Ghods, A., Ricard, A., Aldebert, B., & Schoon, E. W. (2026). Measuring New Venture Legitimacy: A Multi‐dimensional Approach Using Computational Textual Analysis. British Journal of Management, e70089.

The authors propose a multi-dimensional approach to measuring legitimacy. In this paper, legitimacy is understood as a relationship between the audience and the venture. Using this perspective, the authors develop a measure based on computational textual analysis. The measure captures both the audience’s assent to the relationship and the extent to which the venture conforms to the audience expectations. The measure is then empirically tested on a sample of French biotech new ventures by identifying media expectations toward these ventures, the media’s assent, and the extent to which the ventures conform to those expectations.

This article is especially important for understanding how young ventures are viewed by external audiences such as investors, customers, and partners, and whether the venture responds to their expectations. A venture may have a strong product or idea, but if it is not perceived as legitimate, it may struggle to survive. Overall, the article strengthens theory by providing a framework for studying venture legitimacy and by encouraging future research to embrace the multidimensionality of legitimacy.

Download the paper : https://legitimacy-research.org/wp-content/uploads/2026/09/British-J-of-Management-2026-Ghods-Measuring-New-Venture-Legitimacy-A-MultiE28090dimensional-Approach-Using-Computational.pdf