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How individual cognitions overshadow regulations and group norms: a study of government venture capital decisions
Luleå University of Technology, Department of Business Administration, Technology and Social Sciences, Business Administration and Industrial Engineering. Center for Innovation, Entrepreneurship and Learning, Halmstad University, Halmstad, Sweden.ORCID iD: 0000-0002-3377-6177
Luleå University of Technology, Department of Business Administration, Technology and Social Sciences, Business Administration and Industrial Engineering.ORCID iD: 0000-0003-0290-7522
Entrepreneurship, Management and Organisation, Hanken School of Business, Helsinki, Finland. Entrepreneurship & Innovation, St Gallen University, St. Gallen, Switzerland.ORCID iD: 0000-0002-8770-8874
Luleå University of Technology, Department of Business Administration, Technology and Social Sciences, Business Administration and Industrial Engineering. School of Management, University of Vaasa, Vaasa, Finland.ORCID iD: 0000-0003-3255-414X
2019 (English)In: Small Business Economics, ISSN 0921-898X, E-ISSN 1573-0913Article in journal (Refereed) Epub ahead of print
Abstract [en]

This paper explores how government venture capitalists approve or reject financing applications. Based on longitudinal observations, complemented by interviews, documentation, and secondary data, the findings show the limited influence of the regulative and normative logics (e.g., formal guidelines and accepted behavior) on government venture capitalists’ decisions. Instead, individual decisions are observed to be largely overshadowed by cognitions and heuristics, which dominate formal regulations and socially constructed group-level norms. Although official decision communications state that regulations have been followed, the evidence suggests that the cognitive logic dominates the funding decision-making process through a set of overshadowing forces that restrict the influence of the normative and regulative logics on funding decisions. This research has implications for venture financing and highlights the importance of cognitions in shaping venture capital decisions.

Place, publisher, year, edition, pages
Springer, 2019.
Keywords [en]
Government investment, Venture financing, Venture capital, Entrepreneurship, Institutional theory, Decision making
National Category
Other Engineering and Technologies not elsewhere specified
Research subject
Entrepreneurship and Innovation
Identifiers
URN: urn:nbn:se:ltu:diva-76815DOI: 10.1007/s11187-019-00273-3OAI: oai:DiVA.org:ltu-76815DiVA, id: diva2:1372166
Available from: 2019-11-22 Created: 2019-11-22 Last updated: 2020-01-24

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Johansson, JeanethMalmström, MalinWincent, JoakimParida, Vinit

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