The venture capitalist’s cognitive approach: Validation through the Tunisian context

Abstract

This study is aimed to examine the major determinants of cognitive approach investigated with according to a set of 150 firms financed by Tunisian venture capital agencies observed over the period 2010–2015. We are led to conclude that some venture capitalist’s characters do appear to affect the cognitive contribution within funded firms. In addition, it has been revealed that the manager’s share held, the venture capitalist’ participation in the capital and the firm age appear to have a significant influence on the cognitive approach adopted by the venture capital.

Keywords:

• cognitive resources
• ownership structure
• venture capital

Public Interest Statement

This article is primarily conceived to address the magnitude scope of the venture capital organization’s cognitive contribution in the funded company.

The author’s targeted objectives involve, mainly, highlighting the newly devised cognitive resources’ distinctive character, as established in connection with such a financial intermediation investment mode. The major reached results turn out to indicate that persistence of venture capital within the company’s capital appears to stand as a creative source origin of cognitive resources, further to the financial resources. Indeed, such a cognitive supplementary contribution seems to be crucially versatile, with a double fold interest and benefit to the company, promoting the enterprise’s competences, on the one hand, in addition to the achievement of noticeable extra added values and gains during its retreat process from the company’s capital on the other.

Additional information

Notes on contributors

Dziri Houda

Dziri Houda is a doctorate of finance and accounting methods. She is an associate researcher at LARTIGE (Laboratory of Research) in the University of Sfax, Sfax, Tunisia. Her research interests are in behavioral finance and corporate governance.

Jarboui Anis

Anis Jarboui, PhD, is a professor of finance and accounting at the University of Sfax, Tunisia. His research interests are in corporate governance, financial literacy, and behavioral finance.