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Confounding Market and Hierarchy in Venture Capital Governance: The Canadian Immigrant Investor Program

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  • Lloyd Steier

Abstract

Governance structure is a central feature of organization. Hybrid forms of organization – typified by governance structures from more than one organizational model – have become prominent features of the organizational landscape. This study examined the governance structure of a hybrid organizational arrangement created when a government programme was developed utilizing selected aspects of venture capitalist models of governance. Central findings include: designing appropriate governance structure is a key activity for new organizations; combining market and hierarchical forms of governance produces a confounding mix of rationalities, which is potentially dangerous for long‐term survival; ambiguous control systems allow participants to pay selective attention to particular elements of governance structure; existing models of venture capital governance understate important social dimensions of governance – particularly the role of trust; hybrid organizations potentially remove the element of trust necessary for effective transactions

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  • Lloyd Steier, 1998. "Confounding Market and Hierarchy in Venture Capital Governance: The Canadian Immigrant Investor Program," Journal of Management Studies, Wiley Blackwell, vol. 35(4), pages 511-535, July.
    • Handle: RePEc:bla:jomstd:v:35:y:1998:i:4:p:511-535
    DOI: 10.1111/1467-6486.00107
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    Cited by:

    1. Craig, Justin & Moores, Ken, 2010. "Strategically aligning family and business systems using the Balanced Scorecard," Journal of Family Business Strategy, Elsevier, vol. 1(2), pages 78-87, June.
    2. James J. Chrisman & Jess H. Chua & Lloyd P. Steier, 2002. "The Influence of National Culture and Family Involvement on Entrepreneurial Perceptions and Performance at the State Level," Entrepreneurship Theory and Practice, , vol. 26(4), pages 113-130, July.
    3. Steier, Lloyd, 2003. "Variants of agency contracts in family-financed ventures as a continuum of familial altruistic and market rationalities," Journal of Business Venturing, Elsevier, vol. 18(5), pages 597-618, September.
    4. Randall Morck & Lloyd Steier, 2005. "The Global History of Corporate Governance: An Introduction," NBER Chapters, in: A History of Corporate Governance around the World: Family Business Groups to Professional Managers, pages 1-64, National Bureau of Economic Research, Inc.
    5. Busenitz, Lowell W. & Fiet, James O. & Moesel, Douglas D., 2004. "Reconsidering the venture capitalists' "value added" proposition: An interorganizational learning perspective," Journal of Business Venturing, Elsevier, vol. 19(6), pages 787-807, November.
    6. Neema Mori & Trond Randøy & Sougand Golesorkhi, 2013. "Determinants of Board Structure in Microfinance Institutions: Evidence from East Africa," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 12(3), pages 323-365, December.
    7. Steier, Lloyd P. & Miller, Danny, 2010. "Pre- and post-succession governance philosophies in entrepreneurial family firms," Journal of Family Business Strategy, Elsevier, vol. 1(3), pages 145-154, September.

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