Discretionary Cooperation in Entrepreneur-VC Relationship: a Study Based on the Entrepreneurs Perspective
This paper acknowledges the importance of building up cooperative relationships between entrepreneurs (EN) and venture capitalists (VC). Cooperative relationship is an important element in venture capital investment, yet, little is known on how to achieve it. This paper identifies the three modes of gaining cooperation between the dyad: coerced, negotiated and discretionary. This paper also stated that achieving the discretionary cooperation is the most crucial mode for long-term success in venture capital-backed firms. Based on the inductive causal mapping method, the mechanism of how the entrepreneur cooperates discretionarily with the venture capitalist is analyzed, and a theoretical model is provided. It is concluded that the entrepreneurs confidence in venture capitalists ability to add value, and his trust in the venture capitalists intentions are the two key factors that affect the entrepreneurs discretionary behavior.
Entrepreneur Venture Capitalist Cooperation Trust Confidence
ZHANG Wei Steven White
School of Economics & Management, Tsingkua University, P.R.China, 100084 INSEAD, Singapore and France
国际会议
2007 International Conference on Dtrategic Management（2007年战略管理国际会议）
成都
英文
122-127
2007-04-19（万方平台首次上网日期，不代表论文的发表时间）