Contending with Perceived Legitimacy Tensions: Impact Investing in Pluralistic Institutional Environments
研究印度、肯尼亚和墨西哥的创业者如何应对向西方影响力投资者寻求资金时产生的合法性张力，发现他们利用本地制度环境中的非财务资源来获取合法性。
Abstract This study advances our understanding of new venture legitimacy and resource acquisition by broadening the epistemological scope of our theory to be inclusive of non‐Western contexts. We conducted a qualitative study of entrepreneurs from India, Kenya, and Mexico seeking impact investments from Western impact investors to better understand how entrepreneurs in non‐Western contexts contend with perceived legitimacy tensions that arise when pursuing financial resources from non‐local investors. In contrast to the prevailing assumption that non‐Western entrepreneurs are resource‐constrained and adhere to existing strategies to seek legitimacy from financial resource providers, we find that such entrepreneurs perceive their local institutional environment to have important non‐financial resources that impact how they seek legitimacy from financial resource providers. This study offers a novel conceptualization of new venture legitimation by acknowledging non‐Western and Western institutional environments as important considerations in how entrepreneurs navigate legitimacy with both financial and non‐financial audiences over time.