Economic exchange reciprocity or social obligation reciprocity? exchange modalities of interorganizational relations in Germany

Exchange is regarded as the fundamental activity in every economic context. Seeking a theoretical conceptualization of exchange in an interorganizational sense, the authors use a qualitative study of venture capital organizations (VCs) in Germany and their portfolio companies (PCs) to develop an exchange-related perspective centred on reciprocity in interorganizational relations. Through grounded theory, two types of exchange are identified, economic exchange reciprocity and social obligation reciprocity, which differ considerably in their exchange cultures, modes, structures, and resources. In addition to specifying VC – PC relations as the subject of study, the theoretical perspective focuses on making the rediscovered concept of reciprocity useful in the organization and management of organizational and interorganizational relations.