بررسی نقش خانواده‌گرایی در تامین مالی فعالیت‌های کارآفرینانه از دو منظر عرضه و تقاضای سرمایه

نظری پور, محمد; زکی زاده, بابک

doi:10.48301/kssa.2023.397633.2550

بررسی نقش خانواده‌گرایی در تامین مالی فعالیت‌های کارآفرینانه از دو منظر عرضه و تقاضای سرمایه

نوع مقاله : مقاله پژوهشی (کاربردی)

نویسندگان

محمد نظری پور ¹

بابک زکی زاده ²

¹ دانشیار، گروه حسابداری، دانشگاه حضرت معصومه(س)، قم، ایران.

² کارشناسی ارشد مدیریت بازرگانی، باشگاه پژوهشگران جوان و نخبگان، واحد آبادان ، دانشگاه آزاد اسلامی، آبادان، ایران.

10.48301/kssa.2023.397633.2550

چکیده

تقاضا و عرضه سرمایه یکی از دغدغههای جدی پروژههای کارآفرینی میباشد. خانواده میتواند یک منبع مناسب برای تامین مالی پروژههای کارآفرینی اعضای خود محسوب شود. بنابراین هدف پژوهش حاضر بررسی تامین مالی فعالیتهای کارآفرینانه از دو منظر عرضه و تقاضای سرمایه با تاکید بر خانوادهگرایی و ریسک و بازده است. این پژوهش به لحاظ هدف کاربردی و به لحاظ روش گردآوری داده‎ها توصیفی-پیمایشی است. داده‌های پژوهش از طریق دو پرسش‎نامه مجزا گرد‌آوری‌شده است. هر پرسشنامه شامل سه بخش (1) اطلاعات جمعیتشناختی و سوالات اختصاصی، (2) سوالات خانوادهگرایی، و (3) یک سناریو با تعدادی سوال بود. جامعه آماری پژوهش حاضر شامل واحدهای فناور وابسته به پارکهای علم و فناوری (بخش تقاضا) و سرمایهگذاران حقیقی (بخش عرضه) میباشد. دادههای بخش تقاضا با استفاده از رگرسیون لجستیک و طرحهای عاملی و دادههای بخش عرضه با استفاده رگرسیون چندگانه و سلسله مراتبی تجزیه و تحلیل شدهاند. براساس این نتایج پژوهش در بخش تقاضای سرمایه متغیرهای اثرگذار عبارتند از: سن، تحصیلات، اندازه خانوار، مهارت و تجربه و هدفمندی کسبوکار. همچنین کارآفرینان در هنگام اتخاذ تصمیمات مرتبط با تامین مالی پروژههای خود به مقوله ریسک و بازده توجه میکنند. در بخش عرضه سرمایه متغیرهای اثرگذار عبارتند از: تجربه سرمایهگذاری، برنامهریزی، هدف سرمایهگذاری، سنتگرایی، خانوادهگرایی، بازده سرمایهگذاری، توانایی و تجربه مجریان پروژه، ریسک شکست و امکان خروج از پروژه. همچنین متغیرهای ریسک و بازده در فرایند عرضه سرمایه اثرگذار هستند. درکل، یافتههای پژوهش حاضر باعث درک هرچه بهتر نقش خانوادهگرایی در فرایند تامین مالی پروژههای جدید با لحاظ نمودن ریسک و بازده میشود. همچنین پیشنهاد میشود سیاستگذاران و فعالان بخش اقتصادی در فرایند تامین مالی علاوه بر عوامل اقتصادی به عوامل اجتماعی-روانشناختی نیز توجه ویژه مبذول دارند.

کلیدواژه‌ها

خانواده‌گرایی

کارآفرینی

تقاضای سرمایه

عرضه سرمایه

ریسک و بازده

موضوعات

کارآفرینی

عنوان مقاله English

The Role of Familism in Financing of Entrepreneurial Activities from the Perspective of Capital Supply and Demand

نویسندگان English

Mohammad Nazaripour ¹

Babak Zakizadeh ²

¹ Associate Professor, Accounting Department, Hazrat_e Masoumeh University (HMU), Qom, Iran.

² MSc. in Business Management, Young Researchers and Elite Club, Abadan Branch, Islamic Azad University, Abadan, Iran.

چکیده English

The demand and supply of capital is one of the serious concerns of entrepreneurial projects. The family can be considered a suitable source for financing the entrepreneurial projects of its members. Therefore, the purpose of this study was to investigate the financing of entrepreneurial activities from the two perspectives of capital supply and demand, with emphasis on familism as well as risk and return. This study was practical in nature and considered a descriptive-exploratory in terms of data collection method. The required data were collected through two separate questionnaires. Each questionnaire included three parts (1) demographic information and specific questions, (2) familism questions, and (3) a scenario with related questions. The population of this study included technological companies under the supervision of Science and Technology Parks (demand sector) and retail investors (supply sector). The data of the demand sector was analyzed using logistic regression and factorial designs, and the data of the supply sector was analyzed using multiple and hierarchical regression. According to the research findings, in the capital demand sector, the influencing variables were age, education, household size, skill and experience, and business goals. In addition, entrepreneurs pay attention to the risk and return when making decisions related to the financing of their projects. In the capital supply sector, the influencing variables were investment experience, planning, business goals, traditionality, familism, investment return, startup team capability, track record, risk of failure, and the exit plan available. In general, the findings of this study lead to a better understanding of the role of familism in new venture financing with regard to risk and return. It is also recommended that policymakers and entrepreneurs consider socio-psychological factors in addition to economic factors in the financing.

کلیدواژه‌ها English

Familism

Entrepreneurship

Capital Demand

Capital Supply

Risk and Return

Abdi Jamayran, A., Sehat, A., & Hossein, E. (2017). Reviewing the process and utilizing entrepreneurial opportunities. Quarterly Scientific Journal of National University of Skills, 14(1), 67-85. https://karafan.nus.ac.ir/article_100501.html?lang=en

Bello, D., Leung, K., Radebaugh, L., Tung, R. L., & Van Witteloostuijn, A. (2009). From the Editors: Student samples in international business research. Journal of International Business Studies, 40(3), 361-364. https://doi.org/10.1057/jibs.2008.101

Birtch, T. A., Au, K. Y-f., Chiang, F. F. T., & Hofman, P. S. (2018). How perceived risk and return interacts with familism to influence individuals’ investment strategies: The case of capital seeking and capital providing behavior in new venture financing. Asia Pacific Journal of Management, 35(2), 471-500. https://doi.org/10.1007/s10490-017-9525-0

Campos, B., Ullman, J. B., Aguilera, A., & Dunkel Schetter, C. (2014). Familism and psychological health: the intervening role of closeness and social support. Cultural Diversity & Ethnic Minority Psychology, 20(2), 191-201. https://doi.org/10.1037/a0034094

Cassar, G. (2004). The financing of business start-ups. Journal of Business Venturing, 19(2), 261-283. https://doi.org/10.1016/S0883-9026(03)00029-6

Cropanzano, R., & Mitchell, M. S. (2005). Social Exchange Theory: An Interdisciplinary Review. Journal of Management, 31(6), 874-900. https://doi.org/10.1177/0149206305279602

Daskalakis, N., Jarvis, R., & Schizas, E. (2013). Financing practices and preferences for micro and small firms. Journal of Small Business and Enterprise Development, 20(1), 80-101. https://doi.org/10.1108/14626001311298420

Davidsson, P. (2007). Method challenges and opportunities in the psychological study of entrepreneurship. In J. R. Baum, M. Frese, & R. A. Baron (Eds.), The psychology of entrepreneurship (pp. 287-323). Psychology Press. https://www.taylorfrancis.com/ chapters/edit/10.4324/9781315750989-21/method-challenges-opportunities-psych ological-study-entrepreneurship

Desmond, M., & López Turley, R. N. (2014). The Role of Familism in Explaining the Hispanic-White College Application Gap. Social Problems, 56(2), 311-334. https://doi.org/10 .1525/sp.2009.56.2.311

Drake, D., Dandy, J., Loh, J. M. I., & Preece, D. (2018). Should Parents Financially Support their Adult Children? Normative Views in Australia. Journal of Family and Economic Issues, 39(2), 348-359. https://doi.org/10.1007/s10834-017-9558-z

Edelman, L. F., Manolova, T., Shirokova, G., & Tsukanova, T. (2016). The impact of family support on young entrepreneurs' start-up activities. Journal of Business Venturing, 31(4), 428-448. https://doi.org/10.1016/j.jbusvent.2016.04.003

Farh, J-L., Hackett, R. D., & Liang, J. (2007). Individual-Level Cultural Values as Moderators of Perceived Organizational Support–Employee Outcome Relationships in China: Comparing the Effects of Power Distance and Traditionality. Academy of Management Journal, 50(3), 715-729. https://doi.org/10.5465/amj.2007.25530866

Fried, V. H., & Hisrich, R. D. (1994). Toward a model of venture capital investment decision making. Financial Management, 23(3), 28-37. https://doi.org/10.2307/3665619

Gaines Jr, S. O., Marelich, W. D., Bledsoe, K. L., Steers, W. N., Henderson, M. C., Granrose, C. S., Barajas, L., Hicks, D., Lyde, M., & Takahashi, Y. (1997). Links between race/ethnicity and cultural values as mediated by racial/ethnic identity and moderated by gender. Journal of Personality and Social Psychology, 72(6), 1460–1476. https:// doi.org/10.1037/0022-3514.72.6.1460

Gomez-Mejia, L. R., Cristina, C., Pascual, B., & De Castro, J. (2011). The Bind that Ties: Socioemotional Wealth Preservation in Family Firms. The Academy of Management Annals, 5(1), 653-707. https://doi.org/10.1080/19416520.2011.593320

Gomez-Mejia, L. R., Makri, M., & Kintana, M. L. (2010). Diversification Decisions in Family-Controlled Firms. Journal of Management Studies, 47(2), 223-252. https://doi.org/1 0.1111/j.1467-6486.2009.00889.x

Gordini, N. (2012). The impact of outsiders on small family firm performance: Evidence from Italy. World Journal of Management, 4(2), 14-35. https://www.researchgate.net/pub lication/256047122_The_Impact_of_Outsiders_on_Small_Family_Firm_Performance_Evidence_from_Italy

Granovetter, M. S. (1973). The Strength of Weak Ties. American Journal of Sociology, 78(6), 1360-1380. https://doi.org/10.1086/225469

Harrison, R. T., Colin, M., & Smith, D. (2015). Heuristics, learning and the business angel investment decision-making process. Entrepreneurship & Regional Development, 27(9-10), 527-554. https://doi.org/10.1080/08985626.2015.1066875

Hisrich, R., Langan-Fox, J., & Grant, S. (2007). Entrepreneurship research and practice: a call to action for psychology. American psychologist, 62(6), 575-589. https://doi.org/10.10 37/0003-066X.62.6.575

Hosseinpour, M., Karimi, H., Bakhsham, M., & Khodaei, A. (2020). Investigating the effect of multiple intelligence on individual performance of top entrepreneurs. Quarterly Scientific Journal of National University of Skills, 17(3), 113-126. https://doi.org/10 .48301/kssa.2020.124670

Joo Kitano, H. A. (2017). The Investor-entrepreneur Relationship in Equity Crowdfunding: a Combined Trust-agency Based Approach [Doctoral, Autonomous University of Barcelona]. Bellaterra, Spain. https://ddd.uab.cat/record/188072

Lee, R. P. (1992). Formulation of relevant concepts and propositions for sociological research in Chinese society. In N. Chie & C. Chiao (Eds.), Home bound: Studies in East Asian society (pp. 81-98). The Centre for East Asian Cultural Studies.

Liñán, F., & Fayolle, A. (2015). A systematic literature review on entrepreneurial intentions: citation, thematic analyses, and research agenda. International Entrepreneurship and Management Journal, 11(4), 907-933. https://doi.org/10.1007/s11365-015-0356-5

Ling, C., & Dale, A. (2013). Agency and social capital: characteristics and dynamics. Community Development Journal, 49(1), 4-20. https://doi.org/10.1093/cdj/bss069

Maula, M., Autio, E., & Arenius, P. (2005). What Drives Micro-Angel Investments? Small Business Economics, 25(5), 459-475. https://doi.org/10.1007/s11187-004-2278-4

Meschede, T., Darity, W., & Hamilton, D. (2015). Financial Resources in Kinship and Social Networks: Flow and Relationship to Household Wealth by Race and Ethnicity among Boston Residents. Federal Reserve Bank of Boston. https://scholarworks.brandeis.e du/esploro/outputs/report/Financial-Resources-in-Kinship-and-Social/9924143124 601921

Miller, D., Le Breton-Miller, I., & Scholnick, B. (2008). Stewardship vs. Stagnation: An Empirical Comparison of Small Family and Non-Family Businesses. Journal of Management Studies, 45(1), 51-78. https://doi.org/10.1111/j.1467-6486.2007.00718.x

Mohammadi, S., Darzian Azizi, A., & Arzani Birgani, M. (2022). Structural Analysis of the Effect of Entrepreneurial Cognition on Intention of Students' Entrepreneurial Behavior with the Mediating Role of Perceived Fear (Case Study: Shahid Chamran University of Ahvaz). Quarterly Scientific Journal of National University of Skills, 19(2), 245-265. https://doi.org/10.48301/kssa.2021.292382.1593

Mucchi-Faina, A., Pacilli, M. G., & Verma, J. (2010). The Two Faces of Familism: A Cross-Cultural Research in India and Italy. Psychological Studies, 55(4), 365-373. https:// doi.org/10.1007/s12646-010-0042-1

Mullins, J. W., & Forlani, D. (2005). Missing the boat or sinking the boat: a study of new venture decision making. Journal of Business Venturing, 20(1), 47-69. https://doi.org/10.10 16/j.jbusvent.2003.08.001

Perry, J., Masud, C., & and Ring, K. (2015). Cultural influences in the decision to invest in new ventures: an exploratory study. Venture Capital, 17(3), 237-262. https://doi.org /10.1080/13691066.2015.1051738

Pistrui, D., Huang, W., Oksoy, D., Jing, Z., & Welsch, H. (2001). Entrepreneurship in China: Characteristics, Attributes, and Family Forces Shaping the Emerging Private Sector. Family Business Review, 14(2), 141-152. https://doi.org/10.1111/j.1741-6248.2001. 00141.x

Realo, A., Allik, J., & Greenfield, B. (2008). Radius of Trust:Social Capital in Relation to Familism and Institutional Collectivism. Journal of Cross-Cultural Psychology, 39(4), 447-462. https://doi.org/10.1177/0022022108318096

Schulze, W. S., Lubatkin, M. H., & Dino, R. N. (2003). Toward a theory of agency and altruism in family firms. Journal of Business Venturing, 18(4), 473-490. https://doi.org/10.10 16/S0883-9026(03)00054-5

Slovic, P., & Lichtenstein, S. (1971). Comparison of Bayesian and regression approaches to the study of information processing in judgment. Organizational Behavior and Human Performance, 6(6), 649-744. https://doi.org/10.1016/0030-5073(71)90033-X

Song, H., & Wang, L. (2013). The impact of private and family firms’ relational strength on financing performance in clusters. Asia Pacific Journal of Management, 30(3), 735-748. https://doi.org/10.1007/s10490-012-9316-6

Sorenson, R. L., & Milbrandt, J. M. (2023). Family Social Capital in Family Business: A Faith-Based Values Theory. Journal of Business Ethics, 184(3), 701-724. https://doi.org/1 0.1007/s10551-022-05110-4

Sreenivasan, A., & Suresh, M. (2023). Exploring the contribution of sustainable entrepreneurship toward sustainable development goals: A bibliometric analysis. Green Technologies and Sustainability, 1(3), 100038. https://doi.org/10.1016/j.grets.2023.100038

Steier, L. (2003). Variants of agency contracts in family-financed ventures as a continuum of familial altruistic and market rationalities. Journal of Business Venturing, 18(5), 597-618. https://doi.org/10.1016/S0883-9026(03)00012-0

Thomas, P. A., Liu, H., & Umberson, D. (2017). Family Relationships and Well-Being. Innovation in Aging, 1(3), 1-11. https://doi.org/10.1093/geroni/igx025

Wah, S. S. (2001). Chinese cultural values and their implication to Chinese management. Singapore Management Review, 23(2), 75-83. https://www.proquest.com/docview/226850458 ?sourcetype=Scholarly%20Journals

Welsh, D., & Zellweger, T. (2010). Can we afford it? Investment decisions of family and nonfamily owners. Academy of Entrepreneurship Journal, 16(2), 21-41. https://www.research gate.net/publication/286176461_Can_we_afford_it_Investment_decisions_of_family_and_nonfamily_owners

Wong, P. K., & Ho, Y. P. (2007). Characteristics and determinants of informal investment in Singapore. Venture Capital, 9(1), 43-70. https://doi.org/10.1080/13691060600996772

Yeh, M-H., & Yang, K-S. (1997). Chinese familism: Conceptual analysis and empirical assessment. Bulletin of the Institute of Ethnology, Academia Sinica, 83, 169-225.

Zellweger, T. M., & Astrachan, J. H. (2008). On the Emotional Value of Owning a Firm. Family Business Review, 21(4), 347-363. https://doi.org/10.1177/08944865080210040106

Zellweger, T. M., & Dehlen, T. (2012). Value Is in the Eye of the Owner:Affect Infusion and Socioemotional Wealth Among Family Firm Owners. Family Business Review, 25(3), 280-297. https://doi.org/10.1177/0894486511416648

Zortea, T. C., & Tokumaru, R. S. (2010). Family relationship and socio-economic context. Interpersona: An International Journal on Personal Relationships, 4(1), 106-126. https://doi.org/10.5964/ijpr.v4i1.45