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Antecedents of entrepreneurs' trust in their investor in the postinvestment phase – do something good!

This study sheds light on character- and behavior-based antecedents in driving entrepreneurs' trust in their investors after the investment has been made. By introducing established concepts from trust literature, this study decomposes antecedents of entrepreneurs' trust and helps to further clarify the entrepreneur–investor relationship. The study also advances research by analyzing trust in a nonhierarchical relationship and by working on the interplay of procedural justice and perceived trustworthiness. Using a survey of 104 German entrepreneurs, we find that perceptions about investors' ability, integrity, and benevolence drive entrepreneurs' trust. A moderation analysis reveals that interaction frequency has differing effects in combination with benevolence and integrity. In contrast to some earlier findings, procedural justice does not show a significant relationship with trust in our model. Investors should be aware of the strong and positive influence that the affective factor of benevolence has in the postinvestment phase, and they should take note of the double-edged effect of frequent interactions.