Emotional and subjective perceptions in investor-led due diligence processes[Perceptions Émotionnelles Et Subjectives Dans Les Processus De Due Diligence Menés Par Les Investisseurs]

The complexity of decision-making in entrepreneurial environments, particularly during due diligence (DD), has been studied from various angles in the scientific literature. DD is a thorough evaluation process conducted by investors aimed at analyzing the financial, legal and operational information of a startup to assess the risks and viability of the project before making an investment decision. It is a mechanism that helps reduce uncertainty and information asymmetry (Kaplan and Stromberg, 2003) by providing an objective data base to guide decision-making. Traditionally, the analysis of these processes has focused on financial, legal and technical approaches, leaving aside the emotional and subjective dimensions of the interactions between Innovative Entrepreneurs (IEs) and Expert Business Angels (EBAs). Kaplan and Stromberg (2003) highlight that information asymmetry is a central problem in these interactions, as investors must evaluate projects at an early stage without having access to complete information. This uncertainty exacerbated by the lack of suitable tools to integrate emotional perceptions often leads to decision-making biases. Our research proposes to reduce this information asymmetry and uncertainty by taking into account subjective mechanisms.