The financial evaluation of entrepreneurial strategic choices

Directeur de thèse: 
Anne-Laure LE NADANT
Établissement d'appartenance: 
Université Caen Normandie
Thème 1. Innovation et coopération
Date de soutenance: 
Mardi 15 octobre 2019
Résultat soutenance: 
Avis favorable

Financial evaluation of entrepreneurial strategic choice

This dissertation is dealing with the topic of financial evaluation of entrepreneurial strategic choices. This choice should be evaluated on the basis of the perspective of entrepreneurial finance. It is similar to traditional corporate finance but different. Entrepreneurial finance has unique features from when considering the factors of stage, risk, information asymmetry and contractual negotiation. Nevertheless, the current situation in practice is that the theories and knowledge established in corporate finance and market finance are forcibly and directly applied to the entrepreneurial financial issues. In addition, it could be said that the strategic aspects have not been incorporated enough to develop the idiosyncratic theories and techniques. In particular, the perspective of market finance still dominates entrepreneurial finance. In these viewpoints, the individual players who are the stakeholders of start-ups or ventures are to be homogenous ‘homo economicus.’ Moreover, they are treated to be anonymous completely and like a price-taker in the financial market who do not have any power to decide. However, these perspectives cannot always be applicable to the entrepreneurial finance setting. The ‘market’ for buying and selling the equities or bonds of start-ups or ventures is small and privately held in almost all the cases. Such ‘market’ is neither well-developed nor standardised. The face-to-face and case-by-case negotiation is usual. Therefore, an individual player for the entrepreneurial setting is no longer anonymous, rather, the individual decision-making by each player or participant should be weighed more than the overall trend that is often discussed in the market finance setting.