Investments in Nascent Project-Based Enterprises: The interplay between role-congruent reputations and institutional endorsement
研究了新兴项目型企业中，项目创业者的角色一致声誉（商业声誉与艺术声誉）如何与项目创意的制度认可相互作用，影响企业吸引私人投资的能力，并以意大利电影产业为例进行实证分析。
We study nascent project-based enterprises (PBEs) through the lens of upper echelons and institutional theory. We analyse the interplay between the different role-congruent reputations of their project entrepreneurs and the institutional endorsement of their project idea, theorizing how these affect PBEs’ ability to attract private investments. In the context of the Italian film industry, we find that the commercial reputation of the project entrepreneur in the producer role is crucial for attracting investors, while the artistic reputation of the project entrepreneur in the creative director role is crucial for attaining institutional endorsement of the project idea. Finally, we find that the effect of the commercial reputation of the project entrepreneur in the producer role on attracting investments is mediated by the institutional endorsement. We contribute to the literature on PBEs by demonstrating how specific combinations of project entrepreneurs’ roles and (role-congruent) reputations can directly and indirectly attract investments.