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The Role of Chief Marketing Officers for Venture Capital Funding: Endowing New Ventures with Marketing Legitimacy
Homburg, Christian
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Hahn, Alexander
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Bornemann, Torsten
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Sandner, Philipp
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DOI:
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https://doi.org/10.1509/jmr.11.0350
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URL:
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http://journals.ama.org/doi/abs/10.1509/jmr.11.035...
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Weitere URL:
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https://faculty.fuqua.duke.edu/~moorman/Marketing-...
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Dokumenttyp:
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Zeitschriftenartikel
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Erscheinungsjahr:
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2014
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Titel einer Zeitschrift oder einer Reihe:
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Journal of Marketing Research : JMR
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Band/Volume:
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51
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Heft/Issue:
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5
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Seitenbereich:
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625-644
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Ort der Veröffentlichung:
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Chicago, Ill.
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Verlag:
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American Marketing Assoc.
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ISSN:
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0022-2437 , 1547-7193
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Sprache der Veröffentlichung:
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Englisch
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Einrichtung:
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Fakultät für Betriebswirtschaftslehre > Business-to-Business Marketing, Sales & Pricing (Homburg 1998-)
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Fachgebiet:
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650 Management
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Abstract:
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Research on new ventures has indicated that poorly conducted marketing is among the main reasons for new venture failure. To acquire urgently needed initial funding, new ventures strive to conform to investors' expectations of appropriate marketing capabilities because these capabilities may endow them with legitimacy in the eyes of potential investors. Drawing on organizational legitimacy and human resource theory, the authors argue that the characteristics of the chief marketing officer (CMO) may endow new ventures with marketing legitimacy. Employing a two-stage selection hazard rate analysis to simultaneously account for potential selection bias and right-censored observations, the authors analyze a comprehensive data set of 2,945 high-technology new ventures. Bearing in mind that this research is a first exploratory attempt to illuminate the role of marketing for new venture funding using correlational secondary data, the results indicate that CMO education, marketing experience, and industry experience are positively related to the likelihood of funding. Moreover, the relationships between CMO characteristics and funding are contingent on task-related uncertainty and industry legitimacy. These findings provide initial insights for entrepreneurs, venture capitalists, and public policy makers.
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