Dancing with Strangers? Initial Trust and the Formation of Initial Ties Between New Ventures and Corporate Venture Capitalists
研究了新创企业如何基于对国家信任度的社会分类形成对公司风险投资者的初始信任，发现企业更可能选择来自被认为更值得信任国家的投资者，且社会防御和社会关系会削弱但未消除这一效应。
This study proposes a hybrid model of initial trust formation that highlights the role of social categorization and its interplay with both institutional trust and the individuating information about the party. Using data on 1,474 corporate venture capital (CVC) investments in European ventures and a case-control research design, we find that ventures more likely form initial CVC ties with investors whose parent companies are located in countries considered more trustworthy. This effect is weaker but does not disappear when social defenses safeguard ventures from misplacing trust and when there are social ties between CVC investors and ventures’ independent VC investors.