Saeed Shojaei, Mahmood Motavaseli, Ali Bitaab, Hasti Chitsazan and Ghanbar Mohammadi Elyasi
This paper aims to explore the barriers that constrain the venture capital (VC) financing in Iran based on the institutional theory.
Abstract
Purpose
This paper aims to explore the barriers that constrain the venture capital (VC) financing in Iran based on the institutional theory.
Design/methodology/approach
To answer the question, “How institutional barriers constrain the VC financing in Iran?”, 31 detailed interviews were conducted, and the interviewed data were analysed by using the grounded theory method.
Findings
There exist several institutional barriers (formal and informal) in different stages of the VC investment process in Iran. Major formal institutional deficiencies include lack of appropriate financial regulations, inefficacy in tax, labour, property rights, financial disclosure, bankruptcy, investor’s protection laws and regulations, lack of credit rating/scoring system, inefficacy in small and medium-sized enterprise-supporting policies and capital market underdevelopment. Moreover, there exist some informal institutional barriers such as culture of capitalism disapproval, culture of secrecy, individualistic customs and weakness of managerial skills that constrain VC activities in Iran.
Research limitations/implications
The research findings imply that the government’s role should change from “establishment of government-sponsored VC funds” to “enforcement of institutional reforms that lead to an appropriate framework for VC investment”.
Originality/value
This paper has made three key contributions. First, it has provided comprehensive insights into how institutional barriers constrain the VC investment in a developing country. Second, a new stage-wise model is proposed for analysing the VC investment process. Third, existing knowledge about the role of both formal and informal institutions in the VC investment is extended.
Details
Keywords
Seyedeh Khatereh Daneshjoovash and Mirza Hassan Hosseini
The purpose of this paper is to evaluate the impact of Entrepreneurship Education Programs (EEPs) from students’ and educators’ viewpoint to improve the quality of EEPs.
Abstract
Purpose
The purpose of this paper is to evaluate the impact of Entrepreneurship Education Programs (EEPs) from students’ and educators’ viewpoint to improve the quality of EEPs.
Design/methodology/approach
This research applies a qualitative-quantitative methodology. Its sample is included 291 students were selected randomly and 35 educators were chosen by convenience technique from universities of Applied Science and Technology of Iran.
Findings
The results revealed that essence of EEPs had a positive direct effect on objectives and content of EEPs; objectives and content of EEPs had a positive direct effect on methods of EEPs; essence of EEPs had a positive direct effect on impact of EEPs; and essence of EEPs had a positive indirect effect on methods through objectives and content based on students’ and educators’ perspective. Moreover, as opposed to educators’, students believed that methods of EEPs have not a positive direct effect on impact, while educators were opponent to students approach about the positive direct effect of essence of EEPs on methods.
Research limitations/implications
The study was limited to Applied Science and Technology universities were selected by convenience sampling method. Similar studies in other universities are needed to be conducted by simple random sampling to evaluate EEPs.
Practical implications
The study recommends policy-makers to be aware of students’ needs of EEPs’ methods, as well inform educators about effective and initiative methods.
Originality/value
Evaluating impact of EEPs based on demand and supply-side viewpoint is the first study conducted in Applied Science and Technology universities of Iran.