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  • Publication
    Missionaries outperform in venture funding
    While prior research has evidenced the impact of founder social identities on new venture creation, our understanding of how founder identity affects funding performance as a critical determinant for venture success is limited. Given that different identities define various motivational concepts—that is, missionaries increasing benefits for society at large, as opposedto darwinians maximizing economic self-interest and communitarians supporting a particular community—we propose a model for how such founder identity differences relate to ambiguous funding outcomes. Our findings reveal that the missionary founder social identity has a significantly positive impact on funding performance. We discuss our contributions to founder social identity theory and its intersection with behavioral finance.