[Étude des relations entre capital-investisseurs publics et privés en France : une approche qualitative]"> [Étude des relations entre capital-investisseurs publics et privés en France : une approche qualitative]">
[go: up one dir, main page]
IDEAS home Printed from https://ideas.repec.org/p/hal/journl/hal-03000096.html
   My bibliography  Save this paper

Study of the relations between public and private capital-investors in France: a qualitative approach
[Étude des relations entre capital-investisseurs publics et privés en France : une approche qualitative]

Author

Listed:
  • Jonathan Labbé

    (CEREFIGE - Centre Européen de Recherche en Economie Financière et Gestion des Entreprises - UL - Université de Lorraine)

Abstract
This research aims to understand the study of the relationships between public and private investors in France and their effects on business innovation. The literature review, based on both the public-private partnership (PPP) approach, complex network theories and resource-based-view theories, highlights the complementary role of disciplinary and incentive mechanisms as well as the exchange of specific resources as levers of value creation. These perspectives crossed with the organizational hybridization approach allow us to build a coherent framework explaining the phenomenon of mixed syndication and the relations between public and private actors. The methodology used adopts a qualitative approach with an interpretative aim and is based on twenty-seven interviews transcribed in full. Our thematic content analysis assisted by Nvivo software indicates that the relations between public and private capital investors of a formal or informal nature, particularly in a syndication context, at a national or regional level, are representative of an "economic-cognitive" approach to networking and innovation. Moreover, if certain actors retain observable characteristics in their interventions with companies and managers, the syndication context reveals an organizational hybridization of public and private actors. This would allow the private actor to take advantage of the distribution of wealth when the company develops its innovation. Finally, we can identify a process of quest for legitimacy on the part of the public actor characterized by its controlling role within the public-private partnership (Beuve and Saussier, 2019).

Suggested Citation

  • Jonathan Labbé, 2020. "Study of the relations between public and private capital-investors in France: a qualitative approach [Étude des relations entre capital-investisseurs publics et privés en France : une approche qua," Post-Print hal-03000096, HAL.
    • Handle: RePEc:hal:journl:hal-03000096
    Note: View the original document on HAL open archive server: https://hal.science/hal-03000096
    as

    Download full text from publisher

    File URL: https://hal.science/hal-03000096/document
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Bertoni, Fabio & Tykvová, Tereza, 2015. "Does governmental venture capital spur invention and innovation? Evidence from young European biotech companies," Research Policy, Elsevier, vol. 44(4), pages 925-935.
    2. Roine Leiringer, 2006. "Technological innovation in PPPs: incentives, opportunities and actions," Construction Management and Economics, Taylor & Francis Journals, vol. 24(3), pages 301-308.
    3. Nunzia Carbonara & Roberta Pellegrino, 2020. "The role of public private partnerships in fostering innovation," Construction Management and Economics, Taylor & Francis Journals, vol. 38(2), pages 140-156, February.
    4. Yannis Pierrakis & George Saridakis, 2019. "The role of venture capitalists in the regional innovation ecosystem: a comparison of networking patterns between private and publicly backed venture capital funds," The Journal of Technology Transfer, Springer, vol. 44(3), pages 850-873, June.
    5. James A. Brander & Raphael Amit & Werner Antweiler, 2002. "Venture‐Capital Syndication: Improved Venture Selection vs. The Value‐Added Hypothesis," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 11(3), pages 423-452, September.
    6. Stephen P. Osborne, 2006. "The New Public Governance?-super-1," Public Management Review, Taylor & Francis Journals, vol. 8(3), pages 377-387, September.
    7. Emmanuelle Dubocage & Dorothée Rivaud-Danset, 2002. "Government policy on venture capital support in France," Venture Capital, Taylor & Francis Journals, vol. 4(1), pages 25-43, January.
    8. Guerini, Massimiliano & Quas, Anita, 2016. "Governmental venture capital in Europe: Screening and certification," Journal of Business Venturing, Elsevier, vol. 31(2), pages 175-195.
    9. Joseph T. Mahoney & Anita M. McGahan & Christos N. Pitelis, 2009. "Perspective ---The Interdependence of Private and Public Interests," Organization Science, INFORMS, vol. 20(6), pages 1034-1052, December.
    10. Bertoni, Fabio & Tykvová, Tereza, 2012. "Which form of venture capital is most supportive of innovation?," ZEW Discussion Papers 12-018, ZEW - Leibniz Centre for European Economic Research.
    11. Cumming, Douglas, 2007. "Government policy towards entrepreneurial finance: Innovation investment funds," Journal of Business Venturing, Elsevier, vol. 22(2), pages 193-235, March.
    12. Christophe Bonnet, 2005. "La confiance entre capital-investisseurs et dirigeants:conséquences comportementales et influence sur la performance financière," Revue Finance Contrôle Stratégie, revues.org, vol. 8(2), pages 99-132, June.
    13. Roger W. Spencer & William P. Yohe, 1970. "The \\"crowding out\\" of private expenditures by fiscal policy actions," Review, Federal Reserve Bank of St. Louis, vol. 52(Oct), pages 12-24.
    14. Aschauer, David Alan, 1989. "Does public capital crowd out private capital?," Journal of Monetary Economics, Elsevier, vol. 24(2), pages 171-188, September.
    15. Emmanuelle Dubocage & Géraldine Galindo, 2008. "Le rôle des capital-risqueurs dans l'isomorphisme stratégique des "biotechs"," Revue Finance Contrôle Stratégie, revues.org, vol. 11(4), pages 5-30, December.
    16. Athena Roumboutsos & St�phane Saussier, 2014. "Public-private partnerships and investments in innovation: the influence of the contractual arrangement," Construction Management and Economics, Taylor & Francis Journals, vol. 32(4), pages 349-361, April.
    17. Honorine Awounou-N’dri & Najoua Boufaden, 2020. "How does venture capital syndication spur innovation? Evidence from French biotechnology firms," Revue de l'Entrepreneuriat, De Boeck Université, vol. 19(1), pages 81-112.
    18. Mahoney, Joseph & McGahan, Anita & Pitelis, Christos, 2009. "The Interdependence of Private and Public Interests," Papers DYNREG40, Economic and Social Research Institute (ESRI).
    19. van Aswegen, Mariske & Retief, Francois Pieter, 2020. "The role of innovation and knowledge networks as a policy mechanism towards more resilient peripheral regions," Land Use Policy, Elsevier, vol. 90(C).
    Full references (including those not matched with items on IDEAS)

    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. Jonathan Labbe, 2021. "Study of The Relationship Between Public and Private Venture Capitalists in France: A Qualitative Approach," Post-Print hal-03381477, HAL.
    2. Jonathan Labbe, 2021. "Study of The Relationship Between Public and Private Venture Capitalists in France: A Qualitative Approach," Papers 2110.09098, arXiv.org.
    3. Yuejia Zhang, 2018. "Gain or pain? New evidence on mixed syndication between governmental and private venture capital firms in China," Small Business Economics, Springer, vol. 51(4), pages 995-1031, December.
    4. Jianjun Xu & Lijie Yu & Rakesh Gupta, 2020. "Evaluating the Performance of the Government Venture Capital Guiding Fund Using the Intuitionistic Fuzzy Analytic Hierarchy Process," Sustainability, MDPI, vol. 12(17), pages 1-24, August.
    5. Berger, Marius & Hottenrott, Hanna, 2021. "Start-up subsidies and the sources of venture capital," Journal of Business Venturing Insights, Elsevier, vol. 16(C).
    6. Carlos Contreras & Julio Angulo, 2022. "Innovation and Tariff-adjustment Options in Public-private Partnerships," Hacienda Pública Española / Review of Public Economics, IEF, vol. 243(4), pages 51-81, December.
    7. Mahavadi Dhanshyam & Samir K. Srivastava, 2021. "Governance structures for public infrastructure projects: Public–private management regimes, contractual forms and innovation," Construction Management and Economics, Taylor & Francis Journals, vol. 39(8), pages 652-668, August.
    8. Guerini, Massimiliano & Quas, Anita, 2016. "Governmental venture capital in Europe: Screening and certification," Journal of Business Venturing, Elsevier, vol. 31(2), pages 175-195.
    9. Jonathan Labbé, 2020. "Venture capital risk, start-ups and innovation: the syndication of venture capital investments recipe [Capital-risque, start-ups et innovation : la recette du financement par syndication]," Post-Print hal-03000103, HAL.
    10. Yang, Bofei & Zhu, Shengjun, 2022. "Public funds in high-tech industries: A blessing or a curse," Socio-Economic Planning Sciences, Elsevier, vol. 83(C).
    11. Alperovych, Yan & Groh, Alexander & Quas, Anita, 2020. "Bridging the equity gap for young innovative companies: The design of effective government venture capital fund programs," Research Policy, Elsevier, vol. 49(10).
    12. Soleimani Dahaj, Arash & Cozzarin, Brian Paul, 2019. "Government venture capital and cross-border investment," Global Finance Journal, Elsevier, vol. 41(C), pages 113-127.
    13. Devarakonda, Ramakrishna & Liu, Aqi, 2023. "A legitimacy-based view of the impact of government venture capital on startup innovation: Evidence from a transition economy," Other publications TiSEM 3afc4804-f469-4dd7-bb34-8, Tilburg University, School of Economics and Management.
    14. Lazzarini,Sergio G., 2022. "The Right Privatization," Cambridge Books, Cambridge University Press, number 9781316519714, September.
    15. Alperovych, Yan & Hübner, Georges & Lobet, Fabrice, 2015. "How does governmental versus private venture capital backing affect a firm's efficiency? Evidence from Belgium," Journal of Business Venturing, Elsevier, vol. 30(4), pages 508-525.
    16. Aseem Kaul & Jiao Luo, 2018. "An economic case for CSR: The comparative efficiency of for‐profit firms in meeting consumer demand for social goods," Strategic Management Journal, Wiley Blackwell, vol. 39(6), pages 1650-1677, June.
    17. Jonathan Labbé, 2016. "Relationship between private and public investors: lever or hindrance to innovation [Relations entre investisseurs privés et publics : levier ou obstacle à l'innovation]," Post-Print hal-03000105, HAL.
    18. Bilal Anwar & Zhongdong Xiao & Sharmin Akter & Ramiz-Ur Rehman, 2017. "Sustainable Urbanization and Development Goals Strategy through Public–Private Partnerships in a South-Asian Metropolis," Sustainability, MDPI, vol. 9(11), pages 1-26, October.
    19. Nawab Khan & Haitao Qu & Jing Qu & ChunMiao Wei & Shihao Wang, 2021. "Does Venture Capital Investment Spur Innovation? A Cross-Countries Analysis," SAGE Open, , vol. 11(1), pages 21582440211, March.
    20. Ting-Kai Chou & Jia-Chi Cheng & Chin-Chen Chien, 2013. "How useful is venture capital prestige? Evidence from IPO survivability," Small Business Economics, Springer, vol. 40(4), pages 843-863, May.

    More about this item

    Keywords

    Capital-Investissement; partenariats public-privé; Syndication; Innovation; Gouvernance; Gouvernance Classification JEL : G24; O32; O3; G3; M13;
    All these keywords.

    JEL classification:

    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • G3 - Financial Economics - - Corporate Finance and Governance
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups

    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:hal:journl:hal-03000096. 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: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    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.