Venture capitalists' decision policies across three countries: an institutional theory perspective

• 成果类型: Article
• 署名作者: Zacharakis, Andrew L.; McMullen, Jeffery S.; Shepherd, Dean A.
• 署名单位: Babson College; Baylor University; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
• 刊物名称: JOURNAL OF INTERNATIONAL BUSINESS STUDIES
• ISSN/ISSBN: 0047-2506
• DOI: 10.1057/palgrave.jibs.8400291
• 发表日期: 2007
• 页码: 691-708
• 关键词: venture capital; INSTITUTIONAL THEORY; entrepreneurship; decision-making

摘要

This paper examines the influence of economic institutions upon venture capitalists' (VCs) decision policies. We conducted policy-capturing experiments on 119 VCs across three countries, representing distinct economic institutions ( US, mature market economy; South Korea, emerging economy; and China, transitional economy). Results show that VCs in rules-based market economies ( US) rely upon market information to a greater extent than VCs in emerging economies ( Korea), and Chinese VCs ( transitional economy) weight human capital factors more heavily than either US or Korean VCs. Findings suggest that, although professional institutions may dictate which information is included in VC decision policies, the extent to which that information is emphasized is determined partly by the economic institution in which the decision-maker operates.