Bakgrund Entreprenörer som startar nya företag kommer troligtvis att behöva antingen kapital, eller kompetens i hur ett företag drivs, men mest sannolikt är att de behöver både och. Affärs-änglar är individer som investerar sina privata pengar mestadels i företag som befinner sig i en utvecklingsfas eller en tidig tillväxtfas. Affärsänglar kan också bidra med icke-finansiella resurser till företag såsom kompetens, färdigheter, kunskap och erfarenhet. Problem/Syfte Vad kan entreprenörer som är i behov av både kapital och kompetens göra för att hitta den ”rätta” affärsängeln, hur kan entreprenören attrahera denna, samt vilka faktorer är avgö-rande för att en arbetsrelation med en affärsängel ska bli lyckad? Syftet med denna uppsats är att utifrån entreprenören som investeringsobjekt så väl som kapitalsökare, beskriva olika faktorer som entreprenörer kan beakta för att öka sina möjligheter till att inleda och genomföra ett lyckat samarbete med en affärsängel. Slutsats Vi fann ett antal faktorer som kan påverka utgången av en arbetsrelation med en affärsäng-el. Dessa är den personliga relationen, att entreprenörens behov stämmer överens med vad affärsängeln kan erbjuda, överensstämmande avsikter, och ett väl genomarbetat aktieägar-avtal. / Background Entrepreneurs who start a new venture will probably need either capital, or competence in how to run a business, but most likely they need them both. Business angels are individuals who invest their private money in companies in a start-up or early growth phase. Business angels can also contribute non-financial resources to companies such as competence, skills, knowledge and experience. Problem/Purpose What can entrepreneurs who are in need of both capital and competence do to find the “right” business angel, how can they attract these investors, and which factors are decisive for a successful working relationship with a business angel? The purpose of this thesis is, with a starting point in the entrepreneur as an investment project and capital seeker, to de-scribe a number of factors entrepreneurs can consider in order to increase their possibilities in initiating and carrying out a successful working relationship with a business angel. Conclusion The authors found a number of factors affecting the outcome of a working relationship with a business angel. These are the personal relationship, a match between the entrepre-neur’s needs and the business angel’s competence, an agreed agenda, and a thoroughly worked out shareholder agreement.

This thesis will discuss the role of government in venture capital market and illustrate the national difference of that through a comparative study of government expenditure supporting policies of venture capital investment in the USA, Canada and China. Firstly, the prototype programs designed by Small Business Administration (SBA) of the United States and Canadian policies by the Business Development Bank of Canada (BDC) will be discussed. Secondly, the current Chinese government expenditure supporting policies will then be studied in the context of the Chinese venture capital market’s unique political, economical and legislative background. Ultimately, potential improvements in the future expenditure incentive programs in China will be explored.

This thesis will discuss the role of government in venture capital market and illustrate the national difference of that through a comparative study of government expenditure supporting policies of venture capital investment in the USA, Canada and China. Firstly, the prototype programs designed by Small Business Administration (SBA) of the United States and Canadian policies by the Business Development Bank of Canada (BDC) will be discussed. Secondly, the current Chinese government expenditure supporting policies will then be studied in the context of the Chinese venture capital market’s unique political, economical and legislative background. Ultimately, potential improvements in the future expenditure incentive programs in China will be explored.

The major difference between venture capital-firms and other financiers is that their business idea is not only providing capital but also knowledge in business development. The ownership structure of an venture capital-firm can be private as well as public. The Swedish government is today one of the major actors in the Swedish venture capital-industry. The purpose of this study is to shed light on how venture capital-firms involve itself in its portfolio firm and if this contributes to an increased value of the portfolio firm. We also try to shed light on differences in how a public and a private venture capital-firm gets involved in its portfolio firm and if there is any difference in how they can contribute to added value. We have chosen to interview two public and two private venture capital-firms and one of their portfolio firms. To answer the essay’s purpose we used qualitative case studies with semi-structured interviews. The theoretical framework consists of principal-agent theory, knowledge-based view of the firm and social capital and previous studies of venture capital-firms involvement and value-added in their portfolio firms. This essay is limited only to venture capital-firms and portfolio firms located in Stockholm. It is the perceptions of the Venture capital-firm and the portfolio firm we are interested in, regarding the venture capital-firms involvement and value-added. Our study shows that venture capital-firm’s level of involvement in their portfolio firms varies depending on the development stage in the portfolio firm. The portfolio firm’s network increases with the venture capital firm’s entry and it also provides knowledge in business development. The study did not find any difference in the way which the public or private venture capital-firm involve itself in its portfolio firm. Nor is there any difference in how they contribute to value-added in their portfolio firm. / Skillnaden mellan venture capital-företagen och andra finansiärer är att de har som affärsidé att förutom tillförandet av kapital även tillföra kunskaper i affärsutveckling till de företag de investerar i. Venture capital-företag investerar i onoterade företag som befinner sig i ett tidigt utvecklingsskede med tillväxtpotential. Venture capital-företagens ägarstruktur kan vara såväl privat som statlig. I dagsläget är den svenska staten en stor aktör på den svenska venture capital-marknaden. Syftet med uppsatsen är att belysa hur venture capital-företag involverar sig samt hur det kan bidra till ett ökat värde i sitt portföljföretag. Vi försöker även belysa om det finns skillnad i hur ett statligt och ett privat venture capital-företag involverar sig i sitt portföljföretag samt om det finns en skillnad i hur de kan bidra till ett ökat värde i sitt portföljföretag. Undersökningsobjekten för vår studie är två privata och två statliga VC-företag och ett av deras respektive portföljföretag. Vi har använt oss av kvalitativa fallstudier med semistrukturerade intervjuer för att kunna besvara våra frågeställningar. Den teoretiska referensramen består av principal-agent teorin, ”knowledge-based view of the firm” och socialt kapital, samt tidigare studier om venture capital-företagens involvering och värdetillförsel. Vi har avgränsat oss till venture capital-företag och dess respektive portföljföretag belägna i Stockholm. Uppsatsen har sin utgångpunkt i venture capital-företagets och portföljföretagets uppfattningar avseende involvering och värdetillförsel. Vår studie visar att venture capital-företagens involveringsgrad i sina portföljföretag varierar beroende av portföljföretagets utvecklingsfas. Portföljföretagets nätverk ökar i samband med venture capital-företagets inträde och de tillför även deras kunskap i affärsutveckling. Studien visar också att det inte finns en skillnad i hur det statliga och det privata venture capital-företaget involverar sig i sitt portföljföretag. Det finns inte heller någon skillnad i hur de bidrar till ett ökat värde i sitt portföljföretag.

Business ethics is a fragmented and well covered scientific field. This Master thesis study concerns two type of organizations, namely family businesses (FB’s) and venture capital firms (VCF’s), in relation to the ethical decision-making process, which is a relatively undiscovered field. The study is conducted in the way it sheds a light on the influences on a manager when taking decisions concerning ethical considerations. Important scholars such as Colby and Kohlberg (1987) and Rest et al. (1999) framed the field of moral development of individuals, and what makes managers unaware of their unethical decisions (Bazerman, 2008). However, a manager’s possibility to take decisions is also influenced by organizational factors and actors. The type of management and ownership structure, and the expectations these actors have with regard to profits, as well as situational factors such as business strategy, maturity of the company, human and financial resources and market position are shaping the environment and possibility for managers to pursue ethical behavior because they affect the decision-making process.The purpose of this study is to understand how managers in FB’s and VCF’s manage ethical considerations. The creating of the conceptual framework was used as a foundation to visualize how ethical behavior is constructed, while the focus laid on the influences and possibility to take decisions including ethical considerations and content. While performing this research, we have conducted eight semi-structured interviews with managers in three VCF’s and two FB’s in Sweden. The respondent companies and interviewees remain anonymous. We did that to increase the chance of honest and unbiased answers since we saw a risk to receive adjusted and image improving responses.The empirical findings show that the VCF’s do not pay attention to ethical considerations in the same extent as FB’s do. Discovered reasons were lack of time and know-how, financial and human resources, business maturity and the fact that they were to generate a high ROI to the venture capitalist. Such a relationship makes the managers focus on profit maximization and short term objectives rather than ethical considerations. The two FB’s did have an ethical code of conduct with the employees and was constructed in order to fulfill acceptance, integration and efficiency with this management tool. The ethical codes of conduct were created with the goal to steer behavior and ensure ethical commitment in certain areas of interest. The major finding is that situational factors either suffocate or give room for ethical considerations in companies when taking decisions.In particular, this research contributes to the field of business ethics and VCF’s in general, but also with regard to FB’s. The results of this thesis are constructed in the decision-making model which is different than the ethical decision-making model we constructed based on the theoretical research. However, reality did not allow us to recognize the fragmented patterns we interpreted from the theory. We therefore created a new top-down model which takes the need for a decision in companies into account, the actors and factors in the organization, the situational factors that influence the happenings in the organization and the outcome of the decision, which possibly contains ethical considerations and content. With the improved model we visualize the decision-making process while taking influences towards ethical decision-making into consideration and visualize organizational reality as we discovered it.Key words: business ethics, ethical considerations, ethical code of conduct, moral awareness, ethical decision-making, ethical behavior, family business, venture capital firm, profit maximization, shareholder preferences.

We consider a risk averse entrepreneur who approaches a diversified venture capitalist (VC) for financing of a project with positive potential return. We develop several models that capture key features of the venture financing, including staged investment, VC oversight costs and agency conflicts. The contract between the VC and the EN includes risk-free and pay-performance sensitive compensation. Moral hazard arises because the EN must exert effort for the project to succeed. Our model is novel in that it also allows for asymmetric beliefs about project quality due to the EN's optimism even when the VC and EN face symmetric information. We first analyze the VC-EN relationship when the VC has bargaining power. We characterize the equilibrium levels for the pay-performance sensitivities, investment and effort over time and show they can be either increasing or decreasing or initially increasing and then decreasing. We find that asymmetric beliefs and risk aversion have opposite effects on the VC-EN relationship. When the EN is moderately more optimistic than the VC, he accepts more risk and exerts more effort and the VC responds with more investment. In contrast, risk aversion reduces effort and investment. Our model predicts a performance-sensitive investment policy where critical milestones must be achieved for investment to continue. These milestones increase with the risk aversion and decrease with the asymmetry in beliefs. Consequently, project duration increases with asymmetric beliefs and decreases with risk aversion. We calibrate this core model to empirical data and use numerical analysis to demonstrate that the technical and systematic risks have opposite effects. The VC's payoff and the project's value and duration increase with technical risk and decrease with systematic risk. We analyze the relationship when the EN has bargaining power, and find that the equilibrium and the corresponding implications for venture financing do change. In this setting, the negative effects due to risk aversion are more pronounced. We also find that if the EN's effort cannot be observed by the VC, then the pay-performance sensitivities, investment and effort all increase.

<p>Bakgrund</p><p>Entreprenörer som startar nya företag kommer troligtvis att behöva antingen kapital, eller kompetens i hur ett företag drivs, men mest sannolikt är att de behöver både och. Affärs-änglar är individer som investerar sina privata pengar mestadels i företag som befinner sig i en utvecklingsfas eller en tidig tillväxtfas. Affärsänglar kan också bidra med icke-finansiella resurser till företag såsom kompetens, färdigheter, kunskap och erfarenhet.</p><p>Problem/Syfte</p><p>Vad kan entreprenörer som är i behov av både kapital och kompetens göra för att hitta den ”rätta” affärsängeln, hur kan entreprenören attrahera denna, samt vilka faktorer är avgö-rande för att en arbetsrelation med en affärsängel ska bli lyckad? Syftet med denna uppsats är att utifrån entreprenören som investeringsobjekt så väl som kapitalsökare, beskriva olika faktorer som entreprenörer kan beakta för att öka sina möjligheter till att inleda och genomföra ett lyckat samarbete med en affärsängel.</p><p>Slutsats</p><p>Vi fann ett antal faktorer som kan påverka utgången av en arbetsrelation med en affärsäng-el. Dessa är den personliga relationen, att entreprenörens behov stämmer överens med vad affärsängeln kan erbjuda, överensstämmande avsikter, och ett väl genomarbetat aktieägar-avtal.</p> / <p>Background</p><p>Entrepreneurs who start a new venture will probably need either capital, or competence in how to run a business, but most likely they need them both. Business angels are individuals who invest their private money in companies in a start-up or early growth phase. Business angels can also contribute non-financial resources to companies such as competence, skills, knowledge and experience.</p><p>Problem/Purpose</p><p>What can entrepreneurs who are in need of both capital and competence do to find the “right” business angel, how can they attract these investors, and which factors are decisive for a successful working relationship with a business angel? The purpose of this thesis is, with a starting point in the entrepreneur as an investment project and capital seeker, to de-scribe a number of factors entrepreneurs can consider in order to increase their possibilities in initiating and carrying out a successful working relationship with a business angel.</p><p>Conclusion</p><p>The authors found a number of factors affecting the outcome of a working relationship with a business angel. These are the personal relationship, a match between the entrepre-neur’s needs and the business angel’s competence, an agreed agenda, and a thoroughly worked out shareholder agreement.</p>

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Inspired by the visual allegory ("Conquista, embarcáronse a las Indias" fol. 73 of the Nueva corónica), Legnani contends that the development of the laws of peoples (jus gentium) by 16th century Spanish jurists should be analyzed within the corpus of commercial law (lex mercatoria) employed by sea merchants, bankers and mercenaries throughout the 15th and 16th centuries. This dissertation explores the movement from figure to fiction in discourses of capital and violence. / Romance Languages and Literatures

Alternatyvioji vertybinių popierių rinka yra aktualus ekonominių – finansinių studijų objektas, ypač besivystančių finansų rinkų kontekste. Šio baigiamojo darbo tikslas yra atlikus teorinę AVPR analizę bei atsižvelgus į jau veikiančių jų patirtį, įvertinti AVPR Lietuvoje veiklos prielaidas, jas įtakojančių aplinkos veiksnių ir potencialių šioje rinkoje kotiruotis įmonių atžvilgiais. Pirmojoje darbo dalyje atskleidžiami AVPR teoriniai aspektai, antrojoje – atliekamas AVPR veiklos prielaidų vertinimas Lietuvoje bei pristatoma jų tyrimo metodologija. Paskutinė darbo dalis skirta metodologiškai pagrįstam Lietuvos įmonių struktūros projektui pateikti ir kitiems sėkmės veiksniams, t.y. kaip AVPR - First North Lietuvoje veiklos prielaidoms, įvertinti. Taip pat suformuluojamos išvados ir rekomendacijos. Apibendrinant rezultatus galima teigti, jog įmonių veiklos rūšys, siekiant optimaliai diversifikuotos AVPR pagal du nagrinėtus scenarijus yra: transportas, maisto ir gėrimų pramonė, informacijos ir ryšių technologijos bendrovės, kelionių organizavimas ir agentavimas. Pagrindinės AVPR šalyje sėkmingos veiklos prielaidos yra perspektyvių įmonių pritraukimas, diversifikuota AVPR įmonių struktūra, investuotojų pritraukimas, tinkamas reguliavimas, sertifikuotų patarėjų vaidmuo. / Alternative market is a relevant subject of economic and financial research., especially in the context of emerging financial markets. The objective of the final paper is to evaluate practice assumptions of alternative market, in respect of environmental influences and enterprises that may be potencial for quoting in the market. In the first part of the paper the theoretical aspects are revealed, and in the second the evaluation of practice assumptions, including good case practices, of alternative market as well as the methodology of research are provided. In the last part the project of Lithuanian enterprises‘ structure in First North is presented and good practices assumptions need to be evaluated. Summing up the results of the research the diversified enterprises‘ structure in respect of the number and variety of sectors according to two scenarios included industrial transportation, food and beverages, information technologies, travel agencies may be constructed. Then recommendations are provided.