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- W2969335093 endingPage "426" @default.
- W2969335093 startingPage "407" @default.
- W2969335093 abstract "Agency theory considers information the most decisive element in investor–entrepreneur relations. Building on the notion of better‐than‐average (BTA) beliefs , we investigate the extent to which information asymmetries between investors and entrepreneurs may also emerge on paths other than the self‐interest or opportunistic behaviour of rational actors . Based on a data set of 176 investors from 23 different German financial institutions , we conduct a conditional process analysis that indicates approximately 30% of all professional investors hold unjustified BTA beliefs regarding their abilities to identify flaws in new venture ideas , which leads to inaccurate financing decisions . We further find evidence that investors generally tend to underfund start‐up projects if they perceive little similarity with the founders , but overfund projects if interpersonal similarities are high . Moreover , we demonstrate that high BTA beliefs facilitate engagement in competition with peers for the best investment option ." @default.
- W2969335093 created "2019-08-29" @default.
- W2969335093 creator A5055525041 @default.
- W2969335093 creator A5074045452 @default.
- W2969335093 date "2019-08-23" @default.
- W2969335093 modified "2023-10-14" @default.
- W2969335093 title "“Mirror, Mirror, on the Wall – Who Is the Greatest Investor of all?” Effects of Better‐than‐Average Beliefs on Venture Funding" @default.
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