Abstract
Drawing on framing research, we examine how time framing in venture press releases influences funding amount. We hypothesize that both past- and future framing affect funding amount and that these effects are moderated by the venture’s age. Using a longitudinal dataset covering the full population of 105 German pharmaceutical biotechnology ventures, our findings show that past framing is negatively related to funding overall. However, the impact of past framing becomes positive as ventures mature. Although future framing has no significant direct effect on funding amount, its interaction with venture age is significant, indicating that the effect of future framing becomes negative as ventures age.