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La gouvernance des entreprises financées par Capital Investissement : une analyse sociocognitive de la relation capital investisseur - dirigeant

Abstract : According to a cognitive approach of the governance, the purpose of this research is to study the productive collaboration between Venture Capitalists (VCs) and managers. Resorting to a socio-cognitive analysis, the author tries to understand the implications of the interactions between those on a cognitive resource through consensus and conflict processes, in the context of actions. Empirical data is collected through a longitudinal qualitative study of eleven cases of firms financed by Venture Capital. It shows that the productive collaboration is weak. There are several limits of creation and exchange of cognitive resource and managers don't resort enough to investors' cognitive capacities. In keeping with sociological new insitutionalism and social of convention, we notice a convergence of investors and managers representations due to informative and normative reasons. The socio-cognitive complexity of the group remains however high, so that the level of consensus is low. The conflicts are mainly about the targets, the means of the strategy and the division of powers. The psychological reactannce theory and the entrenchment theory help to analyse managers' emotional reactions and behaviours. Traditional governance mechanisms are not very efficient to regulate conflicts. Yet social and psychological dimensions of confidence, particularly trust based on similitaries and the respect for procedural and interactional justice during the investment relationship, favour productive collaboration and the regulation of conflicts. These results depend on the profile of investors and show French cultural specificities. Syndication is also studied as a particular mechanism of governance. First, helping to understand the socio-cognitive processes in the relationship between VCs and managers, the contribution of this research is theorical. Second, the contribution is methodological because studies of the relationship between VCs and managers are mostly quantitative. In addition, operational recommendations are made.
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Submitted on : Tuesday, April 24, 2018 - 4:04:38 PM
Last modification on : Monday, October 19, 2020 - 3:10:04 PM

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  • HAL Id : tel-01776654, version 1



Anne Stévenot. La gouvernance des entreprises financées par Capital Investissement : une analyse sociocognitive de la relation capital investisseur - dirigeant. Gestion et management. Université Nancy 2, 2005. Français. ⟨NNT : 2005NAN22003⟩. ⟨tel-01776654⟩



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