Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/335138 
Year of Publication: 
2025
Citation: 
[Journal:] Small Business Economics [ISSN:] 1573-0913 [Volume:] 65 [Issue:] 3 [Publisher:] Springer US [Place:] New York, NY [Year:] 2025 [Pages:] 1791-1810
Publisher: 
Springer US, New York, NY
Abstract: 
Drawing on signaling theory, this study investigates whether the environmental orientation of new ventures serves as an important signal related to funding outcomes. Analyzing a dataset of 2003 funding rounds completed in the U.S. during 2022, our findings reveal that the environmental orientation of a new venture positively influences pre-IPO funding outcomes. Furthermore, this effect is positively moderated by the prominence of lead venture capital investors. Our post hoc analysis offers a valuable temporal perspective and suggests that our findings generalize across both early-stage and late-stage funding rounds, but not seed funding. This study contributes to the literature on financial resource acquisition and signaling theory, and also offers valuable implications for practitioners, helping them navigate the competitive funding environment more effectively.
Subjects: 
Entrepreneurs
Funding
New ventures
JEL: 
L26
G24
M13
Q56
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article
Document Version: 
Published Version

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.