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A dimensional model of the attitude of venture capital fund managers towards investing in start-up companies based on grounded theory
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Alireza Mousavi1   , Alireza Momeni *2 , Aziz Gord3 |
1- PhD student, Accounting Department, Zahedan Branch, Islamic Azad University, Zahedan, Iran.
2- Professor, Accounting Department, Payam Noor University, Tehran, Iran. (Corresponding author) , momeni50688@gmail.com
3- Professor, Accounting Department, Payam Noor University, Tehran, Iran. |
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Abstract: (5 Views) |
Venture capital funds, as one of the most important institutions for financing innovation, play a key role in supporting the growth and development of startups. These funds allocate the required financial resources to startups in their early stages by accepting the risks associated with the uncertainty of their performance. Whereas, the fund manager's attitude towards investing in start-up companies is one of the determining factors in the evaluation and decision-making process. The aim of this study is to identify and explain the dimensions shaping venture capital fund managers’ attitudes toward investing in startups, using the grounded theory method. Data were collected through semi-structured interviews with 13 participants, including university faculty members and investment managers, selected through snowball sampling in 2024. The analysis resulted in identifying core categories within causal conditions, contextual conditions, intervening conditions, strategies, and consequences. The causal conditions included legal, financial, and ethical dimensions that influence managerial attitudes. Cultural factors and internal control systems emerged as the contextual conditions. Intervening conditions consisted of economic structure, political factors, capital market dynamics, and managerial characteristics. Strategic responses involved organizational climate, managerial status, and justice orientation, all of which shaped managerial perspectives. Finally, the consequences of the developed model included impacts on macroeconomic factors, legal reforms, improvement of fund positioning, and increased managerial decision-making power. The findings of this research can serve as a foundation for policymaking and designing supportive structures to facilitate startup financing through venture capital funds. |
Article number: 19 |
| Keywords: Manager Attitude, Venture Capital Funds, Startups |
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Full-Text [PDF 420 kb]
(2 Downloads)
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Article type: Research |
Subject:
General
Received: 2025/05/23 | Accepted: 2025/08/9 | Published: 2026/08/1
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