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| Author: | Deeds, D.L. Mang, P.Y. Frandsen, M.L. |
| Title: | The influence of firms' and industries' legitimacy on the flow of capital into high-technology ventures |
| Journal: | Strategic organization
2004 : FEB, VOL. 2:1, p. 9-34 |
| Index terms: | Entrepreneurship Small business Mergers Capital Industries High technology Bio-technology |
| Freeterms: | SME Ventures |
| Language: | eng |
| Abstract: | This article examines the influences of firms' and industries' legitimacy on the flow of resources into new technology ventures (here as: n-t-v.) in emerging industries. There is first presented a model of the determinants of n-t-v's legitimacy, which considers its founders, its management team and the media attention it receives. A model of sources of industry legitimacy is developed, with multiple measures of both sociopolitical and cognitive forms of legitimacy. The ideas are tested on a sample of 106 initial public offerings (IPO) from biotechnology ventures during the emergence of the industry btw. 1981 and 1993. The results demonstrate the vital role of sociopolitical and cognitive legitimacy at both firm and industry levels in attracting resources for n-t-v. |
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