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Conflicts between entrepreneurs and investors: the impact of perceived unethical behavior

Yves Fassin (UGent) and Veroniek Collewaert (UGent)
(2013) SMALL BUSINESS ECONOMICS. 40(3). p.635-649
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Abstract
This paper examines the impact of perceived unethical behavior by entrepreneurs, angel investors and venture capitalists on their conflict process. For this purpose, we use an embedded case study design to provide a diversity of perspectives on the topic at hand. From the eye of the beholder, i.e. investor, entrepreneur or both, 11 conflict situations were analyzed for any perceived unethical behavior. Based on findings from within- and cross-case analysis, we propose that perceived unethical behavior among venture partners triggers conflicts between them through increased fault attribution or blaming. Further, we propose that perceived unethical behavior affects venture partners' choice of conflict management strategy and increases the likelihood of conflict escalation and of conflict having a negative partnership outcome such as failure or another form of involuntary exit. As such, this paper contributes to the entrepreneurship literature by addressing calls for more research on the darker sides of investor-investee relationships.
Keywords
VENTURE CAPITALIST, INTRAGROUP CONFLICT, EQUITY SENSITIVITY, ETHICAL BEHAVIOR, PERSPECTIVE, ORGANIZATIONS, MANAGEMENT, TRUST, TEAMS, Conflict, Business ethics, Venture capital, Business angels, Angel investors, Entrepreneurs

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Chicago
Fassin, Yves, and Veroniek Collewaert. 2013. “Conflicts Between Entrepreneurs and Investors: The Impact of Perceived Unethical Behavior.” Small Business Economics 40 (3): 635–649.
APA
Fassin, Y., & Collewaert, V. (2013). Conflicts between entrepreneurs and investors: the impact of perceived unethical behavior. SMALL BUSINESS ECONOMICS, 40(3), 635–649.
Vancouver
1.
Fassin Y, Collewaert V. Conflicts between entrepreneurs and investors: the impact of perceived unethical behavior. SMALL BUSINESS ECONOMICS. Springer; 2013;40(3):635–49.
MLA
Fassin, Yves, and Veroniek Collewaert. “Conflicts Between Entrepreneurs and Investors: The Impact of Perceived Unethical Behavior.” SMALL BUSINESS ECONOMICS 40.3 (2013): 635–649. Print.
@article{3151897,
  abstract     = {This paper examines the impact of perceived unethical behavior by entrepreneurs, angel investors and venture capitalists on their conflict process. For this purpose, we use an embedded case study design to provide a diversity of perspectives on the topic at hand. From the eye of the beholder, i.e. investor, entrepreneur or both, 11 conflict situations were analyzed for any perceived unethical behavior. Based on findings from within- and cross-case analysis, we propose that perceived unethical behavior among venture partners triggers conflicts between them through increased fault attribution or blaming. Further, we propose that perceived unethical behavior affects venture partners' choice of conflict management strategy and increases the likelihood of conflict escalation and of conflict having a negative partnership outcome such as failure or another form of involuntary exit. As such, this paper contributes to the entrepreneurship literature by addressing calls for more research on the darker sides of investor-investee relationships.},
  author       = {Fassin, Yves and Collewaert, Veroniek},
  issn         = {0921-898X},
  journal      = {SMALL BUSINESS ECONOMICS},
  keyword      = {VENTURE CAPITALIST,INTRAGROUP CONFLICT,EQUITY SENSITIVITY,ETHICAL BEHAVIOR,PERSPECTIVE,ORGANIZATIONS,MANAGEMENT,TRUST,TEAMS,Conflict,Business ethics,Venture capital,Business angels,Angel investors,Entrepreneurs},
  language     = {eng},
  number       = {3},
  pages        = {635--649},
  publisher    = {Springer},
  title        = {Conflicts between entrepreneurs and investors: the impact of perceived unethical behavior},
  url          = {http://dx.doi.org/10.1007/s11187-011-9379-7},
  volume       = {40},
  year         = {2013},
}

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