The Framing of Perceptions of Fairness in the Relationship between Venture Capitalists and New Venture Teams
研究了首轮融资时的条件如何影响创业团队对风险投资家公平对待的感知，发现契约条款的滥用会损害团队对公平的感知，进而降低其接受建议的意愿。
This paper investigates how a variety of conditions in place at the time of first-round funding can frame a new venture team's (NVT) perception of the fairness of its relations with its venture capitalists (VC). It assumes that a team's perception of whether its treatment by its VC is procedurally just will affect a team's receptivity to VC advice. An analysis of data from 116 firms funded by venture capitalists indicated that some governance mechanisms and the background of the venture team significantly framed perceptions of fairness in their relationship. A major finding of this research is that the indiscriminant use of contractual covenants can adversely frame a NVT's perception of how fairly it is treated by its VC, which ultimately could inhibit the former's receptivity to advice. Directions for future research are indicated.