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| The Influence of Entrepreneurial Enterprise Identity Characteristics and Organizational Field on Entrepreneurial Financing |
| Wen Yao1,Li Cuini2,Wang Zhengbin1,Li Chunqing1 |
| (1.School of Economics and Management, Northwest University, Xi′an 710049, China;2.Institute of International Trade and Economic Cooperation, Ministry of Commerce, Beijing 100710, China) |
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Abstract Against the backdrop of global economic tensions in the post-epidemic era, "mass entrepreneurship and innovation" as a national strategy has played a positive role in boosting the economy and creating jobs. However, financing difficulty has always been a key factor restricting the development of entrepreneurial enterprises. Existing research suggests that startups can seek financing by actively presenting their identified identity to investors. Legitimacy characteristics have been proven by established studies to have a positive effect on eliminating the newly created weaknesses of startups. Nevertheless, in reality, the shaping of the legitimacy of entrepreneurial enterprises has led to the serious homogeneity of entrepreneurial projects, which makes it difficult for investors to identify high-quality entrepreneurial projects, thus further exacerbating the financing difficulties. On the other hand, the uniqueness of entrepreneurial identity reflects the entrepreneurial spirit and novelty of the firm's identity, but previous studies have overlooked the role of uniqueness in obtaining venture financing.#br#In addition, investors' value judgment criteria for the identity characteristics of startups are not set in stone, but are influenced by the rules, values and expectations of the entrepreneurial enterprises in the context in which they are located. Moreover, because of the differences in the relationship, interaction mode and institutional rules among stakeholders, investors should comprehensively consider the external environment faced by the startups when judging the identity characteristics of the entrepreneurial enterprises. On the basis of the above issues, this paper uses the institutional theory and identity theory to explore the impact of investors' perceived entrepreneurial identities on their investment behavior in both mature and emerging organizational fields, and the impact of corporate identities on investors' decisions in different organizational fields of maturity.#br#To obtain more realistic and objective information about startup projects and specific financing amounts, this study selects Angel round financing events from January 2018-December 2020 as a sample based on the CV-Source investment database, and obtains a total of 167 startup financing cases. Then, the information of each case through the public information of the project is refined, and 28 venture capitalists rate the project according to the scale with 167 valid questionnaires collected. Finally, the hypotheses are tested by defining variables and constructing a multiple linear regression model.#br#The results show that the three dimensions of legitimacy (regulation, norms and perception) have a positive impact on venture financing in a mature organizational field. However, as the maturity of the organizational field increases, the positive contribution of regulatory legitimacy to entrepreneurial financing is weakened, the positive contribution of normative legitimacy to entrepreneurial financing is enhanced, and there is no significant moderating effect of cognitive legitimacy on entrepreneurial financing. Uniqueness is significantly negatively related to entrepreneurship financing and is not moderated by organizational field maturity. In the emerging organizational field, regulatory legitimacy has no significant effect on entrepreneurial finance and is not moderated by field maturity. Regulatory legitimacy has a negative effect on entrepreneurial finance and is negatively moderated by organizational field maturity. Cognitive legitimacy has a positive effect on entrepreneurial finance, but is not moderated by organizational field maturity. Uniqueness has no significant effect on entrepreneurial financing.#br#Unlike most previous studies on entrepreneurial financing based on signaling theory and resource-based theory, this study explores the impact of entrepreneurial firm identity characteristics on access to entrepreneurial financing based on identity theory and broadens the research perspective on entrepreneurial financing. At the same time, it introduces the uniqueness of corporate identity and explores the impact on entrepreneurial financing from the opposite side of legitimacy, which is enlightening for discovering the value of the uniqueness of entrepreneurial corporate identity, makes up for the shortcomings of previous studies. While previous studies on the external environment of entrepreneurial firms have often selected a particular aspect, this paper introduces the concept of organizational field to provide an overall description of the external environment faced by entrepreneurial firms at the meso level, and uses field maturity as a moderating variable to explore the value of investors' identification of corporate identity characteristics in different types of organizational fields, making the overall study more systematic and relevant. Finally, this paper is an analysis of real investment data and better reflects the results of the impact of entrepreneurial enterprises′ identity characteristics on venture financing, thus more accurately revealing the influencing factors of real investment decisions.#br#
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Received: 11 April 2022
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