Sustainable firms and legitimacy: Corporate venture capital as an effective endorsement
研究不同投资者类型对创业企业合法性的影响，发现企业风险投资对可持续企业的合法化作用不同于其他企业，基于184家企业的数据检验。
This empirical study investigates the legitimizing effects of the presence of different investor types supporting entrepreneurial ventures. These effects may differ for sustainable ventures that face greater liabilities of newness due to powerful incumbents and negative halo effects of prominent failures. Drawing on institutional theory, this study developed and tested a model of investor legitimization with data on 184 entrepreneurial ventures using negative binomial regression. Findings suggest that the legitimizing effects of investor types for sustainable ventures differ from those of other ventures. In particular, corporate venture capital seems to legitimize sustainable ventures in a manner unlike other venture types.