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

Figures & data

Table 1. Sample firms’ distribution by activity sector (N = 150)

Sector	Sample percentage
Industrial good and services	48.57
Computering and software	12.85
Health	8.57
Services	30

Table 2. Sample firms’ distribution by the development stage throughout the venture capitalist’s intervention (N = 150)

Development stage	Sample percentage
Seed stage	17.14
Creation or start up	31.43
Post creation	51.42

Table 3. Variables’ identification and measurements

Variables	Description	Measurement
Endogenous variable
C-C	Venture capitalist’ cognitive contribution	It consists in a binary variable that takes the value 1 if the venture capitalist takes part in the council and in the entrepreneur support, or if he participates in the firm’s strategic orientation choice or if he participates in creating investment opportunities and 0 otherwise
Exogenous variables
Share-VC	The venture capitalist shareholding	This variable is measured by the percentage of the venture capitalist detained shares
Share-E	The entrepreneur shareholding	This variable is measured by the entrepreneur of the venture capitalist detained shares
Aff	Ownership structure	This variable is measured by the bank affiliate, as most of the Tunisian venture capital organisms are affiliated with bank institutions
Stage	The firm development stage	This variable is measured by the firm age at the time of the venture capitalist’ participation in its capital

Table 4. Descriptive statistics

Variables (N = 150)	Mean	SD	Min	Max
Share_VC	34.04	13.21	3	43
Share_E	32.21	11.855	10	56
Stage	4.47	1.692	0	7

Table 5. Descriptive statistics relevant to the binary independent variable

Variable (N = 150)	Takes the modality “0” (in %)	Takes the modality “1” (in %)
Aff_VC	42.85	58.57

Table 6. Pearson correlation Matrix and VIF

N = 150	VIF	Share_VC	Share_E	Stage	Aff
Share_VC	1.365	1
Share_E	1.097	−0.26**	1
		0.0132
Stage	1.08	0.2**	0.022	1
		0.005
Aff_VC	1.026	0.11*	−0.009**	−0.009	1
		0.0684	0.01

* Correlation significance at the 0.05 level (bilateral).

** Correlation significance at the 0.01 level (bilateral).

Table 7. The model’ logistic regression results

N = 150	Dependent variable C_C
Independent variables	Predicted sign	Coef.	Wald	Sig.	R^2 of Nagelkerke	Test of specification
Constant	+	0.55	1.20	0.23	0.36	24.67
Share_VC	+	0.25	7.12	0.002
						p = 0.000
Share_E	+	0.06	4.39	0.05
Aff_VC	−	−1.314	2.012	0.005
Stage	−	−0.294	2.41	0.02