| 1. |
- Antretter, Torben, et al.
(författare)
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Do Algorithms Make Better - and Fairer - Investments Than Angel Investors?
- 2020
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Ingår i: Harvard Business Review. - : Harvard Business Publishing. - 0017-8012.
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Tidskriftsartikel (övrigt vetenskapligt/konstnärligt)abstract
- Can an algorithm outperform the average angel investor? And if it can, does that also mean it will make less biased investments? Researchers put these questions to the test: They built an investing algorithm and put it head to head with 255 angel investors in a simulation, asking it to select the most promising investment opportunities among 623 deals from one of the largest European angel networks. The results? The algorithm significantly outperformed the average novice investor and even experienced investors who fell prey to cognitive biases, but was bested by the top tier of experienced investors, who could control for their own biases. While the algorithm may have made less biased choices when it came to the race and gender of the founders it picked, it also reflected systemic inequalities, and illustrated the limits of how algorithmic investing can be used to address deep social inequalities. Even so, the experiment offers a vision for how — and when — investors might deploy similar algorithmic aids in their investing, and how it might lead to better and fairer decisions.
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| 2. |
- Blomkvist, Marita, 1959-, et al.
(författare)
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Accounting Knowledge in Innovative Firms – Direct Contacts with Auditors for Strategic Actions
- 2015
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Konferensbidrag (refereegranskat)abstract
- Managers’ use of auditors in decision processes are well known in the accounting literature but little is known on managers in innovative firms and their acquisition of accounting knowledge through direct contacts with auditors. We conducted a multiple embedded study of exploratory character based on 19 interviews with managers and auditors connected to six innovative firms. We show that managers in innovative firms apply informal management control in early phases and thus also rely to a high extent on external auditors for such purposes. Management acquisition of accounting knowledge may however stepwise contribute to a more formalized control system as management competence increase. This study suggests that competence based view may be useful for understanding the role of accounting and auditors.
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| 3. |
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| 4. |
- Johansson, Jeaneth, et al.
(författare)
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How individual cognitions overshadow regulations and group norms : a study of government venture capital decisions
- 2021
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Ingår i: Small Business Economics. - New York, USA : Springer. - 0921-898X .- 1573-0913. ; 56:2, s. 857-876
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Tidskriftsartikel (refereegranskat)abstract
- This paper explores how government venture capitalists approve or reject financing applications. Based on longitudinal observations, complemented by interviews, documentation, and secondary data, the findings show the limited influence of the regulative and normative logics (e.g., formal guidelines and accepted behavior) on government venture capitalists’ decisions. Instead, individual decisions are observed to be largely overshadowed by cognitions and heuristics, which dominate formal regulations and socially constructed group-level norms. Although official decision communications state that regulations have been followed, the evidence suggests that the cognitive logic dominates the funding decision-making process through a set of overshadowing forces that restrict the influence of the normative and regulative logics on funding decisions. This research has implications for venture financing and highlights the importance of cognitions in shaping venture capital decisions.
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| 5. |
- Johansson, Jeaneth, et al.
(författare)
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Normkritisk innovation för nya affärsmodeller : Mångfald i offentliga finansiärers kommunikations- och marknadskanaler
- 2017
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- Rapporten RIKA affärsmodeller presenterar ett ramverk för arbete med normkritisk innovation för nya affärsmodeller med inriktning mot kommunikations- och marknadskanaler. Rapporten baseras på resultat från VINNOVA-projektet RIKA 3.0. Offentliga finansiärer, näringslivsrådgivare, nuvarande och potentiella entreprenörer samt andra typer av finansiärer har inom ramen för en experimentell miljö, s.k. Livinglabb, tillsammans bidragit till att identifiera upplevda problem och möjligheter med finansiärernas kommunikation och marknadskanaler. I arbetet har en normkritisk analysmetodik använts för utveckling av en prototyp; ”MÖTA” för att hantera kommunikation med inriktning på affärsmodeller mot en mångfald av entreprenörer/företag samt ett dialogverktyg för normkritisk innovation i kommunikations- och marknadskanaler. Dialogverktyget har potential till att bidra till en mer medveten kommunikationsstrategi med möjlighet att möta en mångfald av företagare och därmed bidra till jämlik tillgång till offentlig finansiering. Dialogverktyget kan därmed synliggöra och riva strukturella hinder kring mångfald hos offentliga finansiärer, vilka idag mer eller mindre omedvetet hindrar mångfald av företag och deras möjlighet att ta del av det offentliga finansieringssystemet. Genom att sätta ”MÖTA” mot nuvarande affärsmodeller kan potentialen inom en bredare bas av företag, företag som ligger utanför den gängse normen av företagande tillvaratas även de som ofta mer eller mindre omedvetet exkluderas från finansieringssystemet
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| 6. |
- Johansson, Jeaneth, 1968-, et al.
(författare)
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Oh, it’s complex to see women here, isn’t it and this seems to take all my attention! A repertory grid approach to capture venture capitalists cognitive structures when evaluating women entrepreneurs
- 2021
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Ingår i: Journal of Business Venturing Insights. - New York : Elsevier. - 2352-6734. ; 15
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Tidskriftsartikel (refereegranskat)abstract
- We introduce Personal Construct Theory (PCT) and the Repertory Grid methodology to investigate deeper differences in the way government venture capital financiers cognitively process to evaluate 77 investment proposals from women and men entrepreneurs. In our study of financiers’ who are by law forbidden to discriminate, we reveal an underlying cognitive bias when evaluating women entrepreneurs. We find that the difficulty when assessing women’s venture potential, as indicated by the greater thought complexity and the excessive weight financiers place on the person rather than the full business case, can be considered to represent the underlying thought mechanism that affect women’s chances of securing financing. This finding suggests women entrepreneurs are looked upon as being role incongruent: misdirecting attention in evaluations. Evaluating women entrepreneurs is a cognitive challenge, because they deviate from the stereotype of an entrepreneur.
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| 7. |
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| 8. |
- Johansson, Jeaneth, 1968-, et al.
(författare)
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Sustainable Investments in Responsible SMEs : That’s What’s Distinguish Government VCs from Private VCs
- 2021
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Ingår i: Journal of Risk and Financial Management. - Basel : MDPI. - 1911-8074. ; 14:1
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Tidskriftsartikel (refereegranskat)abstract
- Researchers question the impact of governmental venture capitalists (GVC) compared to private venture capitalists (PVC), but we know little about why this difference occurs and if this criticism is justified. We observed a group of GVCs and developed a new model that describes the way that GVCs process signals pre- and post-decisions. Certain macro level factors severely undermine micro level performance, causing GVCs to financially underperform with respect to PVCs. This helped us to understand that GVCs do not make investment decisions in the same way as PVCs, and what undermines the performance of GVCs’ decision-making processes. The main goals of GVCs are to promote investments in responsible SMEs, mobilizing societal impact. We discuss that the criticism of GVC needs to be more nuanced, as they have a different role than PVC in the financial system as providers of sustainable investments in responsible SMEs.
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| 9. |
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| 10. |
- Malmström, Malin, 1973-, et al.
(författare)
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Bank lending and financial discrimination from the formal economy : How women entrepreneurs get forced into involuntary bootstrapping
- 2018
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Ingår i: Journal of Business Venturing Insights. - : Elsevier. - 2352-6734. ; 10
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Tidskriftsartikel (refereegranskat)abstract
- The role of banks, their decision models, and their linkages with how entrepreneurs can act as providers to the formal economy have not been focused on much in entrepreneurship research. We explore the trend of transaction-based lending among banks on entrepreneurs’ engagement in informal economic activities (or involuntary bootstrapping activities) and how that relationship is moderated by gender. The results show that women entrepreneurs who encounter banks with transaction-based lending are forced to engage in much more informal economic activities compared to men, while this gender bias vanishes when entrepreneurs face banks with relation-based lending. We associate these results with gender stereotyping and suggest transaction-based lending to be costly for the development of formal economies.
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