موانع حقوقی - قانونی تأمین مالی کارآفرینی فناورانه با رویکرد نهادی (یک پژوهش آمیخته) (مقاله علمی وزارت علوم)
درجه علمی: نشریه علمی (وزارت علوم)
آرشیو
چکیده
هدف : این پژوهش به دنبال تجزیه وتحلیل موانع و چالش های حقوقی - قانونی موجود در تأمین منابع مالی در کارآفرینی فناورانه با رویکردی نهادی و روش آمیخته است. روش : با استفاده از دو روش کیفی (تحلیل مضمون) و کمی (توصیفی – پیمایشی) موانع تأمین مالی برای کارآفرینی فناورانه شناسایی شدند. جامعه آماری پژوهش در بخش کیفی 16 تن از خبرگان و مدیران مالی شرکت های فناورانه بود که با رویکرد گلوله برفی ملاک محور انتخاب شد و مصاحبه های نیمه ساختاریافته براساس چارچوب نظری تحلیل توسعه نهادی صورت پذیرفت و با نرم افزار Atlas Ti تحلیل شد. جامعه آماری در بخش کمی مدیران مالی بودند. برای نمونه گیری از روش تصادفی و در دسترس استفاده شد که تعداد 125 نفر به عنوان نمونه آماری انتخاب شدند. به منظور پردازش داده ها از روش تحلیل عاملی تأییدی و معادلات ساختاری در نرم افزار Smart PLS استفاده شده است. یافته ها : در این پژوهش به ایجاد مدل مبادرت شده است که نشان می دهد، بین قوانین و مقررات تأمین مالی کارآفرینی فناورانه و انحراف از قوانین و مقررات، مالکیت فکری و صنعتی و زمان طولانی تأمین مالی شرکت های فناور رابطه معناداری وجود دارد. نتایج : مهم ترین موانع به ترتیب انحراف از قوانین و مقررات، مالکیت فکری و صنعتی و زمان طولانی تأمین مالی شرکت های فناور بود.Legal-Jurisdictional Barriers to Financing Technological Entrepreneurship with an Institutional Approach: A Mixed Method Study
This study sought to analyze the legal-jurisdictional barriers and challenges in providing financial resources for technological entrepreneurship using an institutional approach and mixed method. By applying a mixed method of qualitative (content analysis) and quantitative (descriptive-survey) approaches, financing barriers for technological entrepreneurship were identified. The statistical population in the qualitative section included 16 elite people and financial managers of technology companies, who were selected by the criterion-based snowball approach. The statistical population in the quantitative sector included financial managers. A number of 125 persons were selected as the statistical sample by using a random sampling method and doing availability analysis. To process the data, SPSS19 software and confirmatory factor analysis and structural equations modeling in Smart PLS software were applied. In this study, a model was developed to show the significant relationship between “the rules and regulations of financing technological entrepreneurship” and “deviation from the rules and regulations, intellectual and industrial property, and long financing time of technology companies.” The results revealed that the most important obstacles were deviations from laws and regulations, intellectual and industrial property, and long financing time of technology companies, respectively. Keywords : Legal-Jurisdictional Barriers, Technological Entrepreneurship, Mixed Method, Institutional Approach. Introduction Financial resources are essential in supporting entrepreneurship and small and medium businesses. Obtaining the necessary funds to start businesses has always been challenging for entrepreneurs. Access to financial resources is one of the main concerns for entrepreneurs in the entrepreneurial process since it enables them to implement the identified opportunities (Arbolino, 2017). Using the suitable financing methods to implement profitable projects can play an essential role in increasing shareholders’ wealth in companies. One of the decisions that business managers have to make for maximizing shareholders' wealth is financial provision (Moutmani & Tabgian, 2015). Unfortunately, the country's structures and laws in financing and granting facilities in the business sector, especially in small and medium businesses, have not been architected. This means that the economy's financial sector should serve as the real sector of the economy, the result of which is creating an informational symmetry and directing resources to increase efficiency in the entrepreneurial sector (Cooray, 1999). Perhaps, one of the main issues in the country's progress is the issue of financing entrepreneurship, especially technological entrepreneurship. Therefore, this research analyzed legal-legitimate obstacles and challenges in providing financial resources in technological entrepreneurship with an institutional and mixed-method approach. Method and Data This research was conducted in Tehran Province during the period of 2019-2020. The sample in the qualitative section was formed by 16 elites in the field of technological entrepreneurship. They participated in the research with a snowball opinion. In the quantitative part, a survey was carried out by designing a questionnaire extracted from the qualitative part of the research for 125 experts. The sample of this section was chosen by academic and industrial experts, including faculty members and experts in the field of financial information with at least 3 years of experience and activity. The Structural Equation Modeling (SEM) technique was used to analyze the data obtained from the respondents according to the first method of Barclay et al. (1995). In this method, Number 10 was a cross number and the indices of 1 were changed. According to this rule, 80 samples from the above sample were enough. Also, 125 stratified samples were selected for the survey about the research results. Findings The organizing theme of the legal dimensions of financing included the primary themes of legal institutions, the role of cultural background in legalism, law enforcement, lawlessness, intellectual property, legal issues of crime prevention, financing laws, laws and regulations, and the role of law. The dimension of entrepreneurial financing processes was one of the organizer’s primary themes of the effects of informal relationships in facilitating processes, difference between bank processes and funds, patenting before financing, uncertain processes, long judicial processes, informal processes (lobbying), and certain documents. For some technologies the legal way of financing was also included. These themes were obtained from the qualitative analysis of interviews, documents, laws, and regulations of the field of study. By coding these themes in ATLAS. ti software, a network of themes could be drawn from them. Chart No. 2 showed the theme network extracted from analysis of the themes. In the section of quantitative analysis, the minimum acceptable values of the indicators of CA, CR<0.7, AVE<0.5, factor loadings<0.5, OBrien (2007) factor loadings<1.96 significance, and Fornell & Larcker (1981) divergent validity (AVE>MSV) by using the PLS method showed the high reliability and validity of the questionnaire. Conclusion and discussion From the points of view of the studied community, deviation from laws and regulations, including the deviation of loans from their legal path, costs of loans in places other than banks, lack of seriousness in applying the law, cumbersome rules and regulations for entrepreneurs, legal issues for the prevention of financial crimes, and information and transparency of the legal financing path for entrepreneurs, was the biggest obstacle in technological financing businesses. The second obstacle in financing technological entrepreneurship was intellectual and industrial property, which included protection of property rights, legal protection of producers, protection of intellectual property, the need for a patent for financing, and a non-disclosure agreement. The third legal obstacle from the points of view of the elites of technological businesses was the longtime of funding for entrepreneurs, which included lacking a program for the developments of entrepreneurship and entrepreneurs in terms of scale, long time processes of the cases, time-consuming nature of registration, priority of reviews, and time-consuming nature of the evaluation. In the discussion about the proposals, it is suggested that the government carry out institutional reforms instead of directly interfering by establishing several funds or granting facilities without policy. By creating the necessary infrastructure for developing cultural variables and informal institutions, as well as environmental and interventionist conditions, mutual trust is created and the motivation to invest and accept capital is strengthened. Among the practical cases, it is possible to strengthen and develop financial markets to help clarify the valuation of shares, create the possibility of an initial supply of shares and other tools for exiting an investment, organizing the formation of specialized syndicates, creating a platform to benefit from the advantages of investment risk reduction strategies, including providing the possibility of multi-stage investment, stock trading options, the possibility of using convertible securities through revision of existing laws, revising accounting standards, tax laws, labor laws, and bankruptcy laws in line with the goals of new technology businesses, and strengthening laws to protect intellectual property rights and favorable legal structures pointed out. While allocating bank loans with a lower interest and a more extended repayment period for such companies, receiving these loans will be shortened to make them available to these people at the right time. Concerning the direction of future research, it is recommended to conduct studies in the field of intellectual property rights, intellectual property evaluation models, labor laws, tax policies, and accounting standards by investment requirements. Furthermore, the studies related to the developments of educational systems and cultural variables can be of great help to improve the performance in this area.
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