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2025 AOM Annual Meeting

STR

Session: 25526: Investor Influence on Entrepreneurial Strategy, Market Entry, and Value Creation

17547: Doubling Down: High-Reputation Venture Capital Firms and Their Use of Long Time Horizons (session 25526)

Monday, July 28, 2025

12:00 - 13:30 CEST (GMT+2)

Location: Bella Center: Hall D- D3-m10

Session Type: Paper Session
Orientation: Research
Shareable link: https://cdmcd.co/ra6m9Q

Author(s)

JX

Jun Xu

U. of California, Riverside, United States
DG

David M. Gomulya

Singapore Management U., Singapore
PL

Peggy M. Lee

Arizona State University, United States
JH

Jerayr M. Haleblian

U. of California, Riverside, United States
AW

Anu Wadhwa

Imperial College Business School, United Kingdom

We explore whether venture capital (VC) firm reputation is linked to the use of longer-term investment strategies. First, we explore whether high-reputation VCs are more likely to have unacquired high-potential startups (UHPS) in their funds, and whether these UHPS have higher valuations than startups that are acquired. Second, we explore whether high-reputation VCs are more inclined to reinvest in these UHPS through their follow-on funds. Third, we test whether reinvesting in UHPS through follow-on funds increases the likelihood that these high-potential startups subsequently achieve IPOs. In essence, we examine a dynamic across multiple funding periods as high-reputation VC firms exhibit longer time horizon behaviors in which they “double-down” on high-potential startups.

view paper (if available)