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  • September 2015
  • Article
  • Administrative Science Quarterly

(UN)Tangled: Exploring the Coevolution of VC Firm Reputation and Status

By: Timothy G. Pollock, Peggy M. Lee, Kyuho Jin and Kisha Lashley
  • Format:Electronic
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Abstract

We explore the relationship between status and reputation, examining how its dynamics change over time as these two intangible assets coevolve and how reputation and status are influenced by participation in highly visible events. Using a sample of more than 400 newly founded venture capital (VC) firms, we find that reputation and status positively influence each other but that reputation has a greater effect on status, particularly when firms are older. We also find that the effect of past status on current status weakens as VC firms age, but the relationship between past and current reputation remains consistent with age. Furthermore, our findings show that participating in big hits—blockbuster initial public offerings—has a positive relationship with status when firms are young and a positive relationship with reputation when firms are older, and it helps low-status and low-reputation firms more than it helps highstatus and high-reputation firms. This study helps differentiate status and reputation, shows how they coevolve, and provides insight into how new firms build these important intangible assets.

Keywords

Underpricing; Intangible Assets; New Firms; Status and Position; Reputation; Venture Capital; Initial Public Offering

Citation

Pollock, Timothy G., Peggy M. Lee, Kyuho Jin, and Kisha Lashley. "(UN)Tangled: Exploring the Coevolution of VC Firm Reputation and Status." Administrative Science Quarterly 60, no. 3 (September 2015): 482–517.
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About The Author

Kisha Lashley

Strategy
→More Publications

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More from the Authors
  • Making Space for Emotions: Empathy, Contagion, and Legitimacy’s Double-Edged Sword By: Andreea Gorbatai, Cyrus Dioun and Kisha Lashley
  • Dancing with Giants: How Small Women-and Minority- Owned Firms Use Soft Power to Manage Asymmetric Relationships with Larger Partners By: Kisha Lashley and Timothy G. Pollock
  • Waiting to Inhale: Reducing Stigma in the Medical Cannabis Industry By: Kisha Lashley and Timothy G. Pollock
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