Analysis of the non-financial value creation mechanisms of venture capitalists for start-up companies

  • سال انتشار: 1404
  • محل انتشار: مجله بین المللی مالی و حسابداری مدیریت، دوره: 10، شماره: 36
  • کد COI اختصاصی: JR_IJFMA-10-36_016
  • زبان مقاله: انگلیسی
  • تعداد مشاهده: 186
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نویسندگان

Milad Homayounizadeh

Ph.D. Candidate in Technology Management, Allameh Tabatabai University, Tehran, Iran

Nader Naghshineh

Assistant Professor, Accounting and Management Department, Financial Management Faculty, Islamic Azad University, Eslamshahr Branch, Tehran, Iran

Nasrin Zolfagharkhani

MSc. Master of Business Administration (MBA), Faculty of Economics and Management and Administrative Sciences, Semnan University, Semnan, Iran

چکیده

In their interactions with start-up companies, venture capitalists do more than just provide financial resources; they also create value for these companies. Using the case study method, the current study investigated six venture investments made between ۱۳۹۳ and ۱۴۰۰ through ۲۳ semi-structured interviews with people involved in venture capital and start-up companies. Furthermore, it has used axial coding and qualitative content analysis of interviews to look into the mechanisms that lead to the development of non-financial values. The findings of this study demonstrate that the creation of non-financial values by venture capitalists has two general orientations, external and internal. As a result, the ability and focus of the venture capitalist as well as the need acknowledged by start-up companies for the creation of non-financial value impact the overall strategy and efficacy of value-creation mechanisms. According to the findings, not all venture capitalists are capable of generating non-financial value in every field. As a result, these capitalists must consider the balanced, simultaneous development of non-financial value creation capabilities in their long-term approaches and select start-up companies that are consistent with their overall strategy. To avoid potential conflicts in interactions with this type of capitalist, start-up companies should take special care when selecting a venture capitalist and determining their expectations from their investment.

کلیدواژه ها

Internal orientation, External orientation, Non-financial value creation mechanisms, Venture Capital, Start-up companies

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