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- Isaksson, Anders, 1965-
(författare)
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Studies on the venture capital process
- 2006
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Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
- This thesis consists of an introductory part, including venture capital definitions, the history of venture capital in Sweden, and an overview of the venture capital process, and four self-contained papers on venture capital and the venture capital process.Paper 1 investigates the standardisation of the contractual strategies applied in the Swedish venture capital industry. The study was based on a questionnaire data regarding the use of contractual covenants. Our results indicate that the greatest differences occur among those with different investment preferences. There would appear to be two distinct venture capital cultures controlling contractual choices in these groups. Our findings generally conform to expectations as predicated by institutional theory.Paper 2 investigate venture capital firms’ valuation practices in two different economic contexts, in the economic boom of 1999 and in the downturn market of 2002 by using an experimental case study design with a case based on a real firm. Contrary to our expectations, in times of heightened stringency and economic downturn, venture capital investors employ fewer valuation models than they do in boom times. The main contribution of our research is an increase in the knowledge of venture capitalists’ valuation practices under different market conditions. It can also contribute to researchers developing more relevant theories of valuation, valuation models and valuation practice.Paper 3 empirically examines the linkage between governance, trust and performance based on a questionnaire sent to entrepreneurs in venture capital backed companies in Sweden. The results suggest that the level of trust between the venture capitalist and the entrepreneur affects the relationship between VCs governance and the portfolio company’s performance.Paper 4 analyse exit strategies and exit-directed activities among entrepreneurs in venture capital relationships. The study focuses on the effect of the venture capital organization (independent, public sector and captive) on strategy and exit-directed activities. The results indicate that firms with a trade sale strategy tend to have a higher degree of exit activities compared to other exit strategies. Furthermore, the type of venture capital organization involved (especially when comparing private independent VCs to public sector VCs) also affects exit strategies and activities.
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| 2. |
- Linton, Gabriel, 1982-
(författare)
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Entrepreneurial orientation : reflections from a contingency perspective
- 2016
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Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
- Entrepreneurship has been argued to be a key driver of the economy by creating jobs, turning inventions to innovations, and also improving the overall standard of life. A firm’s entrepreneurial orientation (EO) indicates the degree to which a firm is entrepreneurial. However, there are several different approaches to conceptualizing the EO concept and its sub-dimensions, frequently described as innovativeness, risk taking, and proactiveness. The role of the sub-dimensions is not quite clear in the EO literature. Furthermore, many studies claim that firms can increase their performance simply by increasing their EO, while this thesis draws upon contingency theory to argue that EO needs to be aligned with—‘fit’ the internal and external context, if the firm is to perform well. Thus, this thesis aims to advance the conceptualization of EO by problematizing the core construct and also discussing how EO can fit with context. The thesis consists of four papers in which the EO concept is elaborated on and contingency theory is applied to construct conceptual models of the interaction between EO and different contexts, which are also empirically investigated. Furthermore, the sub-dimensions of EO are discussed in terms of their meanings and measurement to point out their individual impact on the EO.The overall findings indicate that EO is not as simple a concept as often portrayed in the EO literature. Rather, EO is more complex in the ways that it can fit with internal and external context and, on these bases, it is suggested that ideal types of EO and context is a way forward for research in the area. Additionally, it is argued that EO as a theoretical construct may not only be conceptualized as an overall entrepreneurial attribute (which is common in the extant literature), but also as a complex and granular attribute.
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