Hostname: page-component-7479d7b7d-qs9v7 Total loading time: 0 Render date: 2024-07-11T10:38:36.196Z Has data issue: false hasContentIssue false
  • English
  • Français

How do innovative internet tech startups attract venture capital financing?

Published online by Cambridge University Press:  26 July 2023

Yan Zhou Open the ORCID record for Yan Zhou [Opens in a new window] ,
Sangmoon Park Open the ORCID record for Sangmoon Park [Opens in a new window] ,
Justin Zuopeng Zhang Open the ORCID record for Justin Zuopeng Zhang [Opens in a new window]  and
João J. Ferreira Open the ORCID record for João J. Ferreira [Opens in a new window]
Yan Zhou
Affiliation:
Logistics and E-Commerce College, Zhejiang Wanli University, Ningbo, China
Sangmoon Park*
Affiliation:
College of Business Administration, Kangwon National University, Chuncheon, South Korea
Justin Zuopeng Zhang
Affiliation:
Department of Management, University of North Florida, Jacksonville, FL 32224, USA
João J. Ferreira
Affiliation:
Economics and Management Department & NECE – Research Unit in Business Sciences, University of Beira Interior, Portugal & QUT – Australian Centre for Entrepreneurship Research, Brisbane, Australia
*
Corresponding author: Sangmoon Park; Email: venture@kangwon.ac.kr
Get access Rights & Permissions [Opens in a new window]

Abstract

This research uses signaling theory to combine the perspective of investment results with existing venture capital (VC) standards and reexamines the factors that influence the attractiveness of innovative internet tech startups to VC from the perspective of equal opportunity startups. Taking the financing status of 310 startups in China's sharing economy as an example and using regression analysis, we empirically test the influence of entrepreneur and firm characteristics on attracting VC. Our results show that among founder characteristics, the entrepreneur's entrepreneurial experience alone is insufficient to attract VC. Industrial experience and political background have a positive influence on attracting VC. Among firm characteristics, market-entry order and business group (BG) affiliation positively influence attracting VC. This is a new and relevant discovery. In the Chinese market, investors are more inclined to provide financial support to entrepreneurs or startups that have already gained legitimacy from the government or business groups.

Keywords

Bike sharingbusiness group affiliationChinapolitical connectionsharing economytech startupsventure capital
Type
Research Article
Information
Journal of Management & Organization , First View , pp. 1 - 22
Copyright
Copyright © The Author(s), 2023. Published by Cambridge University Press in association with the Australian and New Zealand Academy of Management

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Agarwal, R., Campbell, B. A., Franco, A. M., & Ganco, M. (2016). What do I take with me? The mediating effect of spin-out team size and tenure on the founder–firm performance relationship. Academy of Management Journal, 59(3), 1060–1087.CrossRefGoogle Scholar
Alexopoulos, E. C. (2010). Introduction to multivariate regression analysis. Hippokratia, 14(Suppl 1), 23.Google ScholarPubMed
Allison, P. D. (2001). Logistic regression using the SAS system: Theory and application. Cary, NC：Wiley-SAS.Google Scholar
Baum, J. A., & Silverman, B. S. (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 Venturing, 19(3), 411–436.CrossRefGoogle Scholar
Beckman, C. M., Burton, M. D., & O'Reilly, C. (2007). Early teams: The impact of team demography on VC financing and going public. Journal of Business Venturing, 22(2), 147–173.CrossRefGoogle Scholar
Bollazzi, F., Risalvato, G., & Venezia, C. (2019). Asymmetric information and deal selection: Evidence from the Italian venture capital market. International Entrepreneurship and Management Journal, 15, 721–732.CrossRefGoogle Scholar
Booth, J. R., & Smith, R. L. II (1986). Capital raising, underwriting and the certification hypothesis. Journal of Financial Economics, 15(1–2), 261–281.CrossRefGoogle Scholar
Bouzahir, B. (2018). Venture capitalists’ investment decision criteria for new ventures: An exploratory study in Morocco. Is Ahlakı Dergisi, 11(2), 151–163.Google Scholar
Cassar, G. (2014). Industry and startup experience on entrepreneur forecast performance in new firms. Journal of Business Venturing, 29(1), 137–151.CrossRefGoogle Scholar
Caviggioli, F., Colombelli, A., De Marco, A., & Paolucci, E. (2020). How venture capitalists evaluate young innovative company patent portfolios: Empirical evidence from Europe. International Journal of Entrepreneurial Behavior & Research, 26(4), 695–721.CrossRefGoogle Scholar
Chang, S. J., & Hong, J. (2000). Economic performance of group-affiliated companies in Korea: Intragroup resource sharing and internal business transactions. Academy of Management Journal, 43(3), 429–448.CrossRefGoogle Scholar
Chang, F. Y., Jack, R., & Webster, C. M. (2017). Pre and post-entry resource needs for international entrepreneurs: The role of government and industry networks. Journal of Management & Organization, 23(2), 186–205.CrossRefGoogle Scholar
Chen, J. (2022). Venture capital research in China: Data and institutional details. Journal of Corporate Finance, 102239. https://doi.org/10.1016/j.jcorpfin.2022.102239Google Scholar
Chen, J., & Dickson, B. J. (2010). Allies of the state: China's private entrepreneurs and democratic change. Cambridge, MA: Harvard University Press.CrossRefGoogle Scholar
Chen, J., Heng, C. S., Tan, B. C., & Lin, Z. (2018). The distinct signaling effects of R&D subsidy and non-R&D subsidy on IPO performance of IT entrepreneurial firms in China. Research Policy, 47(1), 108–120.CrossRefGoogle Scholar
Chittoor, R., Kale, P., & Puranam, P. (2015). Business groups in developing capital markets: Towards a complementarity perspective. Strategic Management Journal, 36(9), 1277–1296.CrossRefGoogle Scholar
Colombo, O. (2021). The use of signals in new-venture financing: A review and research agenda. Journal of Management, 47(1), 237–259.CrossRefGoogle Scholar
Colombo, M. G., Meoli, M., & Vismara, S. (2019). Signaling in science-based IPOs: The combined effect of affiliation with prestigious universities, underwriters, and venture capitalists. Journal of Business Venturing, 34(1), 141–177.CrossRefGoogle Scholar
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of Management, 37(1), 39–67.CrossRefGoogle Scholar
Courtney, C., Dutta, S., & Li, Y. (2017). Resolving information asymmetry: Signaling, endorsement, and crowdfunding success. Entrepreneurship Theory and Practice, 41(2), 265–290.CrossRefGoogle Scholar
Delmar, F., & Shane, S. (2004). Legitimating first: Organizing activities and the survival of new ventures. Journal of Business Venturing, 19(3), 385–410.CrossRefGoogle Scholar
Delmar, F., & Shane, S. (2006). Does experience matter? The effect of founding team experience on the survival and sales of newly founded ventures. Strategic Organization, 4(3), 215–247.CrossRefGoogle Scholar
Dhochak, M., & Sharma, A. K. (2015). Impact of global financial crisis on Indian venture capital firms: An empirical evaluation. Journal for International Business and Entrepreneurship Development, 8(4), 330–345.CrossRefGoogle Scholar
Di Benedetto, C. A., & Song, M. (2008). Managerial perceptions of global pioneering advantage: Theoretical framework and empirical evidence in the US and Korea. Industrial Marketing Management, 37(7), 863–872.CrossRefGoogle Scholar
Dimov, D. (2010). Nascent entrepreneurs and venture emergence: Opportunity confidence, human capital, and early planning. Journal of Management Studies, 47(6), 1123–1153.CrossRefGoogle Scholar
Doblinger, C., Surana, K., & Anadon, L. D. (2019). Governments as partners: The role of alliances in US cleantech startup innovation. Research Policy, 48(6), 1458–1475.CrossRefGoogle Scholar
Dushnitsky, G., & Yu, L. (2022). Why do incumbents fund startups? A study of the antecedents of corporate venture capital in China. Research Policy, 51(3), 104463.CrossRefGoogle Scholar
Ebbers, J. J., & Wijnberg, N. M. (2012). Nascent ventures competing for startup capital: Matching reputations and investors. Journal of Business Venturing, 27(3), 372–384.CrossRefGoogle Scholar
Elango, B., Pattnaik, C., & Wieland, J. R. (2016). Do business group characteristics matter? An exploration on the drivers of performance variation. Journal of Business Research, 69(9), 3205–3212.CrossRefGoogle Scholar
Elitzur, R., & Gavious, A. (2003). Contracting, signaling, and moral hazard: A model of entrepreneurs,‘angels,’and venture capitalists. Journal of Business Venturing, 18(6), 709–725.CrossRefGoogle Scholar
Fan, J. P., Wong, T. J., & Zhang, T. (2007). Politically connected CEOs, corporate governance, and post-IPO performance of China's newly partially privatized firms. Journal of Financial Economics, 84(2), 330–357.CrossRefGoogle Scholar
Feldman, M. P., & Kelley, M. R. (2006). The ex ante assessment of knowledge spillovers: Government R&D policy, economic incentives and private firm behavior. Research Policy, 35(10), 1509–1521.CrossRefGoogle Scholar
Fisher, G., Kuratko, D. F., Bloodgood, J. M., & Hornsby, J. S. (2017). Legitimate to whom? The challenge of audience diversity and new venture legitimacy. Journal of Business Venturing, 32(1), 52–71.CrossRefGoogle Scholar
Fried, V. H., & Hisrich, R. D. (1994). Toward a model of venture capital investment decision making. Financial Management, 23(3), 28–37.CrossRefGoogle Scholar
García-Villaverde, P. M., & Ruiz-Ortega, M. J. (2011). Ways to improve pioneer new ventures’ performance in the ICT industry. Telecommunications Policy, 35(1), 20–35.CrossRefGoogle Scholar
Ge, J., Sun, H., & Chen, Y. (2020). Technology entrepreneurship of large state-owned firms in emerging economies. Journal of Global Information Management, 28(4), 120–134.CrossRefGoogle Scholar
Guan, J., & Yam, R. C. (2015). Effects of government financial incentives on firms’ innovation performance in China: Evidences from Beijing in the 1990s. Research Policy, 44(1), 273–282.CrossRefGoogle Scholar
Halberstadt, J., Kollhoff, S., Kraus, S., & Dhir, A. (2022). Early bird or early worm? First-mover (dis) advantages and the success of web-based social enterprises. Technological Forecasting and Social Change, 181, 121784.CrossRefGoogle Scholar
Hall, J., & Hofer, C. W. (1993). Venture capitalists’ decision criteria in new venture evaluation. Journal of Business Venturing, 8(1), 25–42.CrossRefGoogle Scholar
Harrell, F. E. Jr (2015). Regression modeling strategies: With applications to linear models, logistic and ordinal regression, and survival analysis. New York, NY: Springer.CrossRefGoogle Scholar
Hashai, N., & Zahra, S. (2022). Founder team prior work experience: An asset or a liability for startup growth? Strategic Entrepreneurship Journal, 16(1), 155–184.CrossRefGoogle Scholar
Haveman, H. A., Jia, N., Shi, J., & Wang, Y. (2017). The dynamics of political embeddedness in China. Administrative Science Quarterly, 62(1), 67–104.CrossRefGoogle Scholar
Higgins, M. C., & Gulati, R. (2006). Stacking the deck: The effects of top management backgrounds on investor decisions. Strategic Management Journal, 27(1), 1–25.CrossRefGoogle Scholar
Hirshleifer, D., Hsu, P. H., & Li, D. (2013). Innovative efficiency and stock returns. Journal of Financial Economics, 107(3), 632–654.CrossRefGoogle Scholar
Hitt, M. A., Bierman, L., Uhlenbruck, K., & Shimizu, K. (2006). The importance of resources in the internationalization of professional service firms: The good, the bad, and the ugly. Academy of Management Journal, 49(6), 1137–1157.CrossRefGoogle Scholar
Hoenig, D., & Henkel, J. (2015). Quality signals? The role of patents, alliances, and team experience in venture capital financing. Research Policy, 44(5), 1049–1064.CrossRefGoogle Scholar
Hsieh, T. J., Yeh, R. S., & Chen, Y. J. (2010). Business group characteristics and affiliated firm innovation: The case of Taiwan. Industrial Marketing Management, 39(4), 560–570.CrossRefGoogle Scholar
Hsu, S. H. (2007). Human capital, organizational learning, network resources and organizational innovativeness. Total Quality Management, 18(9), 983–998.CrossRefGoogle Scholar
Hu, H. W., Cui, L., & Aulakh, P. S. (2019). State capitalism and performance persistence of business group-affiliated firms: A comparative study of China and India. Journal of International Business Studies, 50(2), 193–222.CrossRefGoogle Scholar
Huang, S., & Lee, Y. (2022). Diagnosing service success and failure incidents in the consumer-to-business sharing economy: A case of logistics sharing. Journal of Global Information Management, 30(2), 1–16.Google Scholar
Hulsink, W., & Scholten, V. (2017). Dedicated funding for leasing and sharing research and test facilities and its impact on innovation, follow-on financing and growth of biotech startups: The Mibiton case. Venture Capital, 19(1–2), 95–118.CrossRefGoogle Scholar
Jian, M., & Lee, K. W. (2011). Does CEO reputation matter for capital investments? Journal of Corporate Finance, 17(4), 929–946.CrossRefGoogle Scholar
Joe, D. Y., & Oh, F. D. (2018). Spillover effects within business groups: The case of Korean Chaebols. Management Science, 64(3), 1396–1412.CrossRefGoogle Scholar
Jou, Y. J., Huang, C. C. L., & Cho, H. J. (2014). A VIF-based optimization model to alleviate collinearity problems in multiple linear regression. Computational Statistics, 29, 1515–1541.CrossRefGoogle Scholar
Kaličanin, Đ (2008). A question of strategy: To be a pioneer or a follower? Economic Annals, 53(177), 89–102.CrossRefGoogle Scholar
Khoury, T. A., Junkunc, M., & Deeds, D. L. (2013). The social construction of legitimacy through signaling social capital: Exploring the conditional value of alliances and underwriters at IPO. Entrepreneurship Theory and Practice, 37(3), 569–601.CrossRefGoogle Scholar
Kleinert, S., Volkmann, C., & Grünhagen, M. (2020). Third-party signals in equity crowdfunding: The role of prior financing. Small Business Economics, 54(1), 341–365.CrossRefGoogle Scholar
Ko, W. L., Kim, S. Y., Lee, J. H., & Song, T. H. (2020). The effects of strategic alliance emphasis and marketing efficiency on firm value under different technological environments. Journal of Business Research, 120, 453–461.CrossRefGoogle Scholar
Ko, E. J., & McKelvie, A. (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, 33(4), 438–454.CrossRefGoogle Scholar
Kollmann, T., & Kuckertz, A. (2010). Evaluation uncertainty of venture capitalists’ investment criteria. Journal of Business Research, 63(7), 741–747.CrossRefGoogle Scholar
Kumar, R., Chau, K. Y., Negash, Y. T., & Tang, Y. M. (2022). Modeling business-to-business sharing drivers using a hierarchical framework under uncertainties. Journal of Global Information Management, 30(1), 1–25.CrossRefGoogle Scholar
Lamin, A. (2013). Business groups as information resource: An investigation of business group affiliation in the Indian software services industry. Academy of Management Journal, 56(5), 1487–1509.CrossRefGoogle Scholar
Lawton, T., McGuire, S., & Rajwani, T. (2013). Corporate political activity: A literature review and research agenda. International Journal of Management Reviews, 15(1), 86–105.CrossRefGoogle Scholar
Lee, Y. M., & Choi, Y. (2014). A study on the positive signals of new technology-based ventures to entice venture capitals in Korea: Exploring human capitals and strategic endorsements? Asia-Pacific Journal of Business Venturing and Entrepreneurship, 9(6), 23–35.Google Scholar
Li, H., Meng, L., Wang, Q., & Zhou, L. A. (2008). Political connections, financing and firm performance: Evidence from Chinese private firms. Journal of Development Economics, 87(2), 283–299.CrossRefGoogle Scholar
Li, S., Song, X., & Wu, H. (2015). Political connection, ownership structure, and corporate philanthropy in China: A strategic-political perspective. Journal of Business Ethics, 129(2), 399–411.CrossRefGoogle Scholar
Lin, H., & Darnall, N. (2015). Strategic alliance formation and structural configuration. Journal of Business Ethics, 127(3), 549–564.CrossRefGoogle Scholar
Liu, Y., & Yu, Y. (2021). Business model adaptation of small and medium-sized information technology firms: The role of dynamic capabilities. Journal of Global Information Management, 29(6), 1–15.CrossRefGoogle Scholar
MacMillan, I. C., Siegel, R., & Narasimha, P. S. (1985). Criteria used by venture capitalists to evaluate new venture proposals. Journal of Business Venturing, 1(1), 119–128.CrossRefGoogle Scholar
MacMillan, I. C., Zemann, L., & Subbanarasimha, P. N. (1987). Criteria distinguishing successful from unsuccessful ventures in the venture screening process. Journal of Business Venturing, 2(2), 123–137.CrossRefGoogle Scholar
Martin, R., Berndt, C., Klagge, B., & Sunley, P. (2005). Spatial proximity effects and regional equity gaps in the venture capital market: Evidence from Germany and the United Kingdom. Environment and Planning A, 37(7), 1207–1231.CrossRefGoogle Scholar
Maxwell, A. L., Jeffrey, S. A., & Lévesque, M. (2011). Business angel early stage decision making. Journal of Business Venturing, 26(2), 212–225.CrossRefGoogle Scholar
Meuleman, M., & De Maeseneire, W. (2012). Do R&D subsidies affect SMEs’ access to external financing? Research Policy, 41(3), 580–591.CrossRefGoogle Scholar
Miloud, T., Aspelund, A., & Cabrol, M. (2012). Startup valuation by venture capitalists: An empirical study. Venture Capital, 14(2–3), 151–174.CrossRefGoogle Scholar
Miozzo, M., & DiVito, L. (2016). Growing fast or slow?: Understanding the variety of paths and the speed of early growth of entrepreneurial science-based firms. Research Policy, 45(5), 964–986.CrossRefGoogle Scholar
Mitteness, C. R., Baucus, M. S., & Sudek, R. (2012). Horse vs. Jockey? How stage of funding process and industry experience affect the evaluations of angel investors. Venture Capital, 14(4), 241–267.CrossRefGoogle Scholar
Mukherjee, D., Makarius, E. E., & Stevens, C. E. (2018). Business group reputation and affiliates’ internationalization strategies. Journal of World Business, 53(2), 93–103.CrossRefGoogle Scholar
Naiki, E., & Ogane, Y. (2022). Human capital effects on fundraising for necessity-and opportunity-based entrepreneurs. Small Business Economics, 59(2), 721–741.CrossRefGoogle Scholar
Nigam, N., Benetti, C., & Johan, S. A. (2020). Digital startup access to venture capital financing: What signals quality? Emerging Markets Review, 45, 100743.CrossRefGoogle Scholar
Pan, F., Zhao, S. X., & Wójcik, D. (2016). The rise of venture capital centres in China: A spatial and network analysis. Geoforum; Journal of Physical, Human, and Regional Geosciences, 75, 148–158.Google Scholar
Park, G., Shin, S. R., & Choy, M. (2020). Early mover (dis) advantages and knowledge spillover effects on blockchain startups’ funding and innovation performance. Journal of Business Research, 109, 64–75.CrossRefGoogle Scholar
Plummer, L. A., Allison, T. H., & Connelly, B. L. (2016). Better together? Signaling interactions in new venture pursuit of initial external capital. Academy of Management Journal, 59(5), 1585–1604.CrossRefGoogle Scholar
Raza, M., & Natarajan, P. (2022). Venture Capitalists’ Investment Criteria as Determinants of Risk and Return: An Evidence from India. Available at SSRN 4268663.CrossRefGoogle Scholar
Ressin, M. (2022). Startups as drivers of economic growth. Research in Economics, 76(4), 345–354.CrossRefGoogle Scholar
Revest, V., & Sapio, A. (2012). Financing technology-based small firms in Europe: What do we know? Small Business Economics, 39(1), 179–205.CrossRefGoogle Scholar
Rivera-Trigueros, I., & Olvera-Lobo, M. (2021). Internet presence and multilingual dissemination in corporate websites: A portrait of spanish healthcare SMEs. Journal of Global Information Management (JGIM), 29(6), 1–17.CrossRefGoogle Scholar
Rodríguez-Pinto, J., Rodríguez-Escudero, A. I., & Gutiérrez-Cillán, J. (2012). How market entry order mediates the influence of firm resources on new product performance. Journal of Engineering and Technology Management, 29(2), 241–264.CrossRefGoogle Scholar
Roma, P., Petruzzelli, A. M., & Perrone, G. (2017). From the crowd to the market: The role of reward-based crowdfunding performance in attracting professional investors. Research Policy, 46(9), 1606–1628.CrossRefGoogle Scholar
Shane, S. (2000). Prior knowledge and the discovery of entrepreneurial opportunities. Organization Science, 11(4), 448–469.CrossRefGoogle Scholar
Shane, S., & Khurana, R. (2003). Career experience and firm founding. Industrial and Corporate Change, 12(3), 519–543.CrossRefGoogle Scholar
Shane, S., & Stuart, T. (2002). Organizational endowments and the performance of university startups. Management Science, 48(1), 154–170.CrossRefGoogle Scholar
Shankar, V., & Bayus, B. L. (2003). Network effects and competition: An empirical analysis of the home video game industry. Strategic Management Journal, 24(4), 375–384.CrossRefGoogle Scholar
Silva, J. (2004). Venture capitalists’ decision-making in small equity markets: A case study using participant observation. Venture Capital, 6(2–3), 125–145.CrossRefGoogle Scholar
Skalicka, M., Zinecker, M., Balcerzak, A. P., & Pietrzak, M. B. (2023). Business angels and early stage decision making criteria: Empirical evidence from an emerging market. Economic Research-Ekonomska Istraživanja, 36(1), 25–50.CrossRefGoogle Scholar
Sorenson, O., & Stuart, T. E. (2001). Syndication networks and the spatial distribution of venture capital investments. American Journal of Sociology, 106(6), 1546–1588.CrossRefGoogle Scholar
Spence, M. (1974). Competitive and optimal responses to signals: An analysis of efficiency and distribution. Journal of Economic Theory, 7(3), 296–332.CrossRefGoogle Scholar
Spence, M. (2002). Signaling in retrospect and the informational structure of markets. American Economic Review, 92(3), 434–459.CrossRefGoogle Scholar
Steigenberger, N., & Wilhelm, H. (2018). Extending signaling theory to rhetorical signals: Evidence from crowdfunding. Organization Science, 29(3), 529–546.CrossRefGoogle Scholar
Stokes, M. E., Davis, C. S., & Koch, G. G. (2012). Categorical data analysis using SAS. SAS institute.Google Scholar
Sun, W., Zhao, Y., & Sun, L. (2020). Big data analytics for venture capital application: Towards innovation performance improvement. International Journal of Information Management, 50, 557–565.CrossRefGoogle Scholar
Suseno, Y., & Ratten, V. (2007). A theoretical framework of alliance performance: The role of trust, social capital and knowledge development. Journal of Management & Organization, 13(1), 4–23.CrossRefGoogle Scholar
Svetek, M. (2022). Signaling in the context of early-stage equity financing: Review and directions. Venture capital, 24(1), 71–104.CrossRefGoogle Scholar
Tyebjee, T. T., & Bruno, A. V. (1984). A model of venture capitalist investment activity. Management Science, 30(9), 1051–1066.CrossRefGoogle Scholar
Vismara, S. (2016). Equity retention and social network theory in equity crowdfunding. Small Business Economics, 46(4), 579–590.CrossRefGoogle Scholar
Wang, Y. (2016). Bringing the stages back in: Social network ties and startup firms’ access to venture capital in China. Strategic Entrepreneurship Journal, 10(3), 300–317.CrossRefGoogle Scholar
Wang, C. H., Chu, W., & Chen, C. N. (2013). Ownership, resources, and business-group effects on affiliate performance: Evidence from Taiwan. Journal of Management & Organization, 19(3), 255–278.CrossRefGoogle Scholar
Wang, Y., Xu, Y. C., & Ni, X. (2022). The effect of facial resemblance on cooperative behavior in the sharing economy. Journal of Global Information Management, 30(1), 1–22.Google Scholar
Xu, Z., Meng, L., He, D., Shi, X., & Chen, K. (2022). Government support's signaling effect on credit financing for new-energy enterprises. Energy Policy, 164, 112921.CrossRefGoogle Scholar
Yan, Z., & Li, Y. (2018). Signaling through government subsidy: Certification or endorsement. Finance Research Letters, 25, 90–95.CrossRefGoogle Scholar
Yu, W., Chen, C., Jiao, B., Zafari, Z., & Muennig, P. (2018). The cost-effectiveness of bike share expansion to low-income communities in New York city. Journal of Urban Health, 95(6), 888–898.CrossRefGoogle ScholarPubMed
Zacharakis, A., & Shepherd, D. A. (2005). A non-additive decision-aid for venture capitalists’ investment decisions. European Journal of Operational Research, 162(3), 673–689.CrossRefGoogle Scholar
Zahra, S. A. (2021). The resource-based view, resourcefulness, and resource management in startup firms: A proposed research agenda. Journal of Management, 47(7), 1841–1860.CrossRefGoogle Scholar
Zhang, J. (2011). The advantage of experienced startup founders in venture capital acquisition: Evidence from serial entrepreneurs. Small Business Economics, 36(2), 187–208.CrossRefGoogle Scholar
Zhang, A., Chen, Y., Xu, X., Gao, Y., & Zhang, L. (2021). Impacts of resource alertness and change leadership style on financial performance: An empirical study. Journal of Global Information Management, 29(2), 45–60.CrossRefGoogle Scholar
Zhang, C., & Srite, M. (2021). The role of national culture values and trust in online sharing hospitality platform acceptance. Journal of Global Information Management, 29(3), 103–130.CrossRefGoogle Scholar
Zhang, L., Zhang, Z., Ren, Y., & Jia, M. (2020). The signaling effect of government official visits on external financing of young technology-based firms. IEEE Transactions on Engineering Management, 69(4), 888–903.CrossRefGoogle Scholar
Zhao, E. Y., Ishihara, M., & Jennings, P. D. (2020). Strategic entrepreneurship's dynamic tensions: Converging (diverging) effects of experience and networks on market entry timing and entrant performance. Journal of Business Venturing, 35(2), 105933.CrossRefGoogle Scholar
Zheng, L. J., Bai, T., & Cross, A. R. (2021). Signaling information management in entrepreneurial firms’ financing acquisition: An integrated signaling and screening perspective. Journal of Global Information Management (JGIM), 29(6), 1–31.CrossRefGoogle Scholar
Zhou, W. (2017). Institutional environment, public-private hybrid forms, and entrepreneurial reinvestment in a transition economy. Journal of Business Venturing, 32(2), 197–214.CrossRefGoogle Scholar
Zhou, Z., & Zhang, Z. (2019). Customer satisfaction of bicycle sharing: Studying perceived service quality with SEM model. International Journal of Logistics Research and Applications, 22(5), 437–448.CrossRefGoogle Scholar
Zimmerman, M. A., & Zeitz, G. J. (2002). Beyond survival: Achieving new venture growth by building legitimacy. Academy of Management Review, 27(3), 414–431.CrossRefGoogle Scholar