Institutions, Dominant Actors, and Financial Markets: The Case of Venture Capital for Biotechnology in Switzerland

Raimund Hasse () and Eva Passarge
Additional contact information
Raimund Hasse: Faculty for Humanities and Social Sciences, University of Lucerne, Frohburgstrasse 3, CH-6000 Lucerne 7, Switzerland
Eva Passarge: Faculty for Humanities and Social Sciences, University of Lucerne, Frohburgstrasse 3, CH-6000 Lucerne 7, Switzerland

International Journal of Innovation and Technology Management (IJITM), 2016, vol. 13, issue 06, 1-19

Abstract: Since the 1990s, the new economic sociology has directed attention toward markets and, in particular, financial markets. Thus far, neo-institutional theory has not been able to make substantial contribution to this research front. We identify reasons for this shortcoming and aim to expand the scope of institutional analysis by focusing upon the constitution and governance of financial markets. Referring to the case of venture capital markets for biotechnology in Switzerland, it will be shown that the formation of the market has been strongly linked to the big Swiss pharmaceutical companies. Data are presented which indicate that the emerging venture capital market for biotechnology in Switzerland resembles contextual features such as collective arrangements and risk-averse investment strategies. The case illustrates that both the set-up of the market and its characteristic features are only loosely coupled to an abstract worldwide financial market, and, instead, are deeply interwoven with the national and sectoral context.

Keywords: Finance; financial markets; institutional change; economic sociology; innovation research (search for similar items in EconPapers)
Date: 2016
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.worldscientific.com/doi/abs/10.1142/S0219877017500018
Access to full text is restricted to subscribers

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wsi:ijitmx:v:13:y:2016:i:06:n:s0219877017500018

Ordering information: This journal article can be ordered from

DOI: 10.1142/S0219877017500018

Access Statistics for this article

International Journal of Innovation and Technology Management (IJITM) is currently edited by H K Tang

More articles in International Journal of Innovation and Technology Management (IJITM) from World Scientific Publishing Co. Pte. Ltd.
Bibliographic data for series maintained by Tai Tone Lim ().