Abstract
Exchange is regarded as the fundamental activity in every economic context. Seeking a theoretical conceptualization of interorganizational exchange, we conduct interpretative analysis of venture capital organizations in Germany and their portfolio companies to develop an exchange-related perspective centered on reciprocity in interorganizational relations. We identify two types of exchange—economic exchange reciprocity and social obligation reciprocity—which differ considerably in their exchange cultures, modes, structures, and resources. The theoretical perspective focuses on making the rediscovered concept of reciprocity useful in other organizational and interorganizational relations.
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