On Monday 18 March 2013 Veroniek Collewaert, Assistant Professor of Entrepreneurship at Vlerick Business School will present a research seminar at our Ghent campus.
During this research seminar Veroniek will present the following study which is a collaboration with Gavin Cassar (INSEAD) and Tom Vanacker (Ghent University):
“An interdependence theory of entrepreneurial overoptimism: evidence from VC-backed firms”.
Drawing on interdependence theory, this study examines to what extent and under which conditions entrepreneurs provide more optimistic forecasts to their investors. For this purpose, we use a unique longitudinal dataset of 350 firm revenue forecasts provided to a venture capitalist. Results indicate that entrepreneurs provide less overoptimistic forecasts towards their investors the longer they work together. Further, entrepreneurs are more overoptimistic when there is a greater need to serve their own interests (when they are about to raise a new round of financing) and there is more opportunity to do so (when investor monitoring is low). Overall, we theoretically advance the literature beyond the portrayal of entrepreneurs as naive optimists and show that there is a time-varying and strategic component in the “optimism” provided to stakeholders.
This seminar takes place from 10:30 till 11:30 at our Ghent campus (room M 1.4 & M 1.3). It is also possible to follow this session from the Leuven campus in room A 2.04 and A 2.05 (videoconference).
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