Raising money from family and friends is a common form of startup funding. However, we know little about how accepting funds from these individuals influences an entrepreneur's risk-taking preferences. We theorize that as an entrepreneur's relationship with an investor strengthens, the entrepreneur is more likely to anticipate guilt that could emerge from a potential venture failure, which prompts the entrepreneur to make more conservative venture growth decisions. We test our model using a quasi-experimental vignette-based approach. Based on the results, we argue that the tendency for an entrepreneur to become more risk averse in their entrepreneurial decision making due to feelings of anticipated guilt after receiving funding from strong ties demonstrates a funding-source-induced bias.

中文翻译：

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资金来源诱发的偏见：社会关系如何影响企业家的预期内疚感和冒险偏好


从家人和朋友那里筹集资金是创业资金的一种常见形式。然而，我们对接受这些人的资金如何影响企业家的风险偏好知之甚少。我们推测，随着企业家与投资者关系的加强，企业家更有可能预见到潜在的风险失败可能产生的内疚感，这促使企业家做出更保守的风险增长决策。我们使用基于准实验 vignette 的方法测试我们的模型。基于结果，我们认为，企业家在从牢固关系中获得资金后，由于预期的内疚感而在创业决策中变得更加厌恶风险的趋势表明了资金来源诱导的偏差。