In this study we explain the returns obtained on venture capital (VC) investments in US companies that go public. Using a unique dataset of 1,921 investor-IPO returns, representing 564 IPOs, we show that later investments result in a higher return. This holds after controlling for observed and unobserved IPO company and VC investor characteristics. This is counterintuitive, as later investments should be less risky compared to early investments. We show that the positive relationship between investment timing and return can be explained by the VC’s reputation and the risk and uncertainty related to the IPO. The higher returns for late investments are obtained by high reputation VCs and on investments in more risky and uncertain IPOs. We exclude other possible explanations, such as IPO ratchets for late investors, exit pressure because of the relatively short VC fund lifespan cycle or by unexpected funding needs before IPO that expropriate early investors.

Job insecurity – the threat to the continuity and stability of one’s employment – is an increasingly pervasive issue facing the vast majority of employees. There has been much knowledge accumulated about antecedent and outcomes of job insecurity. However, further advancements in our theoretical and empirical approaches can help us to better understand the consequences, processes, and boundary conditions of job insecurity itself, job insecurity change, and job insecurity climate. With four papers using a moderated mediation model and one paper using a dynamic, mediated model, the current symposium contributes to our understanding of job insecurity by: (1) exploring why and when job insecurity is associated with employee health outcomes and proactive behaviors, (2) examining sources and consequences of job insecurity change when significant organizational changes were taking place, and (3) identifying mechanisms and boundary conditions in the relationship between job insecurity climate at the team level and team outcomes. By showcasing five empirical papers, this symposium focuses on identifying and exploring novel moderators and mediators in the job insecurity process to enrich our understanding of job insecurity, job insecurity change, and job insecurity climate. Together, the combined contributions of these papers add to our understanding of job insecurity as a between-person, within-person and/or multilevel process and illuminate future avenues for research within the field.