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Cited by 47Private Equity and Venture CapitalEntrepreneurship Studies and InfluencesAuditing, Earnings Management, Governance

The sandwich game: Founder-CEOs and forecasting as impression management

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Collewaert, Veroniek, Vanacker, Tom, Anseel, Frederik, Bourgois, Dries·2021·Journal of Business Venturing
DOI 10.1016/j.jbusvent.2020.106075
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Abstract

Drawing on impression management and social exchange theory, we examine the use of positively biased forecasts by (non-)founder-CEOs as an impression management tactic vis-à-vis their existing investors. Contrary to their non-founder counterparts, founder-CEOs identify more with the venture they founded and, therefore, experience greater instrumental and affective concerns about the long-term relationship with their investors. Consequently, we hypothesize that founder-CEOs will strategically provide less positively biased forecasts to their investors than non-founder-CEOs. Using two independent samples with revenue forecasts reported to different venture capital investors and a causal chain scenario study consisting of two experiments, we find consistent support for our hypothesis. Overall, this study provides new insights into the use of forecasts as a post-investment impression management tactic by distinct types of CEOs in entrepreneurial ventures.

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  • The studies used pre-screening criteria requiring participants to be over 18, fluent in English, and currently running their own business.

    “We used a variety of pre-screening criteria by recruiting only participants over 18 years of age who were fluent in English and currently running their own business (e.g., Collewaert et al., 2021;Engel et al., 2020).”

    From Work hard or play hard: the effect of leisure crafting on opportunity recognition and venture performance (2023) · cites this paper as Collewaert et al., 2021

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Research works printed but not linked: 1

  1. Jayaraman, N., Khorana, A., Nelling, E., Covin, J., 2000. CEO founder status and firm financial performance. Strateg. Manag. J. 21 (12), 1215-1224.

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Authors
Collewaert, V., Vanacker, T., Anseel, F., & Bourgois, D.
Affiliations
  • Vlerick Business School (BE)
  • University of Exeter (GB)
  • UNSW Sydney (AU)
  • KU Leuven (BE)
Corresponding author
Collewaert, Veroniek
ORCID
Venue
Journal of Business Venturing
Publisher
Elsevier BV
Published
2021-01
Volume
36
Issue
1
Pages
106075
ISSN
0883-9026 (ISSN-L)
DOI
10.1016/j.jbusvent.2020.106075
OpenAlex
W3108885774
Cited by
47
References
105
Citations by year
2026: 5 · 2025: 10 · 2024: 10 · 2023: 13 · 2022: 5 · 2021: 4
FWCI
10.23
Type
journal article
Language
en
Open access
Licence
Locations
  • Journal of Business Venturing (publishedVersion, cc-by-nc-nd)
  • Lirias (acceptedVersion, other-oa)
  • RePEc: Research Papers in Economics (submittedVersion)
  • Ghent University Academic Bibliography (Ghent University) (submittedVersion)
  • Figshare (submittedVersion, cc-by-nc-nd)
  • Open Research Exeter (University of Exeter) (submittedVersion, cc-by-nc-nd)
Funders
Fonds Wetenschappelijk Onderzoek
Topics
  • Social Sciences › Business, Management and Accounting › Accounting › Private Equity and Venture Capital
  • Social Sciences › Business, Management and Accounting › Management of Technology and Innovation › Entrepreneurship Studies and Influences
  • Social Sciences › Business, Management and Accounting › Accounting › Auditing, Earnings Management, Governance
Keywords
founder CEOs, impression management, social exchange theory, revenue forecasting, venture capitalists, investor-entrepreneur relationship, entrepreneurial firms

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