Feeling Right: Regulatory Fit Theory and Early-Stage Entrepreneurial Investment Decisions

doi:10.1515/erj-2020-0408

	Feeling Right: Regulatory Fit Theory and Early-Stage Entrepreneurial Investment Decisions
	Jiang, Shiyao2 ; Li, Guiquan 1; Liu, Haixin 3; Xiong, Jie 4; Chakraborty, Shubho 5
	2022-03
发表期刊	ENTREPRENEURSHIP RESEARCH JOURNAL
摘要	Recent advances in entrepreneurial investment decisions research implied that early-stage investment decisions, given their extreme uncertainty and unpredictability, were results of investors' intuition processes. In other words, investors manage the high risks of early-stage investment decisions by finding justifications of future value against risk in the invested entrepreneurial projects. Although some studies have discussed the decision-making process of mid- and late-stage venture capital, there is still a lack of discussion on the early-stage investment decision-making mechanism. In this paper, we draw on regulatory fit theory to theorize how the fit of regulatory focus between investor and entrepreneur could lead to the investor's early-stage investment decisions in terms of investment amount and speed. Across three experimental studies, we found empirical support for our proposed model. Specifically, investors who have similar regulatory focus with the entrepreneurs are more likely to invest a larger amount of funds at a faster speed. We further found that investor's sense of rightness mediates the relationship between regulatory fit and investment decision, and investor's previous investment experience plays a moderating role.
关键词	regulatory focus theory regulatory fit investment decision start-up business investment sense of rightness previous experience
DOI	10.1515/erj-2020-0408
收录类别	SSCI
ISSN	2194-6175
语种	英语
WOS研究方向	Business & Economics
WOS类目	Business
WOS记录号	WOS:000772596500001
出版者	WALTER DE GRUYTER GMBH
原始文献类型	Article ; Early Access
EISSN	2157-5665
引用统计	被引频次：2[WOS] [WOS记录] [WOS相关记录]
文献类型	期刊论文
条目标识符	http://ir.lzufe.edu.cn/handle/39EH0E1M/32022
专题	工商管理学院
作者单位	1.Peking Univ, Sch Psychol & Cognit Sci, Beijing Key Lab Behav & Mental Hlth, Beijing, Peoples R China; 2.Lanzhou Univ Finance & Econ, Sch Business Adm, Lanzhou, Peoples R China; 3.Beijing Jiaotong Univ, Sch Econ & Management, Dept Informat Management, Beijing, Peoples R China; 4.ESSCA Sch Management, Dept Strategy Entrepreneurship & Int Business, Angers, France; 5.Rennes Sch Business, Dept Strategy & Innovat, Rennes, France
第一作者单位	兰州财经大学
推荐引用方式 GB/T 7714	Jiang, Shiyao,Li, Guiquan,Liu, Haixin,et al. Feeling Right: Regulatory Fit Theory and Early-Stage Entrepreneurial Investment Decisions[J]. ENTREPRENEURSHIP RESEARCH JOURNAL,2022.
APA	Jiang, Shiyao,Li, Guiquan,Liu, Haixin,Xiong, Jie,&Chakraborty, Shubho.(2022).Feeling Right: Regulatory Fit Theory and Early-Stage Entrepreneurial Investment Decisions.ENTREPRENEURSHIP RESEARCH JOURNAL.
MLA	Jiang, Shiyao,et al."Feeling Right: Regulatory Fit Theory and Early-Stage Entrepreneurial Investment Decisions".ENTREPRENEURSHIP RESEARCH JOURNAL (2022).