The sandwich game: Founder-CEOs and forecasting as impression management

Drawing on impression management and social exchange theory, we examine the use of positively biased forecasts by (non-)founder-CEOs as an tactic vis-à-vis their existing investors. Contrary to non-founder counterparts, founder-CEOs identify more with venture they founded and, therefore, experience greater instrumental affective concerns about long-term relationship Consequently, hypothesize that will strategically provide less investors than non-founder-CEOs. Using two independent samples revenue reported different capital a causal chain scenario study consisting experiments, find consistent support for our hypothesis. Overall, this provides new insights into post-investment distinct types CEOs in entrepreneurial ventures.