Entrepreneurs’ resource background, innovation, philanthropy and the exit of external Investment in Private Ventures in China

  • Jintong Tang
  • Zhi Tang
  • Renhong ZhuEmail author
  • Xinchun Li


Retaining external investment is an important task for private firms. However, the entrepreneurial financing literature has primarily focused on how to attract, instead of retain, start-up funding. Integrating social embeddedness, signaling, and strategic choice theories, we propose that entrepreneurs’ resource background, philanthropic, and innovative activities affect the exit speed of external investment for Chinese private ventures. In particular, we propose that external investment exits entrepreneurs with deprived resources faster than those more resourceful entrepreneurs. Yet, external investment stays longer when less resourceful entrepreneurs commit to innovative or philanthropic activities.


Innovation Philanthropy External investment exit Resource background Signaling theory Social embeddedness theory China 



This research is supported by Saint Louis University’s Faculty Research Leave Award, and National Natural Science Foundation of China (NSFC grants # 71628204 and 71810107002).


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Authors and Affiliations

  1. 1.Richard A. Chaifetz School of BusinessSaint Louis UniversitySt. LouisUSA
  2. 2.Saunders College of BusinessRochester Institute of TechnologyRochesterUSA
  3. 3.Business SchoolSun Yat-sen UniversityGuangzhouChina

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