{"id":"https://openalex.org/W7225644229","doi":"https://doi.org/10.31235/osf.io/jmcyn_v2","title":"Thin Markets, Thick Ties, and Thinking Machines: Institutional Environments, IPO Markets, Technological Disruption, and New Venture Performance in Central Europe","display_name":"Thin Markets, Thick Ties, and Thinking Machines: Institutional Environments, IPO Markets, Technological Disruption, and New Venture Performance in Central Europe","publication_year":2026,"publication_date":"2026-11-09","ids":{"openalex":"https://openalex.org/W7225644229","doi":"https://doi.org/10.31235/osf.io/jmcyn_v2"},"language":"en","primary_location":{"id":"doi:10.31235/osf.io/jmcyn_v2","doi":"https://doi.org/10.31235/osf.io/jmcyn_v2","is_oa":true,"landing_page_url":"https://doi.org/10.31235/osf.io/jmcyn_v2","pdf_url":null,"source":{"id":"https://openalex.org/S4306401238","display_name":"SocArXiv (OSF Preprints)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I2799848540","host_organization_name":"Center for Open Science","host_organization_lineage":["https://openalex.org/I2799848540"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"},"volume":null,"type":"preprint","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.31235/osf.io/jmcyn_v2","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5150428091","display_name":"Stanly, John, 1774-1833;","orcid":"https://orcid.org/0009-0003-2419-9843","observed_orcids":["https://orcid.org/0009-0003-2419-9843"]},"institutions":[],"countries":[],"is_corresponding":true,"raw_author_name":"John Stanly","raw_affiliation_strings":[],"raw_orcid":"https://orcid.org/0009-0003-2419-9843","affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":["https://openalex.org/A5150428091"],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11903","display_name":"Private Equity and Venture Capital","score":0.8901000022888184,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11903","display_name":"Private Equity and Venture Capital","score":0.8901000022888184,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10058","display_name":"Entrepreneurship Studies and Influences","score":0.08370000123977661,"subfield":{"id":"https://openalex.org/subfields/1405","display_name":"Management of Technology and Innovation"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.008799999952316284,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/startup-performance","display_name":"new venture performance","score":0.8339999914169312},{"id":"https://openalex.org/keywords/initial-public-offerings","display_name":"initial public offerings","score":0.9670000076293945},{"id":"https://openalex.org/keywords/ipo-market","display_name":"IPO market","score":0.5799999833106995},{"id":"https://openalex.org/keywords/institutional-context","display_name":"institutional environment","score":0.5189999938011169},{"id":"https://openalex.org/keywords/technological-disruption","display_name":"technological disruption","score":0.9419999718666077},{"id":"https://openalex.org/keywords/artificial-intelligence","display_name":"artificial intelligence","score":0.5699999928474426},{"id":"https://openalex.org/keywords/legitimacy","display_name":"legitimacy","score":0.593999981880188},{"id":"https://openalex.org/keywords/signaling","display_name":"signaling","score":0.8880000114440918},{"id":"https://openalex.org/keywords/media-sentiment","display_name":"media sentiment","score":0.7459999918937683},{"id":"https://openalex.org/keywords/political-skill","display_name":"political skill","score":0.9660000205039978},{"id":"https://openalex.org/keywords/valuation-discounts","display_name":"valuation discounts","score":0.800000011920929},{"id":"https://openalex.org/keywords/organizational-scope","display_name":"organizational scope","score":0.7379999756813049},{"id":"https://openalex.org/keywords/central-europe","display_name":"Central Europe","score":0.6579999923706055}],"concepts":[{"id":"https://openalex.org/C12559387","wikidata":"https://www.wikidata.org/wiki/Q185142","display_name":"Initial public offering","level":2,"score":0.8464000225067139},{"id":"https://openalex.org/C46295352","wikidata":"https://www.wikidata.org/wiki/Q207982","display_name":"Legitimacy","level":3,"score":0.7502999901771545},{"id":"https://openalex.org/C21279758","wikidata":"https://www.wikidata.org/wiki/Q219409","display_name":"Venture capital","level":2,"score":0.6980000138282776},{"id":"https://openalex.org/C84309077","wikidata":"https://www.wikidata.org/wiki/Q3908516","display_name":"Entrepreneurship","level":2,"score":0.541700005531311},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5303999781608582},{"id":"https://openalex.org/C186027771","wikidata":"https://www.wikidata.org/wiki/Q4008379","display_name":"Valuation (finance)","level":2,"score":0.5059999823570251},{"id":"https://openalex.org/C2776291640","wikidata":"https://www.wikidata.org/wiki/Q2912517","display_name":"Value (mathematics)","level":2,"score":0.4715999960899353},{"id":"https://openalex.org/C40700","wikidata":"https://www.wikidata.org/wiki/Q1411783","display_name":"Industrial organization","level":1,"score":0.46869999170303345},{"id":"https://openalex.org/C139569457","wikidata":"https://www.wikidata.org/wiki/Q1666223","display_name":"Intermediary","level":2,"score":0.46619999408721924},{"id":"https://openalex.org/C2910001868","wikidata":"https://www.wikidata.org/wiki/Q458","display_name":"European union","level":2,"score":0.4580000042915344},{"id":"https://openalex.org/C2776601338","wikidata":"https://www.wikidata.org/wiki/Q17152789","display_name":"New Ventures","level":3,"score":0.4564000070095062},{"id":"https://openalex.org/C147887874","wikidata":"https://www.wikidata.org/wiki/Q16252774","display_name":"Institutional theory","level":2,"score":0.4187000095844269},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4115000069141388},{"id":"https://openalex.org/C34447519","wikidata":"https://www.wikidata.org/wiki/Q179522","display_name":"Market economy","level":1,"score":0.40549999475479126},{"id":"https://openalex.org/C158016649","wikidata":"https://www.wikidata.org/wiki/Q161726","display_name":"Multinational corporation","level":2,"score":0.36070001125335693},{"id":"https://openalex.org/C2779962950","wikidata":"https://www.wikidata.org/wiki/Q5659376","display_name":"Harmonization","level":2,"score":0.3465000092983246},{"id":"https://openalex.org/C121087249","wikidata":"https://www.wikidata.org/wiki/Q546395","display_name":"Emerging markets","level":2,"score":0.33649998903274536},{"id":"https://openalex.org/C162853370","wikidata":"https://www.wikidata.org/wiki/Q39809","display_name":"Marketing","level":1,"score":0.32919999957084656},{"id":"https://openalex.org/C74363100","wikidata":"https://www.wikidata.org/wiki/Q273005","display_name":"Economic system","level":1,"score":0.3278999924659729},{"id":"https://openalex.org/C134827381","wikidata":"https://www.wikidata.org/wiki/Q261851","display_name":"Social venture capital","level":3,"score":0.3248000144958496},{"id":"https://openalex.org/C14224292","wikidata":"https://www.wikidata.org/wiki/Q13600188","display_name":"Conceptual framework","level":2,"score":0.3102000057697296},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.3061999976634979},{"id":"https://openalex.org/C207267971","wikidata":"https://www.wikidata.org/wiki/Q120208","display_name":"Emerging technologies","level":2,"score":0.2987000048160553},{"id":"https://openalex.org/C143177785","wikidata":"https://www.wikidata.org/wiki/Q5172437","display_name":"Corporate venture capital","level":3,"score":0.2957000136375427},{"id":"https://openalex.org/C109986646","wikidata":"https://www.wikidata.org/wiki/Q546113","display_name":"Public policy","level":2,"score":0.29499998688697815},{"id":"https://openalex.org/C2986652750","wikidata":"https://www.wikidata.org/wiki/Q11700776","display_name":"Value creation","level":2,"score":0.2904999852180481},{"id":"https://openalex.org/C2780224610","wikidata":"https://www.wikidata.org/wiki/Q1530061","display_name":"Credibility","level":2,"score":0.2883000075817108},{"id":"https://openalex.org/C98965940","wikidata":"https://www.wikidata.org/wiki/Q877496","display_name":"Transaction cost","level":2,"score":0.2833000123500824},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.2827000021934509},{"id":"https://openalex.org/C206757995","wikidata":"https://www.wikidata.org/wiki/Q1665188","display_name":"Institutional investor","level":3,"score":0.2773999869823456},{"id":"https://openalex.org/C63063934","wikidata":"https://www.wikidata.org/wiki/Q1079747","display_name":"Embeddedness","level":2,"score":0.27469998598098755},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.27309998869895935},{"id":"https://openalex.org/C2778012447","wikidata":"https://www.wikidata.org/wiki/Q1034415","display_name":"Scope (computer science)","level":2,"score":0.26989999413490295},{"id":"https://openalex.org/C54750564","wikidata":"https://www.wikidata.org/wiki/Q26643","display_name":"Commerce","level":1,"score":0.2678000032901764},{"id":"https://openalex.org/C75949130","wikidata":"https://www.wikidata.org/wiki/Q848010","display_name":"Database transaction","level":2,"score":0.26570001244544983},{"id":"https://openalex.org/C2776598745","wikidata":"https://www.wikidata.org/wiki/Q5156422","display_name":"Complementary assets","level":2,"score":0.260699987411499},{"id":"https://openalex.org/C2779304628","wikidata":"https://www.wikidata.org/wiki/Q3503480","display_name":"Face (sociological concept)","level":2,"score":0.2565000057220459},{"id":"https://openalex.org/C83646750","wikidata":"https://www.wikidata.org/wiki/Q193893","display_name":"Capital (architecture)","level":2,"score":0.25200000405311584},{"id":"https://openalex.org/C193257486","wikidata":"https://www.wikidata.org/wiki/Q3681519","display_name":"International business","level":2,"score":0.25040000677108765}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.31235/osf.io/jmcyn_v2","doi":"https://doi.org/10.31235/osf.io/jmcyn_v2","is_oa":true,"landing_page_url":"https://doi.org/10.31235/osf.io/jmcyn_v2","pdf_url":null,"source":{"id":"https://openalex.org/S4306401238","display_name":"SocArXiv (OSF Preprints)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I2799848540","host_organization_name":"Center for Open Science","host_organization_lineage":["https://openalex.org/I2799848540"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"}],"best_oa_location":{"id":"doi:10.31235/osf.io/jmcyn_v2","doi":"https://doi.org/10.31235/osf.io/jmcyn_v2","is_oa":true,"landing_page_url":"https://doi.org/10.31235/osf.io/jmcyn_v2","pdf_url":null,"source":{"id":"https://openalex.org/S4306401238","display_name":"SocArXiv (OSF Preprints)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I2799848540","host_organization_name":"Center for Open Science","host_organization_lineage":["https://openalex.org/I2799848540"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"},"sustainable_development_goals":[{"score":0.5378999710083008,"display_name":"Industry, innovation and infrastructure","id":"https://metadata.un.org/sdg/9"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W2914953296","https://openalex.org/W84280395","https://openalex.org/W1968500173","https://openalex.org/W130101374","https://openalex.org/W2861386311","https://openalex.org/W2257730964","https://openalex.org/W2793367504","https://openalex.org/W2156236935","https://openalex.org/W4286622393","https://openalex.org/W7096892867"],"abstract_inverted_index":{"New":[0],"ventures":[1,38,159],"in":[2,100,136,151],"Central":[3],"Europe":[4],"grow":[5],"up":[6],"inside":[7],"institutional":[8,75],"environments":[9],"that":[10,109,125,133,140,157,169,186],"are":[11,54,123],"neither":[12],"fully":[13,16],"mature":[14],"nor":[15],"void.":[17],"Formal":[18],"rules":[19],"have":[20],"converged":[21],"on":[22,63,81,87,182],"European":[23],"Union":[24],"standards,":[25],"yet":[26],"capital":[27],"markets":[28],"remain":[29,33],"thin,":[30],"informal":[31],"ties":[32],"consequential,":[34],"and":[35,50,66,78,85,139,185,189,201,207],"successful":[36],"technology":[37],"frequently":[39],"exit":[40],"to":[41,90],"foreign":[42],"exchanges.":[43],"At":[44],"the":[45,101,110,178],"same":[46],"time,":[47],"artificial":[48,170],"intelligence":[49,171],"related":[51],"digital":[52],"technologies":[53],"altering":[55],"what":[56],"a":[57,114,130,198],"new":[58,97],"venture":[59,98],"is,":[60],"who":[61],"acts":[62],"its":[64],"behalf,":[65],"how":[67,92],"investors":[68],"evaluate":[69],"it.":[70],"This":[71],"conceptual":[72],"paper":[73],"integrates":[74],"theory,":[76],"signaling":[77],"legitimacy":[79,115],"perspectives":[80],"initial":[82,162],"public":[83],"offerings,":[84],"research":[86,199],"technological":[88],"disruption":[89],"explain":[91],"these":[93,193],"forces":[94],"jointly":[95],"shape":[96],"performance":[99,181],"region.":[102],"We":[103,107,154,195],"develop":[104],"seven":[105],"propositions.":[106],"argue":[108],"IPO":[111],"operates":[112],"as":[113,173],"substitute":[116],"whose":[117],"value":[118],"rises":[119],"where":[120],"market-supporting":[121],"intermediaries":[122],"weak,":[124],"positive":[126],"media":[127],"sentiment":[128],"exhibits":[129],"too-much-of-a-good-thing":[131],"effect":[132],"is":[134],"sharper":[135],"thin":[137],"markets,":[138],"founder":[141],"drive":[142],"pays":[143],"off":[144],"most":[145],"when":[146],"paired":[147],"with":[148,197],"political":[149],"skill":[150],"particularistic":[152],"settings.":[153],"further":[155],"propose":[156],"category-breaking":[158],"face":[160],"an":[161,174],"valuation":[163],"discount":[164],"but":[165],"superior":[166],"long-run":[167],"performance,":[168],"acting":[172],"entrepreneurial":[175],"actor":[176],"weakens":[177],"dependence":[179],"of":[180],"local":[183],"institutions,":[184],"organizational":[187],"scope":[188],"supranational":[190],"harmonization":[191],"condition":[192],"relationships.":[194],"conclude":[196],"agenda":[200],"implications":[202],"for":[203],"founders,":[204],"investors,":[205],"exchanges,":[206],"policymakers.":[208]},"counts_by_year":[],"updated_date":"2026-11-11T12:16:26.678958","created_date":"2026-11-10T00:00:00"}
