Confounding Market and Hierarchy in Venture Capital Governance: The Canadian Immigrant Investor Program
研究加拿大移民投资者计划这一混合组织形式，发现市场与层级治理的混合会产生理性冲突，威胁长期生存，且现有风险投资治理模型低估了信任等社会维度。
Governance structure is a central feature of organization. Hybrid forms of organization – typified by governance structures from more than one organizational model – have become prominent features of the organizational landscape. This study examined the governance structure of a hybrid organizational arrangement created when a government programme was developed utilizing selected aspects of venture capitalist models of governance. Central findings include: designing appropriate governance structure is a key activity for new organizations; combining market and hierarchical forms of governance produces a confounding mix of rationalities, which is potentially dangerous for long‐term survival; ambiguous control systems allow participants to pay selective attention to particular elements of governance structure; existing models of venture capital governance understate important social dimensions of governance – particularly the role of trust; hybrid organizations potentially remove the element of trust necessary for effective transactions