IDEAS home Printed from https://ideas.repec.org/p/dij/wpfarg/1060502.html
   My bibliography  Save this paper

L’influence des Capital Investisseurs sur la gestion des ressources humaines des entreprises financées:dimensions, enjeux et limites

Author

Listed:
  • Anne Stévenot-Guéry

    (Université de Nancy 2)

  • Loris Guéry

    (Université de Bourgogne)

Abstract

(VF)Dans la mesure où elle peut avoir une incidence sur la création de valeur, les capital investisseurs (CI) sont susceptibles d’intervenir dans la gestion des ressources humaines (GRH) des entreprises qu’ils financent. La littérature montre une implication des CI au niveau de la stratégie et de la gestion financière, mais peu d’études se sont intéressées spécifiquement à leur influence sur la GRH. Cette recherche vise par conséquent à mieux comprendre quelles sont les dimensions de la GRH influencées par les CI, comment s’opère cette influence (logiques disciplinaires et cognitives) et quelles sont les réactions des dirigeants des entreprises concernées (réactance psychologique et enracinement). La partie empirique consiste en une étude longitudinale de onze cas d’entreprises financées par CI. Des entretiens semi-directifs ont été menés auprès des représentants de quatre sociétés de CI et des onze dirigeants d’entreprises appartenant à leurs portefeuilles de participation.(VA)As Human Resource Management (HRM) can influence value creation, Venture Capitalists (VCs) are supposed to be involved in HRM of their financed firms. Literature shows that VCs have some influence on strategy and finance, but few studies deal with their impact on HRM. This research analyzes the aspects and the way (disciplinary and cognitive way) of VCs’ influence on HRM, and the CEO’s reactions (psychological reactance and entrenchment). Empirical data has been collected through a longitudinal qualitative study of eleven cases of firms financed by VCs. Interviews have been conducted with four VCs and eleven CEOs of their portfolio.

Suggested Citation

  • Anne Stévenot-Guéry & Loris Guéry, 2006. "L’influence des Capital Investisseurs sur la gestion des ressources humaines des entreprises financées:dimensions, enjeux et limites," Working Papers CREGO 1060502, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    • Handle: RePEc:dij:wpfarg:1060502
    as

    Download full text from publisher

    File URL: https://repec-crego.u-bourgogne.fr/images/stories/wp/1060502.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. repec:bla:jfinan:v:43:y:1988:i:3:p:593-616 is not listed on IDEAS
    2. Isabelle Huault, 2009. "Paul DiMaggio et Walter Powell. Des organisations en quête de légitimité," Post-Print halshs-00671797, HAL.
    3. L.A.A. Van den Berghe & Abigail Levrau, 2002. "The Role of the Venture Capitalist as Monitor of the Company: a corporate governance perspective," Corporate Governance: An International Review, Wiley Blackwell, vol. 10(3), pages 124-135, July.
    4. Ruback, Richard S & Zimmerman, Martin B, 1984. "Unionization and Profitability: Evidence from the Capital Market," Journal of Political Economy, University of Chicago Press, vol. 92(6), pages 1134-1157, December.
    5. Mehran, Hamid, 1995. "Executive compensation structure, ownership, and firm performance," Journal of Financial Economics, Elsevier, vol. 38(2), pages 163-184, June.
    6. Rosenstein, Joseph & Bruno, Albert V. & Bygrave, William D. & Taylor, Natalie T., 1993. "The CEO, venture capitalists, and the board," Journal of Business Venturing, Elsevier, vol. 8(2), pages 99-113, March.
    7. Thomas Hellmann & Manju Puri, 2002. "Venture Capital and the Professionalization of Start‐Up Firms: Empirical Evidence," Journal of Finance, American Finance Association, vol. 57(1), pages 169-197, February.
    8. Philippe Desbrières & Alain Schatt, 2002. "L'incidence des LBO sur la politique d'investissement et la gestion opérationnelle des firmes acquises:le cas français," Revue Finance Contrôle Stratégie, revues.org, vol. 5(4), pages 79-106, December.
    9. Steven N. Kaplan & Per Stromberg, 2001. "Venture Capitalists As Principals: Contracting, Screening, and Monitoring," NBER Working Papers 8202, National Bureau of Economic Research, Inc.
    10. Linda A. Cyr & Diane E. Johnson & Theresa M. Welbourne, 2000. "Human Resources in Initial Public Offering Firms: Do Venture Capitalists Make a Difference?," Entrepreneurship Theory and Practice, , vol. 25(1), pages 77-92, October.
    11. Gérard Charreaux, 2002. "Variation sur le thème:"À la recherche de nouvelles fondations pour la finance et la gouvernance d'entreprise"," Revue Finance Contrôle Stratégie, revues.org, vol. 5(3), pages 5-68, September.
    12. Gorman, Michael & Sahlman, William A., 1989. "What do venture capitalists do?," Journal of Business Venturing, Elsevier, vol. 4(4), pages 231-248, July.
    13. Gérard Charreaux, 1999. "Gouvernement d'entreprise et comptabilité," Working Papers CREGO 0990601, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    14. repec:dau:papers:123456789/8371 is not listed on IDEAS
    15. Pierre-Laurent Bescos, 2002. "Les enjeux actuels et les compétences futures des membres de la fonction gestion-finance," Revue Finance Contrôle Stratégie, revues.org, vol. 5(4), pages 5-28, December.
    16. Gérard Charreaux & Philippe Desbrières, 1998. "Gouvernance des entreprises:valeur partenariale contre valeur actionnariale," Revue Finance Contrôle Stratégie, revues.org, vol. 1(2), pages 57-88, June.
    17. Baker, G.P. & Jensen, M.C. & Murphy, K.J., 1988. "Compensation And Incentives: Practice Vs. Theory," Papers 88-05, Rochester, Business - Managerial Economics Research Center.
    18. Dimov, Dimo P. & Shepherd, Dean A., 2005. "Human capital theory and venture capital firms: exploring "home runs" and "strike outs"," Journal of Business Venturing, Elsevier, vol. 20(1), pages 1-21, January.
    19. Castanias, Richard P. & Helfat, Constance E., 1992. "Managerial and windfall rents in the market for corporate control," Journal of Economic Behavior & Organization, Elsevier, vol. 18(2), pages 153-184, July.
    20. Ingmar Gehrke & Philippe Zarlowski, 2003. "La diffusion de la valeur actionnariale en France : une lecture néo-institutionnaliste," ACCRA, Association francophone de comptabilité, vol. 9(3), pages 189-205.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Jonathan Labbé & Mélanie Robert, 2020. "English private equity financing and merger in Luxembourg: study of the cultural forces on the corporate governance of an SME in the Luxembourg financial sector [Financement par capital-investisseu," Post-Print hal-03000142, HAL.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. M. Knockaert & T. Vanacker, 2011. "The Association between Venture Capitalists’ Selection and Value Adding Behavior: Evidence from Early Stage High Tech Venture Capitalists," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 11/741, Ghent University, Faculty of Economics and Business Administration.
    2. Mirjam Knockaert & Tom Vanacker, 2013. "The association between venture capitalists’ selection and value adding behavior: evidence from early stage high tech venture capitalists," Small Business Economics, Springer, vol. 40(3), pages 493-509, April.
    3. Zarutskie, Rebecca, 2010. "The role of top management team human capital in venture capital markets: Evidence from first-time funds," Journal of Business Venturing, Elsevier, vol. 25(1), pages 155-172, January.
    4. Jain, Bharat A. & Jayaraman, Narayanan & Kini, Omesh, 2008. "The path-to-profitability of Internet IPO firms," Journal of Business Venturing, Elsevier, vol. 23(2), pages 165-194, March.
    5. Rosenbusch, Nina & Brinckmann, Jan & Müller, Verena, 2013. "Does acquiring venture capital pay off for the funded firms? A meta-analysis on the relationship between venture capital investment and funded firm financial performance," Journal of Business Venturing, Elsevier, vol. 28(3), pages 335-353.
    6. Anne Stévenot & Loris Guéry, 2010. "Le rôle «d’entrepreneur institutionnel» des capitalinvestisseurs auprès des entreprises:des influences coercitives et cognitives liées à l’importance relative des ressources," Revue Finance Contrôle Stratégie, revues.org, vol. 13(2), pages 107-144., June.
    7. Li, Yong & Vertinsky, Ilan B. & Li, Jing, 2014. "National distances, international experience, and venture capital investment performance," Journal of Business Venturing, Elsevier, vol. 29(4), pages 471-489.
    8. Kanniainen, Vesa & Keuschnigg, Christian, 2004. "Start-up investment with scarce venture capital support," Journal of Banking & Finance, Elsevier, vol. 28(8), pages 1935-1959, August.
    9. Andrew Metrick & Ayako Yasuda, 2011. "Venture Capital and Other Private Equity: a Survey," European Financial Management, European Financial Management Association, vol. 17(4), pages 619-654, September.
    10. Johannes Wallmeroth & Peter Wirtz & Alexander Peter Groh, 2017. "Institutional Seed Financing, Angel Financing, and Crowdfunding of Entrepreneurial Ventures: A Literature Review," Working Papers hal-01527999, HAL.
    11. Daily, Catherine M. & Certo, S. Trevis & Dalton, Dan R., 2005. "Investment bankers and IPO pricing: does prospectus information matter?," Journal of Business Venturing, Elsevier, vol. 20(1), pages 93-111, January.
    12. Kanniainen, Vesa & Keuschnigg, Christian, 2003. "The optimal portfolio of start-up firms in venture capital finance," Journal of Corporate Finance, Elsevier, vol. 9(5), pages 521-534, November.
    13. Amina Hamdouni, 2011. "Impact de la syndication sur la performance des entreprises financées par capital-investissement et sur la richesse des parties prenantes," Post-Print hal-00650456, HAL.
    14. Kshitija Joshi & Deepak Chandrashekar & Alexander Brem & Kirankumar S. Momaya, 2019. "Foreign Venture Capital Firms in a Cross-Border Context: Empirical Insights from India," Sustainability, MDPI, vol. 11(22), pages 1-20, November.
    15. Bottazzi, Laura & Da Rin, Marco & Hellmann, Thomas, 2008. "Who are the active investors?: Evidence from venture capital," Journal of Financial Economics, Elsevier, vol. 89(3), pages 488-512, September.
    16. Baker, Malcolm & Gompers, Paul A, 2003. "The Determinants of Board Structure at the Initial Public Offering," Journal of Law and Economics, University of Chicago Press, vol. 46(2), pages 569-598, October.
    17. Mirjam Knockaert & Mike Wright & Bart Clarysse & Andy Lockett, 2010. "Agency and similarity effects and the VC’s attitude towards academic spin-out investing," The Journal of Technology Transfer, Springer, vol. 35(6), pages 567-584, December.
    18. A. Heughebaert & T. Vanacker & S. Manigart, 2012. "Institutional Frameworks, Venture Capital and the Financing of European New Technology-Based Firms," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 12/809, Ghent University, Faculty of Economics and Business Administration.
    19. Yan Alperovych & Georges Hübner, 2013. "Incremental impact of venture capital financing," Small Business Economics, Springer, vol. 41(3), pages 651-666, October.
    20. Chemmanur, Thomas J. & Gupta, Manish & Simonyan, Karen & Tehranian, Hassan, 2021. "The relationship between venture capital backing and the top management team quality of firms going public and implications for initial public offerings," Journal of Business Venturing, Elsevier, vol. 36(6).

    More about this item

    Keywords

    capital investisseurs; gestion des ressources humaines; gouvernance; enracinement; réactance psychologique; étude de cas; venture capitalists; human resource management; governance; entrenchment; psychological reactance; case study.;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • M12 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Personnel Management; Executives; Executive Compensation

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:dij:wpfarg:1060502. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Angèle RENAUD (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.