Recently, informal venture capital investors have been recognised as an important source of financing small & medium sized enterprises(SMEs). Unfortunately, very little research (if any) has been devoted to understanding how these investors fund particular investments in developing countries. This research study conducts the first-ever, detailed investigation in Saudi Arabia of the informal investor's characteristics, and decision-making behaviour across the full investment process. A theoretical framework, based on the asymmetric information that characterises this market, was used. Five hypotheses were developed to see how informal investors behave to reduce the inefficiencies and risks associated with the asymmetric information problem. Data from 156 Saudi informal investors were compiled. To analyze the data, three statistical methods, Factor Analysis, Cluster Analysis and Two-Way ANOVA, were applied. A descriptive picture of the profile and the investment activities of informal investors is presented in Chapter Seven. Research hypotheses related to investors' decision-making were then tested in Chapter Eight. First, the study shows that informal investors in Saudi Arabia depend on personal searches for investment opportunities. This is clearly supports the view that the flow of information between entrepreneurs and informal investors is inefficient. Secondly, in order to select a high quality entrepreneur and venture, investors use specific criteria though clearly the entrepreneur's reputation is the most important criterion. Third, informal investors use staging of finance and involvement in the venture to have access to information and gain better control over the venture. Fourth, informal investors apply the above methods to reduce the risks of the agency problem. However, informal investors in Saudi Arabia prefer to monitor the behaviour of entrepreneurs through outcome-based incentives with moderate use of involvement and behaviour monitoring. In concluding the thesis, recommendations and the possible implications of these findings are discussed. Finally, future research is suggested that may improve the understanding of informal investors but which is beyond the scope of this thesis or which depends on its findings.

Sous l’effet d’une concurrence de plus en plus forte et d’un nouveau système de tarification, les cliniques privées de court séjour françaises sont confrontées à des contraintes économiques de plus en plus nombreuses auxquelles elles tentent de s’adapter. Cette recherche a pour objet d’identifier quels sont les déterminants organisationnels et stratégiques de la performance financière des cliniques privées. Une revue de littérature française et étrangère conduite sur la performance des établissements de santé a révélé la présence de nombreux déterminants de la performance financière. Pour identifier les facteurs influençant celle des cliniques privées, une étude statistique a été réalisée sur la totalité des cliniques privées françaises de court séjour dont les données sont exploitables, soit 463 établissements. Les résultats des statistiques montrent que la performance financière des cliniques privées, mesurée par un score financier et par les ratios financiers le composant, subit l’impact de variables que les directeurs d’établissements peuvent influencer à moyen et à long terme. Le volume et la productivité de la masse salariale employée par les établissements, le volume d’activité, la présence d’un projet stratégique bien défini et dont la mise en œuvre est effective, ainsi que la qualité des soins, celle-ci étant mesurée par les résultats des cliniques privées sur les différentes démarches d’amélioration de la qualité des soins, sont des facteurs qui présentent un fort impact sur la performance financière. / Private short-stay clinics are confronted with increasing economic constraints, to which they are trying to adapt, due to stronger competition and a new system of pricing. This research identifies which are the organizational determinents and financial performance strategies of private clinics. A review of French and foreign literature pertaining to the performance of these health establishments revealed the presence of numerous determinents of the financial performance. To identify the factors influencing the private clinics, a statistical study was performed on 463 French short-term clinics, where the relevent data was available. The results of these statistics indicated that the financial performance of these clinics, as measured by financial scores and ratios, underwent an influential impact in the short and long term. The productivity of the paid employees, the volume of activity, the presence of a well-defined and effective strategic project, so that the quality of the care given, as measured by the results of these clinics on different steps towards improvement on the quality of care, are the factors which presented a strong impact on the financial performance.