天助我也：偶然天气因素与企业家资源获取（AMJ2022）

题目：Here Comes the Sun: The Impact of Incidental Contextual Factors on Entrepreneurial Resource Acquisition（天助我也：偶然因素与企业家资源获取）

摘要：This paper focuses on investment decisions in nascent, seed-stage startups, where information is scarce and uncertainty is intense. Entrepreneurship literature has shown that investment is a function of the investor–startup pair; some studies have investigated startup characteristics, while others have focused on investor traits. We complement extant work by studying factors beyond the investor–startup pair; namely, incidental contextual factors such as changes in the physical environment. Drawing on affect-as information theory, we conjecture that, in the face of intense uncertainty, sunnier days may affect investors’ mood and result in a greater likelihood of investment. Archival and experimental analyses inform our predictions. The former utilizes proprietary data on 1,335 startups graduating from European accelerators. Every accelerator holds a “Demo Day,” where startups pitch to investors. We find that graduating on a sunnier day increases the likelihood of investment. This effect is stronger under intense uncertainty, where (a) startups are nascent, or (b) founders have limited human capital. An experimental study where prospective investors evaluate a Demo Day pitch yields further insights. We find a positive sunshine–investment association, and show that the association is mediated by investors’ mood. Our findings complement extant work and contribute insights regarding seed-stage investment decisions.

研究问题：与投资项目主体（投资人）和客体（项目）之外的偶然性因素，譬如天气（阳光）对于企业家获取投资的影响

研究动机：已有研究聚焦于与投资项目联系紧密的主客体特征对于获取投资的影响；少有学者探究偶然性因素的影响

研究设计：档案数据（主回归和截面回归）+实验证据（中介作用）

调节中介：异质性分析探究阳光对融资的影响是否因项目不确定性水平变化，实证度量为项目成熟度和创始人人力资本；中介是阳光影响了投资人心情（mood），从而促进了投资。

研究贡献：从独特视角对企业家精神相关研究的拓展，并且用实验方法验证了其中的机制（阳光影响了投资人的心情）

注：个人翻译和解读，可能存在疏漏和错误,仅供参考(20220429)。