| 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. |
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| 3. |
- 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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| 4. |
- 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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| 5. |
- 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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| 6. |
- Malmström, Malin, 1973-, et al.
(författare)
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Constructing an Entrepreneurial Identity: How Enterprise Intentions Among Young People are Motivationally Formed
- 2024
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Ingår i: Entrepreneurship Research Journal. - : Walter de Gruyter. - 2157-5665. ; 14:1, s. 187-224
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Tidskriftsartikel (refereegranskat)abstract
- As enterprise education plays a larger role in schools and young individuals increasingly become the target of entrepreneurial and enterprise policy initiatives, there is a growing need to understand how entrepreneurial intentions can be fostered. This study builds on analyses of interviews with young potential entrepreneurs and their young counterparts, delving more deeply into the identity construction that motivates some individuals, but not others, to develop entrepreneurial identities and enterprise intentions. The findings outline two contrasting routes to identity construction, shedding light on how enterprise intentions are motivationally embedded and providing details on the micro-foundations of identity formation that shape these identities and intentions toward enterprise activity.
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| 7. |
- Malmström, Malin, 1973-, et al.
(författare)
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How Women Can Improve Their Venture Pitch Outcomes
- 2020
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Ingår i: MIT Sloan Management Review. - : Massachusetts Institute of Technology. - 1532-9194 .- 1532-8937.
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Tidskriftsartikel (övrigt vetenskapligt/konstnärligt)abstract
- Successful entrepreneurs are aware of potentially biased responses to their pitches and take control of the conversation.
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| 8. |
- Malmström, Malin, 1973-
(författare)
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Könsdiversifiering i bolagsstyrelser och företagsprestation
- 2021
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- Betydelsen av könsdiversifierad styrelse har debatterats och tidigare forskningsstudier har visat blandade resultat. En viktig orsak till de blandade resultaten är att många studier jämfört styrelser helt i avsaknad av kvinnor med styrelser där en eller två kvinnor är representerade. Det har varit ett faktum att andra analysmöjligheter inte varit möjliga då alltför få företag haft en jämn könsfördelning i styrelserna. De blandade resultaten har också hänförts till att tidigare studier haft brist på kontrollvariabler och i många fall använt begränsade prestationsmått. Den omfattande databasen som den här rapporten bygger på inkluderar hela populationen av svenska aktiva aktiebolag år 2013. Detta möjliggjorde för nydanande analyser där fokus riktats mot hur jämn eller ojämn könsfördelning i styrelser relaterar till reell företagsprestation i form av lönsamhet och omsättning.Resultaten i rapporten visar ekonomisk ineffektivitet av obalans i styrelsers könsfördelning. Kortfattat visar rapportens resultat att svenska aktiebolag med en jämn könsfördelning i styrelsesammansättning har högre lönsamhet och högre omsättning än företag med ojämn könsfördelning i styrelsesammansättning. Resultaten visar att sambanden gäller även när alternativa förklaringar till lönsamhet och omsättning läggs till i analysen. De alternativa förklaringarna utgörs i rapporten av vilken bransch företag tillhör, om VDn är kvinna eller man, om företaget ingår i koncern eller ej, samt hur många anställda företaget har. Därmed visar rapporten att ojämn könsfördelning medför försummade möjligheter till makroekonomisk tillväxt.Både etik och ekonomisk effektivitet kan argumenteras för som skäl för jämn könsfördelning i bolagsstyrelser. Om etik och moral inte är ett tillräckligt motiverande argument för könsdiversifiering i bolagsstyrelser, så kan det ekonomiska effektivitetsperspektivet som rapportens resultat stödjer motivera krafttag till förändrad könsfördelning i styrelserummen.
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