The Influence of Firms’ and Industries’ Legitimacy on the Flow of Capital into High-Technology Ventures
研究了新兴行业中企业和行业层面的合法性如何影响资源流入高科技新创企业，基于1981-1993年106家生物技术IPO样本，发现社会政治和认知合法性在吸引资本中起关键作用。
This article examines the influences of firms’ and industries’ legitimacy on the flow of resources into new technology ventures in emerging industries. We first present a model of the determinants of a new technology venture’s legitimacy, which considers its founders, its management team and the media attention it receives. A model of sources of industry legitimacy is developed, with multiple measures of both sociopolitical and cognitive forms of legitimacy.We test our ideas on a sample of 106 initial public offerings from biotechnology ventures during the emergence of the industry between 1981 and 1993. Our results demonstrate the vital role of sociopolitical and cognitive legitimacy at both firm and industry levels in attracting resources for new technology ventures.