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

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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-a-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.
Keywords
Management of Technology and Innovation, Business and International Management, Forecasts, Venture capital, Founder, Impression management, Social exchange theory, VENTURE CAPITALISTS, EXECUTIVE-COMPENSATION, SYMBOLIC MANAGEMENT, ENTREPRENEURS, GOVERNANCE, PERFORMANCE, INVESTMENT, IMPACT, MATTER, MODEL

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MLA
Collewaert, Veroniek, et al. “The Sandwich Game : Founder-CEOs and Forecasting as Impression Management.” JOURNAL OF BUSINESS VENTURING, vol. 36, no. 1, 2021, doi:10.1016/j.jbusvent.2020.106075.
APA
Collewaert, V., Vanacker, T., Anseel, F., & Bourgois, D. (2021). The sandwich game : Founder-CEOs and forecasting as impression management. JOURNAL OF BUSINESS VENTURING, 36(1). https://doi.org/10.1016/j.jbusvent.2020.106075
Chicago author-date
Collewaert, Veroniek, Tom Vanacker, Frederik Anseel, and Dries Bourgois. 2021. “The Sandwich Game : Founder-CEOs and Forecasting as Impression Management.” JOURNAL OF BUSINESS VENTURING 36 (1). https://doi.org/10.1016/j.jbusvent.2020.106075.
Chicago author-date (all authors)
Collewaert, Veroniek, Tom Vanacker, Frederik Anseel, and Dries Bourgois. 2021. “The Sandwich Game : Founder-CEOs and Forecasting as Impression Management.” JOURNAL OF BUSINESS VENTURING 36 (1). doi:10.1016/j.jbusvent.2020.106075.
Vancouver
1.
Collewaert V, Vanacker T, Anseel F, Bourgois D. The sandwich game : Founder-CEOs and forecasting as impression management. JOURNAL OF BUSINESS VENTURING. 2021;36(1).
IEEE
[1]
V. Collewaert, T. Vanacker, F. Anseel, and D. Bourgois, “The sandwich game : Founder-CEOs and forecasting as impression management,” JOURNAL OF BUSINESS VENTURING, vol. 36, no. 1, 2021.
@article{8691707,
  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-a-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.}},
  articleno    = {{106075}},
  author       = {{Collewaert, Veroniek and Vanacker, Tom and Anseel, Frederik and Bourgois, Dries}},
  issn         = {{0883-9026}},
  journal      = {{JOURNAL OF BUSINESS VENTURING}},
  keywords     = {{Management of Technology and Innovation,Business and International Management,Forecasts,Venture capital,Founder,Impression management,Social exchange theory,VENTURE CAPITALISTS,EXECUTIVE-COMPENSATION,SYMBOLIC MANAGEMENT,ENTREPRENEURS,GOVERNANCE,PERFORMANCE,INVESTMENT,IMPACT,MATTER,MODEL}},
  language     = {{eng}},
  number       = {{1}},
  pages        = {{17}},
  title        = {{The sandwich game : Founder-CEOs and forecasting as impression management}},
  url          = {{http://dx.doi.org/10.1016/j.jbusvent.2020.106075}},
  volume       = {{36}},
  year         = {{2021}},
}

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