Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/97795
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dc.contributorDepartment of Management and Marketingen_US
dc.contributor.editorDurand, Ren_US
dc.creatorCudennec, Aen_US
dc.date.accessioned2023-03-22T01:59:08Z-
dc.date.available2023-03-22T01:59:08Z-
dc.identifier.issn0001-4273en_US
dc.identifier.urihttp://hdl.handle.net/10397/97795-
dc.language.isoenen_US
dc.publisherAcademy of Managementen_US
dc.rights© Academy of Management Journalen_US
dc.rightsThis is the accepted manuscript of the following article: Arnaud Cudennec and Rodolphe Durand, 2023: Valuing Spanners: Why Category Nesting and Expertise Matter. AMJ, 66, 335–365, which has been published in final form at https://doi.org/10.5465/amj.2020.0042.en_US
dc.titleValuing spanners : why category nesting and expertise matteren_US
dc.typeJournal/Magazine Articleen_US
dc.identifier.spage335en_US
dc.identifier.epage365en_US
dc.identifier.volume66en_US
dc.identifier.issue1en_US
dc.identifier.doi10.5465/amj.2020.0042en_US
dcterms.abstractOrganizations need to both differentiate themselves while conforming to their audiences’ expectations. To meet this demand, organizations may span different categories. However, valuing spanners is challenging for audiences. We contend that spanners’ valuation depends on category nesting, as the congruence of informational cues varies between basic categories and subcategories. Furthermore, we expect that more expert audiences find spanners to be more congruent (and hence, more valuable) at a subordinate level than at a basic level of categorization. We test our hypotheses using a mixed-methods design in the context of venture capital investments. We analyze observational data on more than 29,000 venture capital deals and develop two experimental studies. Our findings support our hypotheses that subcategory spanning lowers valuation, and that this effect is attenuated as investors’ expertise increases. Our experimental studies further show that congruence is a causal mechanism explaining these effects. Our findings have important implications for research on organizational conformity and optimal distinctiveness, categorization in markets from an information processing perspective, and the impact of expertise on valuation.en_US
dcterms.accessRightsopen accessen_US
dcterms.bibliographicCitationAcademy of Management journal, Feb. 2023, v. 66, no. 1, p. 335-365en_US
dcterms.isPartOfAcademy of Management journalen_US
dcterms.issued2023-02-
dc.identifier.eissn1948-0989en_US
dc.description.validate202303 bcchen_US
dc.description.oaAccepted Manuscripten_US
dc.identifier.FolderNumbera1158-n01-
dc.identifier.SubFormID44034-
dc.description.fundingSourceSelf-fundeden_US
dc.description.pubStatusPublisheden_US
dc.description.oaCategoryGreen (AAM)en_US
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