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

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

  • Hasse, Raimund Faculty for Humanities and Social Sciences, University of Lucerne, Frohburgstrasse 3, CH-6000 Lucerne 7, Switzerland
  • Passarge, Eva Faculty for Humanities and Social Sciences, University of Lucerne, Frohburgstrasse 3, CH-6000 Lucerne 7, Switzerland
  • 2016-11-14
Published in:
  • International Journal of Innovation and Technology Management. - World Scientific Pub Co Pte Lt. - 2016, vol. 13, no. 06, p. 1750001
Management of Technology and Innovation
English 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.
Language
  • English
Open access status
closed
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Persistent URL
https://sonar.rero.ch/global/documents/85433
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