The importance of trust in Electronic Commerce (EC) has been addressed for about two decades and various theories have been applied to investigate the issue. In spite of a consensus among researchers of trust in a website being a risky decision, they have neither applied decision making theories (e.g. two systems of reasoning) in the context nor created a risky situation when examining their hypotheses about trust in EC. Instead, the decision is implicitly assumed to be deliberative although not enough evidences have been collected to support the assumption. An in-lab experiment was conducted to investigate the above shortcomings in the literature. Findings show that unlike the current belief, intuition (and not deliberation), is the dominant decision making process when trusting an unknown website in a risky situation. The level of trust is significantly different when risk is not involved. In addition, one of the well-established constructs, “situational decision making to trust”, was not confirmed by the collected data in the risky situation. The results conflict with EC and trust literature and clarify the crucial role of risk in decision making to trust. Hence, the studies that have measured and validated trust and related constructs without the actual risky situation might need to be reconsidered.

The importance of trust in Electronic Commerce (EC) has been addressed for about two decades and various theories have been applied to investigate the issue. In spite of a consensus among researchers of trust in a website being a risky decision, they have neither applied decision making theories (e.g. two systems of reasoning) in the context nor created a risky situation when examining their hypotheses about trust in EC. Instead, the decision is implicitly assumed to be deliberative although not enough evidences have been collected to support the assumption. An in-lab experiment was conducted to investigate the above shortcomings in the literature. Findings show that unlike the current belief, intuition (and not deliberation), is the dominant decision making process when trusting an unknown website in a risky situation. The level of trust is significantly different when risk is not involved. In addition, one of the well-established constructs, “situational decision making to trust”, was not confirmed by the collected data in the risky situation. The results conflict with EC and trust literature and clarify the crucial role of risk in decision making to trust. Hence, the studies that have measured and validated trust and related constructs without the actual risky situation might need to be reconsidered.

Nous analysons l’identification des opportunités d’investissement dans le cas spécifique du financement de l’amorçage des firmes porteuses d’innovation. L’absence d’informations pertinentes et objectives au démarrage remet en cause la capacité postulée des investisseurs à évaluer objectivement la rentabilité des firmes entrepreneuriales. Ainsi, nous étudions la vraie stratégie psycho-cognitive sous-jacente à la création du sens autour du potentiel des projets en se focalisant sur un acteur spécifique, le Business Angel (BA). Nous postulons que cet investissement suit un processus de jugement intuitif. L’analyse qualitative des notes d’observation et des entretiens permet de construire un modèle décrivant la manière dont le BA produit in situ de nouveaux construits utiles dans sa perception. Nous mettons aussi en évidence des comportements réflexifs réduisant l’erreur dans sa décision. Ainsi, l’intuition du BA doit être vue comme une réelle approche de transformation situationnelle d’indicateurs à travers des manipulations langagières. Nous offrons une nouvelle perspective dans la compréhension du comportement des capital-risqueurs qui sont susceptibles d’accompagner financièrement les firmes innovantes dès leur phase de démarrage. Nos résultats sont aussi généralisables à des contexte où l’aptitude intuitive devant une source d’efficience décisionnelle. Nous faisons des propositions théoriques qui orienteront les études futures. / We analyze the investment opportunities’s identification in the specific case of the innovative firm financing. The absence of relevant and objective informations at the early stage weaken the investor’s postulated ability inestimating objectively the profitability of the entrepreneurial firms. Then, we study the real cognitivestrategy underlying the sensemaking process around the potential of the projects by focusing on a specific actor, the Business angel (BA). We argue that this investment follows a process of intuitive judgment.The research design is a qualitative inductive approach with data collected by observation and interviews. We build a model of how the BA cognitively interpret the innovative firm’s potential in order to invest. We highlight also cognitive practices in reducting biais and errors during the sensemaking process. The BA’s intuition atearly stage must be viewed as a processus of meaning construction through labelling and speech articulation. This thesis contributes to a better understanding ofventure capitalist behaviors at early stage as well as a better comprehension of how meaning can be created intuitively in uncertain context. Theoretical propositions are made for future researchs.