I dare you: Trust, Networks and the Financing of Innovation: The Case of Venture Capital
Author
Hain, Daniel
Term
4. term
Publication year
2012
Submitted on
2012-02-29
Abstract
Venturekapital er ofte blevet opfattet som en investeringsform, der kræver fysisk nærhed, fordi udveksling af tavs viden – viden der er svær at skrive ned og bedst deles ansigt til ansigt – anses som central. I det seneste årti er billedet ændret mod et mere globalt fordelt mønster. Når venturekapital bevæger sig på tværs af grænser, sker internationaliseringen typisk ikke via udenlandske datterselskaber, men gennem internationale investeringsnetværk og alliancer. Denne afhandling argumenterer for, at der er brug for et nyt teoretisk perspektiv for at forstå mekanismerne bag denne globale udvikling. Den introducerer et rammeværk, der kombinerer resource-based view (fokus på de ressourcer og kapabiliteter, organisationer råder over) med teorier om tillid, social kapital (værdien af relationer og netværk) og interaktion. Modellen forklarer samarbejde mellem forskellige aktører både ud fra former for nærhed – social, organisatorisk, institutionel og geografisk – og ud fra forskelle i deres ressourcebaser, som skaber muligheder ved at kombinere komplementære aktiver. For at give empirisk støtte undersøger studiet venturekapitalaktiviteter i 18 udvalgte OECD-lande i perioden 2000–2010. Det ser på social interaktion, netværksdannelse, generaliseret tillid (generel tillid til andre i samfundet) samt ligheder og forskelle i institutionelle rammer og sektorspecialisering. Analysen foretages på nationalt, bilateralt og virksomhedsplan. Hovedresultaterne er: På landeniveau fremmer økonomisk vækst, innovationsaktivitet og høj generaliseret tillid udviklingen af den hjemlige venturekapitalindustri. På bilateralt niveau flyder venturekapital oftere mellem lande med høj geografisk, social og institutionel nærhed, men med forskellige konfigurationer af innovationssystemet. Bilateral tillid hænger negativt sammen med investeringsaktivitet mellem landepar, hvilket tyder på, at drivkræfterne bag hjemlige og internationale investeringer adskiller sig markant og rejser spørgsmålet, om meget høj indenlandsk tillid kan føre til udelukkelse af udenlandske investorer. På virksomhedsplan er venturekapitalister med stærk sektorspecialisering mere tilbøjelige til at investere i udlandet. Samlet bidrager afhandlingen til en bedre forståelse af de komplekse makro- og socioøkonomiske forhold, der påvirker internationale investeringsaktiviteter, og udvider den analytiske værktøjskasse med et nyt teoretisk rammeværk. I bredere forstand kan rammen også anvendes til at forklare grænseoverskridende økonomisk udveksling, når usikkerhed, tavs viden og behovet for varige relationer spiller en rolle.
Venture capital has long been seen as an investment type that requires physical proximity, because sharing tacit knowledge—know‑how that is hard to write down and often exchanged face‑to‑face—is considered essential. Over the last decade, however, the pattern has shifted toward more global activity. Cross‑border expansion in venture capital typically occurs not through foreign subsidiaries, but through international investment networks and alliances. This thesis argues that a new theoretical perspective is needed to understand the mechanisms behind this global shift. It introduces a framework that combines the resource‑based view (a focus on the resources and capabilities organizations control) with theories of trust, social capital (the value created by relationships and networks), and interaction. The model explains collaboration between heterogeneous actors both through different forms of proximity—social, organizational, institutional, and geographical—and through differences in their resource bases, which create opportunities by combining complementary assets. To provide empirical evidence, the study examines venture capital activities in 18 selected OECD countries during 2000–2010. It considers social interaction, network formation, generalized trust (broad trust in others), and similarities and differences in the institutional environment and sectoral specialization. The analysis is conducted at domestic, bilateral, and firm levels. The main findings are: At the country level, economic growth, innovation activity, and high generalized trust foster the development of the domestic venture capital industry. At the bilateral level, venture capital is more likely to flow between countries that are geographically, socially, and institutionally close, yet have different innovation system configurations. Bilateral trust is negatively associated with investment between country pairs, suggesting that the mechanisms behind domestic and international investments differ substantially and raising the question of whether very high domestic trust may exclude foreign investors. At the firm level, venture capital firms with strong sectoral specialization are more likely to invest abroad. Overall, the thesis improves understanding of the complex macro‑ and socioeconomic factors shaping international investment and adds a new analytical framework. More broadly, the framework can be applied to cross‑border economic exchange where uncertainty, tacit knowledge, and the need for enduring relationships are involved.
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