nasrin zolfagharkhani

In their interactions with start-up companies, venture capitalists do more than just provide financial resources; they also create value for these companies. Using the case study method, the current study investigated six venture investments made between 1393 and 1400 through 23 semi-structured interviews with people involved in venture capital and start-up companies. Furthermore, it has used axial coding and qualitative content analysis of interviews to look into the mechanisms that lead to the development of non-financial values. The findings of this study demonstrate that the creation of non-financial values by venture capitalists has two general orientations, external and internal. As a result, the ability and focus of the venture capitalist as well as the need acknowledged by start-up companies for the creation of non-financial value impact the overall strategy and efficacy of value-creation mechanisms. According to the findings, not all venture capitalists are capable of generating non-financial value in every field. As a result, these capitalists must consider the balanced, simultaneous development of non-financial value creation capabilities in their long-term approaches and select start-up companies that are consistent with their overall strategy. To avoid potential conflicts in interactions with this type of capitalist, start-up companies should take special care when selecting a venture capitalist and determining their expectations from their investment.

Knowing the financial, economic and political variables is very important for the decisions of financial market activists and investors, and not considering these variables causes disruption in decision making.This research has been written with the aim of how political risk influences corporate financing and investment decisions.

In the present research with practical purpose, the collected information related to 34 companies in the period of 2013-2016 have been analyzed using Eviews 11 software and in order to estimate the model related to Hypotheses, data pooling method and panel data have been used.

The findings showed that political risks and company-level and country-level factors affect companies' financing decisions. Also, the effect of political risks on financing decisions is different under different financing strategies such as debt and equity financing. Also, political risks and company-level and country-level factors have a negative and significant effect on corporate investment.

Originality/scientific added value: 

The financing of companies decreases due to political risk. Political risks have a negative effect on economic and financial activities. To avoid losses caused by sudden political shocks, companies use less financing in financial decision-making when they face high political risk. As a result, it causes a decrease in corporate investment and the entry of liquidity into the production sector and productive activities.

In their interaction with startup companies, venture capitalists play a role beyond providing financial resources for these companies and create value for them. The present research, using a case study method, investigated six venture investments made in the period (1393-1400) through 23 semi-structured interviews with people active in venture capital and startup companies, and the mechanisms of creating non-financial values and control and governance methods. It has been analyzed using qualitative content analysis of interviews and axial coding. The results of this research show that the creation of non-financial values of venture capitalists is generally done through six mechanisms with general external and internal approach. There are two general approaches in the control and governance of venture capitalists. In a venture investor approach, through its representative on the board of directors of the statrup company, it follows its goals and expectations and leaves the company with complete independence and authority in executive matters and how to achieve the goals. In another way of control and governance, the venture capitalist operates somewhat similar to holding companies, through active participation in the company's planning process and control and monitoring of the company's performance through regular monthly meetings. It minimizes management conflicts.

The aim of this study is to investigate the effect of human capital and organizational characteristics on the business value of information technology. The study was a descriptive survey. The population of this study was 270 staffs of the Ministry of Health located in Tehran. To collect the required data, a stratified sampling technique was utilized and a sample of 155 people was selected using Cochran’s formula. Data were collected using a researcher made questionnaire and its reliability was calculated using Cronbach’s alpha technique. The results show that, the impact of human capital on the business value of information technology is significant. In other words, the findings suggest that as the human capital is increased, the business value of information technology is increased as well. On the other hand, the results show that organizational characteristics have no significant impact on the business value of information technology.