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Abstract
ABSTRACT This study aims to explore how the two identity statuses affect the role choice dynamic of venture capitalists in syndication and solo investment behavior dynamic in hospitality and tourism equity financing. Drawing from the identity status theory, this study uses a stochastic actor-oriented model and four waves of panel network data from investment events of 197 active VCs in 2012–2021 based on the distinct roles in the leader-follower relationship to test the dynamic effects of primary status and complementary status. The results obtained through SIENA method suggest that identity lock-in is evident in VCs syndication network of financing in hospitality and tourism industry. Additionally, VCs with higher primary status are likely to pursue independent investments, but VCs with higher complementary status are likely to deepen their reliance on collaborative investments. The findings provide theoretical and practical implications for the behavior dynamic of VCs in hospitality and tourism equity financing.
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