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Les apports de la stratégie à la finance entrepreneuriale - The contributions of strategy to entrepreneurial finance

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Author Info

  • Philippe Desbrières

    ()
    (Université de Bourgogne)

Abstract

(VF)Le financement par fonds propres des firmes entrepreneuriales a fait l’objet d’une littérature foisonnante depuis les années 1980. Dans un premier temps, ce chapitre est consacré au courant de la finance entrepreneuriale, qui s’est essentiellement focalisé sur les problématiques liées au différentiel d’informations existant entre capital-investisseurs et entrepreneurs et sur les mécanismes de gouvernance disciplinaires mis en place en réponse. Mais ces travaux ignorent la notion de connaissance, pourtant centrale dans la relation établie entre capital-investisseurs et entrepreneurs, qui ne partagent pas tous le même modèle cognitif. La seconde partie de l'article est donc centrée sur la littérature stratégique qui a largement contribué à l’enrichissement des approches classiques de la finance entrepreneuriale en étudiant le rôle de soutien et d’orientation de ces investisseurs et en renouvelant la compréhension de leur contribution au processus de création de richesse des firmes qu’ils financent, de même que celle du système de gouvernance des firmes entrepreneuriales qui prend une orientation cognitive majeure. (VA)The equity financing of entrepreneurial firms has been a growing literature since the 1980s. This paper is firstly devoted to current entrepreneurial finance, which has mainly focused on issues related to the differential information between entrepreneurs and investors and on governance mechanisms in place in response. But these studies ignore the notion of knowledge, yet central to the relationship between venture capitalists and entrepreneurs, who do not have the same cognitive model. The second section is focused on the strategic literature which has largely contributed to the enrichment of traditional approaches to entrepreneurial finance by studying the role of support and advice to investors and renewing the understanding of their contribution to the process wealth creation of the firms they fund, as well as the governance system of entrepreneurial firms that takes a major cognitive orientation.

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Bibliographic Info

Paper provided by Université de Bourgogne - Crego EA 7317/Fargo (Research center in Finance,organizational ARchitecture and GOvernance) in its series Working Papers FARGO with number 1120801.

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Length: 15 pages
Date of creation: Aug 2012
Date of revision:
Handle: RePEc:dij:wpfarg:1120801

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Postal: Gérard Charreaux, Fargo-Leg, Université de Bourgogne 2 Bd Gabriel, BP 26611, 21066 Dijon Cedex, France

Related research

Keywords: finance entrepreneuriale; stratégie; gouvernance d’entreprise; vision disciplinaire; vision cognitive; entrepreneurial finance; strategy; corporate governance; disciplinary view; cognitive view.;

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References

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  1. Douglas Cumming & Sofia Johan, 2007. "Advice and monitoring in venture finance," Financial Markets and Portfolio Management, Springer, vol. 21(1), pages 3-43, March.
  2. Bruining, H. & Wright, D.M., 2002. "Entrepreneurial Orientation In Management Buy-Outs And The Contribution Of Venture Capital," ERIM Report Series Research in Management ERS-2002-67-ORG, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus Uni.
  3. Westhead, Paul & Wright, Mike, 1998. "Novice, portfolio, and serial founders: are they different?," Journal of Business Venturing, Elsevier, vol. 13(3), pages 173-204, May.
  4. Elango, B. & Fried, Vance H. & Hisrich, Robert D. & Polonchek, Amy, 1995. "How venture capital firms differ," Journal of Business Venturing, Elsevier, vol. 10(2), pages 157-179, March.
  5. Hellmann, Thomas & Puri, Manju, 2000. "The Interaction between Product Market and Financing Strategy: The Role of Venture Capital," Review of Financial Studies, Society for Financial Studies, vol. 13(4), pages 959-84.
  6. Kaplan, Steven & Strömberg, Per Johan, 2000. "Financial Contracting Theory Meets The Real World: An Empirical Analysis Of Venture Capital Contracts," CEPR Discussion Papers 2421, C.E.P.R. Discussion Papers.
  7. Sapienza, Harry J., 1992. "When do venture capitalists add value?," Journal of Business Venturing, Elsevier, vol. 7(1), pages 9-27, January.
  8. Rosenstein, Joseph & Bruno, Albert V. & Bygrave, William D. & Taylor, Natalie T., 1993. "The CEO, venture capitalists, and the board," Journal of Business Venturing, Elsevier, vol. 8(2), pages 99-113, March.
  9. Sapienza, Harry J. & Manigart, Sophie & Vermeir, Wim, 1996. "Venture capitalist governance and value added in four countries," Journal of Business Venturing, Elsevier, vol. 11(6), pages 439-469, November.
  10. Wright, Mike & Robbie, Ken & Ennew, Christine, 1997. "Venture capitalists and serial entrepreneurs," Journal of Business Venturing, Elsevier, vol. 12(3), pages 227-249, May.
  11. Gérard Charreaux & Peter Wirtz, 2007. "Corporate Governance in France," Working Papers FARGO 1070201, Université de Bourgogne - Crego EA 7317/Fargo (Research center in Finance,organizational ARchitecture and GOvernance).
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