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Investor Type, Cognitive Governance and Performance in Young Entrepreneurial Ventures: A Conceptual Framework

  • Christophe Bonnet

    ()

    (GDF - Gestion, Droit et Finance - Grenoble École de Management (GEM))

  • Peter Wirtz

    ()

    (Centre de Recherche Magellan - Institut d'Administration des Entreprises (IAE) - Lyon - Université Jean Moulin - Lyon III : EA3713)

This article contributes to a better understanding of the process of entrepreneurial finance from a behavioral perspective. We specifically examine the cognitive features and interaction of three key-actors in entrepreneurial finance: entrepreneurs, business angels and venture capitalists and derive implications for performance (value creation and growth) when a young venture raises external equity capital. Concepts of cognitive cost and value enhance theoretical insight into why BA and VC intervention is typically sequential. We also predict in what specific situations one should expect simultaneous coinvestment by BAs and VCs and how investors can use cognitive levers to influence the speed of growth.

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Paper provided by HAL in its series Grenoble Ecole de Management (Post-Print) with number halshs-00642737.

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Date of creation: 2011
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Publication status: Published, Advances in Behavioral Finance & Economics: The Journal of the Academy of Behavioral, 2011, 1, 1, 42-62
Handle: RePEc:hal:gemptp:halshs-00642737
Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00642737
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  1. 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.
  2. Gérard Charreaux, 2002. "Au-delà de l'approche juridico-financière:le rôle cognitif des actionnaires et ses conséquences sur l'analyse de la structure de propriété et de la gouvernance," Working Papers CREGO 020701, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations, revised Jul 2002.
  3. Marianne P. Bitler & Tobias J. Moskowitz & Annette Vissing-Jørgensen, 2005. "Testing Agency Theory with Entrepreneur Effort and Wealth," Journal of Finance, American Finance Association, vol. 60(2), pages 539-576, 04.
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