| Abstrakt: |
The recent proliferation of, and ubiquitous heterogeneity between entrepreneurial investors' calls for a revision of the various actors and their interactions in the entrepreneurial finance landscape. Most particularly because limited attention has been given to co-investments between distinct investor types, while this could, however, be an important, yet understudied, technique entrepreneurial firms use to manage resource dependencies. Based on a hand-collected sample of first equity investment rounds in 4,600 U.K. firms, this study shows that (i) firms attract funding from more investors if potentially opportunistic investors are present, (ii) firms with higher needs for complementary resources are more likely to attract funding through multi-type co-investments, and (iii) past multitype co-investment experience discourages new such investments. [ABSTRACT FROM AUTHOR] |
