Institutional Logics and the Post‐Financing Relationship Between Investors and Entrepreneurs
研究从制度逻辑视角解释投资者与企业家如何在投后阶段维持合作关系，发现双方制度逻辑相似性有助于形成一致动机和共同认知，从而促进关系维持，且该效应受投资情境因素调节。基于中国高科技行业2000-2018年1032位投资者与382家企业的2052笔交易数据验证了论点。
Abstract How the investor–entrepreneur relationship can be better managed and maintained during the post‐financing stage is a central question for investors and entrepreneurs alike, particularly given the large numbers of failed new venture collaborations. Extant research has generally underexplored the two‐sided nature of this process, which requires both investors and entrepreneurs to opt in, while treating the norms and values underlying such behaviours as relatively homogeneous. Drawing on the institutional logics perspective, this study offers an alternative framework to explain the effective maintaining of the crucial investor–entrepreneur relationship. This framework suggests that a similarity in the two parties' institutional logics will facilitate the formation of aligned motives and shared perceptions between investors and entrepreneurs, which helps to maintain the relationship. Moreover, the interaction foundation provided by logic similarity is situated in context, and its activation depends on investment‐ and context‐specific stimuli that can influence investors and entrepreneurs' interpretation and choice of appropriate behaviour. Empirical analyses of 2052 deals made by 1032 investors in 382 portfolio firms during the period 2000–2018 in high‐tech industries in China provide general support for these arguments.