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Les apports de la stratégie à la finance entrepreneuriale - The contributions of strategy to entrepreneurial finance

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  • Philippe Desbrières

    (Université de Bourgogne)

Abstract

(VF)Le financement par fonds propres des firmes entrepreneuriales a fait l’objet d’une littérature foisonnante depuis les années 1980. Dans un premier temps, ce chapitre est consacré au courant de la finance entrepreneuriale, qui s’est essentiellement focalisé sur les problématiques liées au différentiel d’informations existant entre capital-investisseurs et entrepreneurs et sur les mécanismes de gouvernance disciplinaires mis en place en réponse. Mais ces travaux ignorent la notion de connaissance, pourtant centrale dans la relation établie entre capital-investisseurs et entrepreneurs, qui ne partagent pas tous le même modèle cognitif. La seconde partie de l'article est donc centrée sur la littérature stratégique qui a largement contribué à l’enrichissement des approches classiques de la finance entrepreneuriale en étudiant le rôle de soutien et d’orientation de ces investisseurs et en renouvelant la compréhension de leur contribution au processus de création de richesse des firmes qu’ils financent, de même que celle du système de gouvernance des firmes entrepreneuriales qui prend une orientation cognitive majeure. (VA)The equity financing of entrepreneurial firms has been a growing literature since the 1980s. This paper is firstly devoted to current entrepreneurial finance, which has mainly focused on issues related to the differential information between entrepreneurs and investors and on governance mechanisms in place in response. But these studies ignore the notion of knowledge, yet central to the relationship between venture capitalists and entrepreneurs, who do not have the same cognitive model. The second section is focused on the strategic literature which has largely contributed to the enrichment of traditional approaches to entrepreneurial finance by studying the role of support and advice to investors and renewing the understanding of their contribution to the process wealth creation of the firms they fund, as well as the governance system of entrepreneurial firms that takes a major cognitive orientation.

Suggested Citation

  • Philippe Desbrières, 2012. "Les apports de la stratégie à la finance entrepreneuriale - The contributions of strategy to entrepreneurial finance," Working Papers CREGO 1120801, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    • Handle: RePEc:dij:wpfarg:1120801
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    References listed on IDEAS

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    More about this item

    Keywords

    finance entrepreneuriale; stratégie; gouvernance d’entreprise; vision disciplinaire; vision cognitive; entrepreneurial finance; strategy; corporate governance; disciplinary view; cognitive view.;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • P50 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - General

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