| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24901 |
| 来源ID | Working Paper 24901 |
| Choosing between Growth and Glory | |
| Sharon Belenzon; Aaron Chatterji; Brendan Daley | |
| 发表日期 | 2018-08-13 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Prior work has established that the financing environment can impact firm strategy. We argue that this influence can shape the earliest strategic choices of a new venture by creating a potential tradeoff between two objectives: rapid growth and reaping the benefits of a positive reputation (glory). We leverage a simple reputation-building strategic choice, naming the firm after the founder (eponymy), that is associated with superior profitability. Next, we argue via a formal model that the availability of/dependence on external financing can explain why high-growth firms are rarely eponymous. We find empirical support for the model's predictions using a large dataset of 1 million European firms. Eponymous firms grow considerably more slowly than similarly profitable firms. Moreover, eponymy varies in accordance with the firm's financing environment in a pattern consistent with our model. We discuss implications for the literature on new venture strategy. |
| 主题 | Microeconomics ; Households and Firms ; Economics of Information ; Financial Economics ; Behavioral Finance ; Other ; Accounting, Marketing, and Personnel |
| URL | https://www.nber.org/papers/w24901 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582575 |
| 推荐引用方式 GB/T 7714 | Sharon Belenzon,Aaron Chatterji,Brendan Daley. Choosing between Growth and Glory. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w24901.pdf（579KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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