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Asia Pacific Journal of Management
Published in: Asia Pacific Journal of Management 2/2021

11-07-2019

Entrepreneurs’ resource background, innovation, philanthropy and the exit of external Investment in Private Ventures in China

Authors: Jintong Tang, Zhi Tang, Renhong Zhu, Xinchun Li

Published in: Asia Pacific Journal of Management | Issue 2/2021

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Abstract

Retaining external investment is an important task for private firms. However, the entrepreneurial financing literature has primarily focused on how to attract, instead of retain, start-up funding. Integrating social embeddedness, signaling, and strategic choice theories, we propose that entrepreneurs’ resource background, philanthropic, and innovative activities affect the exit speed of external investment for Chinese private ventures. In particular, we propose that external investment exits entrepreneurs with deprived resources faster than those more resourceful entrepreneurs. Yet, external investment stays longer when less resourceful entrepreneurs commit to innovative or philanthropic activities.
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Footnotes
1
The Gini coefficient is a widely used indicator of economic inequality. A Gini coefficient of zero represents absolute equality, while one represents absolute inequality. It is usually believed that societies that have a Gini coefficient of more than 0.40 are at an increased risk of widespread social unrest. As a reference, Organization for Economic Cooperation and Development ranks the U.S. as having the highest Gini coefficient (at 0.39 after taxes and transfers) among the G7, followed by the U.K. at 0.34 and Italy at 0.32.
 
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Metadata
Title
Entrepreneurs’ resource background, innovation, philanthropy and the exit of external Investment in Private Ventures in China
Authors
Jintong Tang
Zhi Tang
Renhong Zhu
Xinchun Li
Publication date
11-07-2019
Publisher
Springer US
Published in
Asia Pacific Journal of Management / Issue 2/2021
Print ISSN: 0217-4561
Electronic ISSN: 1572-9958
DOI
https://doi.org/10.1007/s10490-019-09674-0

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