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    The sandwich game: Founder-CEOs and forecasting as impression management

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    Publication type
    FT ranked journal article  
    Author
    Collewaert, Veroniek
    Vanacker, Tom
    Anseel, Frederik
    Bourgois, Dries
    Publication Year
    2021
    Journal
    Journal of Business Venturing
    Publication Volume
    36
    Publication Issue
    1
    
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    Abstract
    Drawing on impression management and social exchange theory, we examine the use of positively biased forecasts by (non-)founder-CEOs as an impression management tactic vis-à-vis their existing investors. Contrary to their non-founder counterparts, founder-CEOs identify more with the venture they founded and, therefore, experience greater instrumental and affective concerns about the long-term relationship with their investors. Consequently, we hypothesize that founder-CEOs will strategically provide less positively biased forecasts to their investors than non-founder-CEOs. Using two independent samples with revenue forecasts reported to different venture capital investors and a causal chain scenario study consisting of two experiments, we find consistent support for our hypothesis. Overall, this study provides new insights into the use of forecasts as a post-investment impression management tactic by distinct types of CEOs in entrepreneurial ventures.
    Keyword
    Forecasts, Venture Capital, Founder, Impression Management, Social Exchange Theory
    Knowledge Domain/Industry
    Entrepreneurship
    DOI
    10.1016/j.jbusvent.2020.106075
    URI
    http://hdl.handle.net/20.500.12127/6606
    ae974a485f413a2113503eed53cd6c53
    10.1016/j.jbusvent.2020.106075
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