Investor heterogeneity and venture performance
研究发现投资者异质性会降低创业企业获得后续融资的可能性和金额，且这种负面效应是非线性的，随融资周期推进而减弱，可能损害董事会效能和治理质量。
This study explores the relationship between investor heterogeneity and firms’ post-seed funding performance. We find a statistically and economically significant negative association of investor heterogeneity on both a firm’ s likelihood of obtaining new funding and the amount raised in subsequent funding rounds. These findings suggest that greater heterogeneity among investors may impair board efficacy and weaken the quality of venture governance. Moreover, the marginal effect of investor heterogeneity is non-linear and diminishes over the course of a venture’ s funding lifecycle. Our results remain robust after accounting for endogeneity concerns and alternative measures of investor culture. • Investor heterogeneity affects firms’ post-seed funding outcomes • Heterogeneity reduces likelihood and volume of subsequent funding • Effects are non-linear and diminish across the funding lifecycle • Heterogeneity can impair board efficacy and venture governance