Theory and Practice32 (3): 391-414.
70. Zimmerman, M. A., and G. J.Zeitz. 2002. "Beyond Survival: Achieving New Venture Growth by Building Legitimacy." Academy of Management Review27 (3): 414-431.