The cognitive contribution within the Tunisian venture capital funded firms

  • Authors

    • Houda Dziri university of sfax, Tunisia
    • Anis Jarboui Universities of Sfax
    2016-08-27
    https://doi.org/10.14419/ijaes.v4i2.6481
  • Cognitive Resources, Ownership Structure, Syndication, Tunisian Companies, Venture Capital’s Shares Held.
  • Abstract

    The present research work’s major objective lies in investigating the scope of the venture capitalist’ cognitive contribution following their financial participation in the company's capital. Conducted on a sample of 70 Tunisian venture capital funded firms, operating up the year 2015, the survey reached findings have proved to reveal well the significant impact this financial intermediation mode appears to have on kindling cognitive resources, in its association with the contractor. Noteworthy, however, is that the cognitive contribution has been discovered to be constrained, in turn, by the venture capital organization’s proper ownership structure.

  • References

    1. [1] Alexander P. and Peter R. (2013): “Venture capital and new business creationâ€, Journal of Banking and Finance, Vol.37 No.12, pp. 4695-4710.http://dx.doi.org/10.1016/j.jbankfin.2013.08.010.

      [2] Allen F. and Song W.L. (2002): “Venture capital and corporate governanceâ€, working paper.

      [3] Amess K. and Wright M. (2012): “Leveraged buyouts, private equity and jobsâ€, Small Business Economics, Vol. 38 No.4, pp. 419-430.http://dx.doi.org/10.1007/s11187-010-9280-9.

      [4] Arthus D. J. and Busenitz L. W. (2002): “Theorical foundations of venture capitalist: current issues and futures direction’s, working Paper.

      [5] Axelson U., Stromberg P and Weisbach M. (2009): “Why are buyout levered, the financial structure of private equity fundsâ€, Journal of Finance, Vol.64 No.4, pp.1549-1582.http://dx.doi.org/10.1111/j.1540-6261.2009.01473.x.

      [6] Axelson U., Stromberg P. and Weisbach M. (2009): “Why are buyout levered, the financial structure of private equity fundsâ€, Journal of Finance, Vol.64 No.4, pp. 1549-1582.http://dx.doi.org/10.1111/j.1540-6261.2009.01473.x.

      [7] Bacon N., Wright M. Meuleman M. and Scholes L. (2012): “The impact of Private equity on management practices in european buyouts: short-termism, Anglo-Saxon, or host country effects? Industrial Relations†Journal of Economy and Society, Vol.51 No. 1, pp. 605-626.

      [8] Bacon N., Wright M., Meuleman M. and Scholes L. (2012): “The impact of Private equity on management practices in European buyouts: short-termism, anglo-saxon, or host country effects?,Industriel Relationsâ€, Journal of Economy and Society, Vol.51No.1, pp . 605-626.

      [9] Barney J.B. Busenitz L.W., Fiet JO and Moesel DD. (1996): “New venture teams’ assessment of learning assistance from venture capital firmsâ€, Journal of Business Venturing, Vol.11, pp. 257-272.http://dx.doi.org/10.1016/0883-9026(95)00011-9.

      [10]Barney J.B., Busenitz L.W., Moesel D. D. and Fiet J. O. (1994): “The relationship between venture capital and managers in new firms: determinants of contractual covenantsâ€, Managerial Finance, Vol.20.http://dx.doi.org/10.1108/eb018457.

      [11]Becher D.A. and Frye M.B. (2011): “Deos regulation substitute or complement governance?â€Journal of Banking and Finance, Vol.35 No.3, pp. 736-751. http://dx.doi.org/10.1016/j.jbankfin.2010.09.003.

      [12]Bechman C., Burton M.D. and O’Reilly C. (2007): “Early teams: the impact of team technology on VC financing and going publicâ€, Journal of Business Venturing, Vol.22 No.2, pp. 147-173.http://dx.doi.org/10.1016/j.jbusvent.2006.02.001.

      [13]Bergemann D. and Hedge U. (1998): “Venture capital financing, moral hasard, and learningâ€, Journal of Banking and Finance, Vol.22, pp.703-735.http://dx.doi.org/10.1016/S0378-4266(98)00017-X.

      [14]Berry T. and Junkus J. (2013): “Socially responsible investing: an investor perspectiveâ€, Journal Business.Ethics, Vol.112 No.4, pp.707-720.http://dx.doi.org/10.1007/s10551-012-1567-0.

      [15]Bocken N., Short S., Rana P. and Evans S. (2014): “A value mapping tool for sustainable business modelingâ€, Corporate Governance, Vol.213 No.5, pp. 482-497.

      [16]Bottazi L., Da Rin M. and Hellmann T. (2008): “Who are the active investors? Evidence from venture capitalâ€, Journal of Financial Economics, Vol.89, pp.488-512http://dx.doi.org/10.1016/j.jfineco.2007.09.003.

      [17]Bottazi L., Da Rin M. and Hellmann T. (2008): “Who are the active investors? Evidence from venture capitalâ€, Journal of Financial Economics, Vol.89, pp.488-512.http://dx.doi.org/10.1016/j.jfineco.2007.09.003.

      [18]Brander J., Amit R. and Antweiter W. (1998): “Venture capital syndication: improved venture selection and value-added hypothesisâ€, Discussion paper, university of British Columbia.

      [19]Burmeister K. and Schade C. (2007): “Are entrepreneurs decisions more biased? An experimental investigation of susceptibility to status quo biasâ€, Journal of business Venturing, Vol.22 No.3, pp. 340-362.http://dx.doi.org/10.1016/j.jbusvent.2006.04.002.

      [20]Bygrave W. and Timmons (1992): “The CEO, venture capitalists and the boardâ€, Journal of Business Venturing, Vol.8, pp.99-113.

      [21]Chan Y., Siegel D. and Thakor A.V. (1990): “Learning, corporate control and performance requirements in venture capital contractsâ€, International Economic Review, Vol. 31No.2, pp. 365-381.

      [22]Cortez M.C., Silva F. and Areal N. (2012): “Socially responsible investing in the global market, the performance of US and European Fundsâ€, International Journal of Finance and Economic, Vol.17 No.3, pp. 254-271.http://dx.doi.org/10.1002/ijfe.454.

      [23]Croce A. Marti J. and Murtinu S. (2013): “The impact of venture capital on the productivity growth of European entrepreneurial firms: screening or value added effect?â€Journal of Business Venturing, Vol.28, pp.489-510.http://dx.doi.org/10.1016/j.jbusvent.2012.06.001.

      [24]De Clerq D. and Sapienza H.J. (2001), “The creation of relational rents in venture capitalist-entrepreneur Dyads, Venture capitalâ€, International Journal Entrepreneurial Finance, Vol.3 No.2, pp.107-127.http://dx.doi.org/10.1080/13691060110045661.

      [25]Dimov D. and Milanov H. (2009): “The interplay of need and opportunity in venture capital investment syndicationâ€, Journal of Business Venturing, Vol.25 No.4, pp.331-348.http://dx.doi.org/10.1016/j.jbusvent.2009.01.002.

      [26]Dimov D. etMilanov H. (2009): “The interplay of need and opportunity in venture capital investment syndicationâ€, Journal of Business Venturing, Vol.25 No.4, pp.331-348http://dx.doi.org/10.1016/j.jbusvent.2009.01.002.

      [27]Dimov D., Shepherd D.A. and Sutcliffe K.M. (2007): “Requisite expertise, firm reputation and status in venture capital investment allocation decisionâ€, Journal of Business Venturing, Vol.22, pp.481-502.http://dx.doi.org/10.1016/j.jbusvent.2006.05.001.

      [28]Engel D. and Keilbach M. (2007): “Firm-level implications of early stage venture capital investment and empirical investigation, Journal of Empirical Finance, Vol.14, pp.150-167. http://dx.doi.org/10.1016/j.jempfin.2006.03.004.

      [29]Fernandes N. (2008): “Board compensation and firm performance: the role of independent board membersâ€, Journal of Multinational Financial Management, Vol.78 No.1, pp.30-44.http://dx.doi.org/10.1016/j.mulfin.2007.02.003.

      [30]Gerber E. and Hui J. (2013): “Crowd funding: motivations and deterrents for participationâ€, ACM transactions on computing human interaction, Vol.20 No.6, pp. 32.http://dx.doi.org/10.1145/2530540.

      [31]Guillaume A. and Alexander P.G. (2012): “Entrepreneurs’ financing choice between independent and banking-affiliate venture capital firmsâ€, Journal of Corporate Finance, Vol.18 No.5, pp. 1143-1167http://dx.doi.org/10.1016/j.jcorpfin.2012.07.001.

      [32]Hege U., Palomino F. and Schwienbacher A. (2009): “Venture Capital Performance: the disparity between Europe and the United Statesâ€, Journal of Finance, Vol.30 No.1, pp.7-50.

      [33]Higashide H. and Bireley S. (2002): “The consequence of conflicts between the venture capitalist and the entrepreneurial team in the United Kingdom from the perspective of the venture capitalistâ€, Journal of Business Venturing, Vol.17, pp.59-81.http://dx.doi.org/10.1016/S0883-9026(00)00057-4.

      [34]Jengfang Ch., Woody M. and Chiachi Lu (2012): “The effects of public venture capital investments on corporate governance: evidence from IPO Firms in emerging marketâ€, Journal of Accounting Finance and Business Studies, Vol.48 No.1.

      [35]Jennifer J.R., Henock L. and Dahlia R. (2009): “Managers and investors: responses to media exposure of board ineffectivenessâ€, Journal of Financial and Quantitative Analysis, Vol.44 No.3, pp.579-605.http://dx.doi.org/10.1017/S0022109009990044.

      [36]Lamarche T. and Rubinstein M. (2012): “Dynamics of corporate social responsibility: towards a new conception of control?â€Journal of Institutional Economics, Vol.8 No.2.http://dx.doi.org/10.1017/S174413741100049X.

      [37]Learner J., Leamon A. and Garcia-Robles S. (2014): “Adding value through venture capital in Latin America and the Carribeanâ€, working paper.

      [38]Leete S., Xu J. and Wheeler D. (2013): “Investment barriers and incentive for marine renewable energy in the UK: an analysis of investor preferencesâ€, Energy policy, Vol.60, pp.866-875.http://dx.doi.org/10.1016/j.enpol.2013.05.011.

      [39]Marcus A., Malen J. and Ellis S. (2013): “The promise and pitfalls of venture capital as an asset class for clean energy investmentâ€, Organisation. Environnemental. Vol.26 No.1, pp. 31-60.

      [40]Murphy K.J. and Sandino T. (2010): “Executive pay and independent compensation consultantsâ€, Journal of Accounting and Economics, Vol.49 No.3, pp.247-262.http://dx.doi.org/10.1016/j.jacceco.2009.12.001.

      [41]Rosenbush N. Brinkmann J. and Muller V. (2013): “Does acquiring venture capital pay off for funded firms? A meta analysis on the relationship between venture capital investment and funded firm financial performanceâ€, Journal of Business venturing, Vol.28, pp.335-353.http://dx.doi.org/10.1016/j.jbusvent.2012.04.002.

      [42]Sheen Albert W. and Shai B. (2014): “The operational consequences of Private Equity Buyouts: Evidence from the restaurant industryâ€, Working paper.

      [43]Siegel D., Wright M. and Filatotchev I. (2011): “Private equity, LBOs and corporate governance: international evidenceâ€, Corporate Governance: An International Review, Vol.19 No.3, pp.186-194 http://dx.doi.org/10.1111/j.1467-8683.2010.00842.x.

      [44]Tian X. (2012): “The role of venture capital syndication in value creation for entrepreneurial firmsâ€, Review of Finance, Vol.16, pp.245-283.http://dx.doi.org/10.1093/rof/rfr019.

      [45]Weber C. and Kratzer J. (2013): “Social entrepreneurship, social network and social entrepreneursâ€, International Journal of Entrepreneurs venturing, Vol.5 No.3, pp. 217-239.

      [46]Weinstein O. (2012): “Firm, property and governance: from Berle and Means to the agency theory and beyondâ€, Accounting Economics and Law, Vol.2 No.2.

      [47]Wilson N., Wright M., Siegel D.S. and Scholes L. (2012): “Private equity portfolio company performance during the global recessionâ€, Journal of Corporate Finance, Vol.18 No.1, pp.193-205.http://dx.doi.org/10.1016/j.jcorpfin.2011.11.008.

      [48] Wirtz P. (2011): “The cognitive dimension of corporate governance in fast growing entrepreneurial firmsâ€, European Management Journal, Vol.29 No.6, pp.431- 447.http://dx.doi.org/10.1016/j.emj.2011.06.004.

  • Downloads

  • How to Cite

    Dziri, H., & Jarboui, A. (2016). The cognitive contribution within the Tunisian venture capital funded firms. International Journal of Accounting and Economics Studies, 4(2), 129-135. https://doi.org/10.14419/ijaes.v4i2.6481

    Received date: 2016-07-13

    Accepted date: 2016-08-17

    Published date: 2016-08-27