EXPLORING POSITIVE ILLUSION IN VENTURE CAPITAL INVESTMENT DECISION-MAKING IN THE UAE
A dissertation submitted in partial fulfilment of the requirements for the degree of Doctor of Business Administration
Keywords:
Venture capital, Decision-making, Positive Illusion, entrepreneurshipAbstract
This qualitative research focuses on the complexity of the decision-making process of professional venture capital investors in the United Arab Emirates. The research aimed to study the potential influence of self-enhancement, understood as positive illusion, on the venture capital decision-making process.
It seemed useful to look at professional investment decision-making through the lens of positive illusions, as it adds new knowledge to the complex and under-explored area, especially considering the different dynamics faced by venture capitalists in this young, yet fast growing and globally impacted entrepreneurial ecosystem in the United Arab Emirates. From a social point of view, the relevance of this research is twofold. The insights benefit all stakeholders within the entrepreneurial ecosystem since venture capital investors act as smart money enablers and connectors between limited partners and founders. Beyond, it emphasizes on the complexity of decision-making and stresses on the requirement of educating the general public and all professionals alike.
Data collection was conducted via semi-structured and individual interviews with venture capital investors operating in the United Arab Emirates. This research is based on grounded theory as a method of analysis of the collected data, with the aim to deepen the object of the search beyond the simple descriptive analysis.
Foremost, the results provide a deeper understanding of the challenges faced by professional investors in this nascent entrepreneurial ecosystem in relation to investment decision-making, interactions and thought processes directed at various stakeholders. Secondly, the results emphasize on the relationship between individual susceptibility towards self-enhancing, positive illusion, the individual context each
individual investor is in and the required dynamics in investment decision-making whilst operating in this nascent entrepreneurial ecosystem. Thirdly, the results also revealed mechanisms how investors suppress or even potentially eliminate positive illusion from influencing the decision-making process. Finally, a model emerged from the data highlighting the interplay and relationship between the different forms of positive illusion and its potential influence on investment decision-making, detailing how ecosystem-relevant variables impact decision-making. The ending of this thesis consists of a conclusion with recommendations to professionals as well as suggestions for further avenues of research.
References
Albadvi, A., Chaharsooghi, S. K., & Esfahanipour, A. (2007). Decision making in stock
trading: An application of PROMETHEE. European journal of operational
research, 177(2), 673-683.
Alemany, L., & Villanueva, J. (2014). Early-Stage Investors’ Criteria and New Venture
Financial Performance: Are They Related?. Available at SSRN 2456197.
Alexander, S. Bailey. 1993. Fundamental Of Investment, 2.
Alicke, M. D. (1985). Global self-evaluation as determined by the desirability and
controllability of trait adjectives. Journal of personality and social psychology, 49(6),
Arkes, H. R. (1981). Impediments to accurate clinical judgment and possible ways to
minimize their impact. Journal of consulting and clinical psychology, 49(3), 323.
Baker, M. K., Kennedy, D. J., Bohle, P. L., Campbell, D., Wiltshire, J. H., & Singh, M. A. F.
(2011). Core self-evaluation as a predictor of strength training adoption in older
adults. Maturitas, 68(1), 88-93.
Banal-Estañol, A., Macho-Stadler, I., Nieto-Postigo, J., & Pérez-Castrillo, J. D. (2019). Early
Individual Stakeholders, First Venture Capital Investment, and Exit in the UK Startup
Ecosystem. GSE, Graduate School of Economics.
Bandura, A. (1989). Regulation of cognitive processes through perceived self-
efficacy. Developmental psychology, 25(5), 729.
Barr, P. S., Stimpert, J. L., & Huff, A. S. (1992). Cognitive change, strategic action, and
organizational renewal. Strategic management journal, 13(S1), 15-36.
Bertaux, D. (1981). Biography and Society, The Life History Approach in the Social Sciences.
Beverly Hills, USA: Sage.
Bonnet, C., & Wirtz, P. (2012). Raising capital for rapid growth in young technology ventures:
when business angels and venture capitalists coinvest. Venture Capital, 14(2-3), 91-
Bopp, M., Braun, J., Gutzwiller, F., Faeh, D., & Swiss National Cohort Study Group. (2012).
Health risk or resource? Gradual and independent association between self-rated
health and mortality persists over 30 years. PloS one, 7(2).
Brehmer, A., & Brehmer, B. (1988). FROM THIRTY YEARS OF POLICY
CAPTURING2. Human judgment: The SJT view, 75.
Brickman, P., Coates, D., & Janoff-Bulman, R. (1978). Lottery winners and accident victims:
Is happiness relative?. Journal of personality and social psychology, 36(8), 917.
Brown, J. D. (1986). Evaluations of self and others: Self-enhancement biases in social
judgments. Social cognition, 4(4), 353-376.
Burger, J. M. (1989). Negative reactions to increases in perceived personal control. Journal
of personality and social psychology, 56(2), 246.
Charles River Associates, & Experimental Technology Incentives Program (US). (1976). An
Analysis of Venture Capital Market Imperfections: Executive Summary. National
Technical Information Service.
Charmaz K. (1983). The grounded theory method: An explication and interpretation. In
Contemporary Field Research: A Collection of Readings (Emerson R.M. ed.),
Waveland Press, Prospect Heights, IL, pp. 109±126.
Charmaz, K., & Belgrave, L. L. (2007). Grounded theory. The Blackwell encyclopedia of
sociology.
Chen, G., Gully, S. M., & Eden, D. (2001). Validation of a new general self-efficacy
scale. Organizational research methods, 4(1), 62-83.
Chesler, M. (1987). Professionals' views of the 'dangers' of self-help groups.
Colvin, C. R., Block, J., & Funder, D. C. (1995). Overly positive self-evaluations and
personality: negative implications for mental health. Journal of personality and social
psychology, 68(6), 1152.
Corbin J. (1986). Coding, writing memos, and diagramming. In From Practice to Grounded
Theory: Qualitative Research in Nursing (Chenitz W.C. & Swanson J.M. eds),
Addison-Wesley, Menlo Park, CA, pp. 102±120.
Cooper, I. A., & Carleton, W. T. (1979). Dynamics of borrower-lender interaction: partitioning
final payoff in venture capital finance. The Journal of Finance, 34(2), 517-529.
Crocker, J. (1982). Biased questions in judgment of covariation studies. Personality and
Social Psychology Bulletin, 8(2), 214-220.
Dowie, J., & Elstein, A. (Eds.). (1988). Professional judgment: A reader in clinical decision
making. Cambridge university press.
Dunn, K. (2005). ‘Interviewing’, in I. Hay (ed.) Qualitative Research Methods in Human
Geography (2nd edn). Melbourne: Oxford University Press, pp. 79–105.
Eaves, Y. D. (2001). A synthesis technique for grounded theory data analysis. Journal of
advanced nursing, 35(5), 654-663.
Edwards, R. D., Magee, J., & Bassetti, W. C. (2018). Technical analysis of stock trends. CRC
press.
Fenton‐O'Creevy, M., Nicholson, N., Soane, E., & Willman, P. (2003). Trading on illusions:
Unrealistic perceptions of control and trading performance. Journal of occupational
and organizational psychology, 76(1), 53-68.
Fitza, M., Matusik, S. F., & Mosakowski, E. (2009). Do VCs matter? The importance of
owners on performance variance in start‐up firms. Strategic Management
Journal, 30(4), 387-404.
Fleming, J., & Darley, J. M. (1986). Perceiving Intension in Constrained Behavior: The Role
of Purposeful and Constrained Action Cues in Correspondence Bias E¤ ects. mimeo,
Princeton University.
Freeman, R. E., Harrison, J. S., Wicks, A. C., Parmar, B. L., & De Colle, S. (2010).
Stakeholder theory: The state of the art.
Fried, V. H., & Hisrich, R. D. (1994). Toward a model of venture capital investment decision
making. Financial management, 28-37.
Friedland, N., Keinan, G., & Regev, Y. (1992). Controlling the uncontrollable: effects of stress
on illusory perceptions of controllability. Journal of personality and social
psychology, 63(6), 923.
Gigerenzer, G. (2014). Risk savvy: How to make good decisions. Allen Lane/Penguin Books.
Glaser B.G. & Strauss A.L. (1967). The Discovery of Grounded Theory. Aldine, Chicago.
Glaser B.G. (1978). Theoretical Sensitivity Advances in the Methodology of Grounded Theory.
The Sociology Press, Mill Valley, CA.
Goldberg LR. (1999). A broad-bandwidth, public-domain, personality inventory measuring
the lower-level facets of several five-factor models. In Mervielde I, Deary IJ, De Fruyt
F, Ostendorf F (Eds.), Personality psychology in Europe (Vol.7,pp.7-28). Tilburg, The
Netherlands: Tilburg University Press.
Gollwitzer, P. M. and Kinney, R. F. (1989). Effects of deliberative and implemental mind-sets
on illusion of control. Journal of personality and social psychology, 56(4), 531.
Gompers, P. and Lerner, J. (2001). The venture capital revolution. Journal of economic
perspectives, 15(2), 145-168.
Gompers, P., Kovner, A., Lerner, J., & Scharfstein, D. (2010). Performance persistence in
entrepreneurship. Journal of financial economics, 96(1), 18-32.
Gompers, P. A., Mukharlyamov, V., & Xuan, Y. (2016). The cost of friendship. Journal of
Financial Economics, 119(3), 626-644.
Gompers, P. A., Gornall, W., Kaplan, S. N., & Strebulaev, I. A. (2020). How do venture
capitalists make decisions?. Journal of Financial Economics, 135(1), 169-190.
Gonzales, A., & Zimbardo, P. G. (1985). Die Zeit, die wir uns nehmen. Psychologie heute, 7,
-37.
Gordon, A., Sharpe, W. F., & Bailey, J. V. (1993). Fundamentals of investments. Basım,
Englewood Cliffs, Canada.
Gorman, M., & Sahlman, W. A. (1989). What do venture capitalists do?. Journal of business
venturing, 4(4), 231-248.
Gosling, S. D., John, O. P., Craik, K. H., & Robins, R. W. (1998). Do people know how they
behave? Self-reported act frequencies compared with on-line codings by
observers. Journal of personality and social psychology, 74(5), 1337.
Government Innovation Labs - Mohammed bin Rashid Centre for Government Innovation.
(n.d.). Retrieved May 17, 2020, from
https://www.mbrcgi.gov.ae/en/experiment/government-innovation-labs
Gray-Little, B., Williams, V. S., & Hancock, T. D. (1997). An item response theory analysis
of the Rosenberg Self-Esteem Scale. Personality and social psychology
bulletin, 23(5), 443-451.
Greenwald, A. G. (1980). The totalitarian ego: Fabrication and revision of personal
history. American psychologist, 35(7), 603.
Hall, J., & Hofer, C. W. (1993). Venture capitalists' decision criteria in new venture
evaluation. Journal of business venturing, 8(1), 25-42.
Harter, S., Sternberg, R. J., & Kolligian, J. (1990). Competence considered. In Causes,
correlates, and the functional role of global self-worth: a life-span perspective (pp.
-97). Yale University Press New Haven, Connecticut.
Heckhausen, J., & Schulz, R. (1995). A life-span theory of control. Psychological
review, 102(2), 284.
Hellmann, T. (1998). The allocation of control rights in venture capital contracts. The Rand
Journal of Economics, 57-76.
Hinai, M. A. (2019, February 16). The rise of the Gulf's creative entrepreneurs. Retrieved May
, 2020, from https://www.thenational.ae/business/comment/the-rise-of-the-gulf-s-
creative-entrepreneurs-1.826336
Hochberg, Y. V., Ljungqvist, A., & Lu, Y. (2007). Whom you know matters: Venture capital
networks and investment performance. The Journal of Finance, 62(1), 251-301.
Hochberg, Y. V., Mazzeo, M. J., & McDevitt, R. C. (2015). Specialization and competition
in the venture capital industry. Review of Industrial Organization, 46(4), 323-347.
Home - UAE Vision 2021. (n.d.). Retrieved May 21, 2020, from
Houghton, S. M., Simon, M., Aquino, K., & Goldberg, C. (2000). No safety in numbers: the
effects of cognitive biases on risk perception at the team level. Group and
Organization Management, 25(4), 325-53.
Hsu, D. H. (2007). Experienced entrepreneurial founders, organizational capital, and venture
capital funding. Research policy, 36(5), 722-741.
Huberman, A. M., & Miles, M. B. (1991). Analyse des données qualitatives: Recueil de
nouvelles méthodes [Analysis of qualitative data: Collection of new
methods]. Brussels, Belgium: De Boeck University.
Ibtikar Talks - Mohammed bin Rashid Centre for Government Innovation. (n.d.). Retrieved
May 17, 2020, from https://www.mbrcgi.gov.ae/en/enable/ibtikar-talks
Innovation - Official UAE Govt. Website. (n.d.). Retrieved May 17, 2020, from
https://u.ae/en/about-the-uae/the-uae-government/government-of-future/innovation-
in-the-uae
Ismail, E. A., & Medhat, M. I. (2019). What determines Venture Capital investment decisions?
Evidence from the emerging VC market in Egypt. The Journal of Entrepreneurial
Finance, 21(2), 1.
Jackson PR, Wall TD, Martin R, Davids K. (1993). New measures of job control, cognitive
demand, and production responsibility. Journal of Applied Psychology, 78,753-762.
John, O. P., & Robins, R. W. (1994). Accuracy and bias in self-perception: individual
differences in self-enhancement and the role of narcissism. Journal of personality and
social psychology, 66(1), 206.
Johnson-Laird, P.N. 1989. Mental models. In M. Posner, ed., Foundations of Cognitive
Science. Cambridge, MA: The MIT Press.
Judge, T. A., Locke, E. A., & Durham, C. C. (1997). The dispositional causes of job
satisfaction: A core evaluations approach. Research in Organizational Behavior, 19,
–188.
Judge, T. A., Erez, A., Bono, J. E., & Thoresen, C. J. (2003). The core self‐evaluations scale:
Development of a measure. Personnel psychology, 56(2), 303-331.
Judge, T. A., Heller, D., & Klinger, R. (2008). The dispositional sources of job satisfaction:
A comparative test. Applied Psychology, 57(3), 361-372.
Kahneman, D., & Tversky, A. (1979). On the interpretation of intuitive probability: A reply
to Jonathan Cohen.
Kaplan, S. N., & Strömberg, P. (2000). How do venture capitalists choose
investments. Working Paper, University of Chicago, 121, 55-93.
Kaplan, S. N., & Strömberg, P. (2001). Venture capitals as principals: contracting, screening,
and monitoring. American Economic Review, 91(2), 426-430.
Kaplan, S. N., & Strömberg, P. E. (2004). Characteristics, contracts, and actions: Evidence
from venture capitalist analyses. The Journal of Finance, 59(5), 2177-2210.
Kaplan, S. N., Sensoy, B. A., & Strömberg, P. (2009). Should investors bet on the jockey or
the horse? Evidence from the evolution of firms from early business plans to public
companies. The Journal of Finance, 64(1), 75-115.
Kaplan, S. N., & Lerner, J. (2016). Venture capital data: Opportunities and
challenges. Measuring entrepreneurial businesses: Current knowledge and
challenges, 413-431.
Khan, A. M. (1987). Assessing venture capital investments with non-compensatory behavioral
decision models. Journal of Business Venturing, 2(3), 193-205.
Khan, A. M. (1987). Modelling venture capital investments. Technovation, 6(1), 25-35.
Koh, Y. (2016, March 17). Study: Immigrants Founded 51% of U.S. Billion-Dollar Startups.
Retrieved May 17, 2020, from https://blogs.wsj.com/digits/2016/03/17/study-
immigrants-founded-51-of-u-s-billion-dollar-startups/
Langer, E. J., & Roth, J. (1975). Heads I win, tails it's chance: The illusion of control as a
function of the sequence of outcomes in a purely chance task. Journal of personality
and social psychology, 32(6), 951.
Laschinger, H. K. S., Finegan, J., & Wilk, P. (2011). Situational and dispositional influences
on nurses' workplace well-being: The role of empowering unit leadership. Nursing
research, 60(2), 124-131.
Lauria, V. (2018, March 29). Eyes On Dubai: Evaluating The Gulf Region As A Startup
Haven. Retrieved May 17, 2020, from
https://www.forbes.com/sites/vinnielauria/2018/03/28/eyes-on-dubai-evaluating-the-
gulf-region-as-a-startup-haven/#1e3e495724f5
Leary, M. R. (2007). Motivational and emotional aspects of the self. Annu. Rev. Psychol., 58,
-344.
Levenson, H. (1981). Differentiating among internality, powerful others, and
chance. Research with the locus of control construct, 1, 15-63.
Lewicki, R. J. (1983). Lying and deception: A behavioral model. Negotiating in
organizations, 68, 90.
Locke EA, McClear K, Knight D. (1996). Self-esteem and work. International Review of
Industrial Organizational Psychology, I, 1-32.
Longhurst, R. (2003). Semi-structured interviews and focus groups. Key methods in
geography, 3(2), 143-156.
MacMillan, I. C., Siegel, R., & Narasimha, P. S. (1985). Criteria used by venture capitalists
to evaluate new venture proposals. Journal of Business venturing, 1(1), 119-128.
MacMillan, I. C., Zemann, L., & Subbanarasimha, P. N. (1987). Criteria distinguishing
successful from unsuccessful ventures in the venture screening process. Journal of
business venturing, 2(2), 123-137.
Mahajan, J. (1992). The overconfidence effect in marketing management predictions. Journal
of Marketing Research, 29(3), 329-342.
Makridakis, S., & Moleskis, A. (2015). The costs and benefits of positive illusions. Frontiers
in psychology, 6, 859.
March, J. G., & Shapira, Z. (1987). Managerial perspectives on risk and risk
taking. Management science, 33(11), 1404-1418.
Marsden, C. A. (2006). Dopamine: the rewarding years. British journal of
pharmacology, 147(S1), S136-S144.
Matute, H. (1995). Human reactions to uncontrollable outcomes: Further evidence for
superstitions rather than helplessness. The Quarterly Journal of Experimental
Psychology, 48(2), 142-157.
Miller, D. T., & Ross, M. (1975). Self-serving biases in the attribution of causality: Fact or
fiction? Psychological bulletin, 82(2), 213.
Morse J.M. & Field P.A. (1995). Qualitative Research Methods for Health Professionals 2nd
edn. Sage, Thousand Oaks, CA.
Muzyka, D., Birley, S., & Leleux, B. (1996). Trade-offs in the investment decisions of
European venture capitalists. Journal of Business Venturing, 11: 273-288.
Nabil, Y. (2019, April 10). Top five VC deals in first quarter of 2019. Retrieved May 20,
, from https://www.wamda.com/2019/04/biggest-vc-deals-quarter-2019
Nishimura, A. L., Oliveira, J. R. M., & Zatz, M. (2009). The human serotonin transporter gene
explains why some populations are more optimistic?. Molecular Psychiatry, 14(9),
-828.
Oskamp, S. 1982. “Overconfidence in Case-Study Judgments.” In D. Kahneman, P. Slovic,
and A. Tversky, eds., Judgment under Uncertainty: Heuristics and Biases. New York:
Cambridge University Press.
Innovation and Vision 2021. (2022, May 17). Innovation. Retrieved July 13, 2022, from
https://u.ae/en/about-the-uae/the-uae-government/government-of-future/innovation-
in-the-uae
Parhankangas, A., & Hellström, T. (2007). How experience and perceptions shape risky
behaviour: Evidence from the venture capital industry. Venture Capital, 9(3), 183-
Paulhus, D. L. (1998). Interpersonal and intrapsychic adaptiveness of trait self-enhancement:
A mixed blessing?. Journal of personality and social psychology, 74(5), 1197.
Perloff, L. S., & Fetzer, B. K. (1986). Self–other judgments and perceived vulnerability to
victimization. Journal of Personality and social Psychology, 50(3), 502.
Petty, J. S., & Gruber, M. (2011). “In pursuit of the real deal”: A longitudinal study of VC
decision making. Journal of Business Venturing, 26(2), 172-188.
Poindexter, J. B. (1976). The efficiency of financial markets: the venture capital case.
University Microfilms.
Public Sector Innovation Diploma - Mohammed bin Rashid Centre for Government
Innovation. (n.d.). Retrieved May 17, 2020, from
https://www.mbrcgi.gov.ae/en/enable/public-sector-innovation-diploma
Robertson, L. S. (1977). Car crashes. Journal of Community Health, 3(2), 136-141.
Rodin, J., & Salovey, P. (1989). Health psychology. Annual review of psychology.
Reiser, G. (2019, September 9). PropertyFinder valued at $500 million, Dubizzle valued at
$400 million. Retrieved May 18, 2020, from
https://foreignbuyerswatch.com/2019/01/31/propertyfinder-valued-at-500-million-
dubizzle-valued-at-400-million/
Riquelme, H., & Rickards, T. (1992). Hybrid conjoint analysis: An estimation probe in new
venture decisions. Journal of Business Venturing, 7(6), 505-518.
Robins, RW, & John, OP (1997a). Effects of visual perspective and narcissism on self-
perception: Is seeing. adolescence, 70, 157-171.
Robins, R. W., & Beer, J. S. (2001). Positive illusions about the self: short-term benefits and
long-term costs. Journal of personality and social psychology, 80(2), 340.
Rothbaum, F., Weisz, J. R., & Snyder, S. S. (1982). Changing the world and changing the
self: A two-process model of perceived control. Journal of personality and social
psychology, 42(1), 5.
Rotter, J. B. (1966). Generalized expectancies for internal versus external control of
reinforcement. Psychological monographs: General and applied, 80(1).
Rosenberg M. (1965). Sociey and the adolescent self-image. Princeton, NJ: Princeton
University Press.
Sandberg, W. R., Schweiger, D. M., & Hofer, C. W. (1989). The use of verbal protocols in
determining venture capitalists’ decision processes. Entrepreneurship theory and
practice, 13(2), 8-20.
Schefczyk, M., & Gerpott, T. J. (2001). Qualifications and turnover of managers and venture
capital-financed firm performance: An empirical study of German venture capital-
investments. Journal of Business Venturing, 16(2), 145-163.
Shedler, J., Mayman, M., & Manis, M. (1993). The illusion of mental health. American
Psychologist, 48(11), 1117.
Shepherd, D. A. (1999). Venture capitalists' assessment of new venture survival. Management
science, 45(5), 621-632.
Shepherd, D. A. (1999). Venture capitalists' introspection: A comparison of" in use" and"
espoused" decision policies. Journal of Small Business Management, 37(2), 76.
Strauss, A., & Corbin, J. (1990). Basics of qualitative research. Sage publications.
Strauss, A., & Corbin, J. (1994). Grounded theory methodology. Handbook of qualitative
research, 17, 273-85.
Silva, J. (2004). Venture capitalists' decision-making in small equity markets: a case study
using participant observation. Venture capital, 6(2-3), 125-145.
Sitkin, S. B., & Pablo, A. L. (1992). Reconceptualizing the determinants of risk
behavior. Academy of management review, 17(1), 9-38.
Staff, M. B. (2019, April 3). Careem's story will inspire young people in MENA to launch and
join startups, says Mudassir Sheikha. Retrieved May 18, 2020, from
https://www.menabytes.com/careem-story-inspiration-youth/
Startup Panorama. (2019, June). Startup Panorama A Viewpoint on the UAE’s
Entrepreneurial Landscape. Retrieved from
https://www.dubaichamber.com/dubaistartuphub/wp-
content/uploads/2019/01/Startup-PanoramaE2_June.pdf
Sørensen, O., & Stuart, T. E. (2001). Syndication networks and the spatial distribution of
venture capital investments. American journal of sociology, 106(6), 1546-1588.
Sørensen, M. (2007). How smart is smart money? A two‐sided matching model of venture
capital. The Journal of Finance, 62(6), 2725-2762.
Tasa, K., Sears, G. J., & Schat, A. C. (2011). Personality and teamwork behavior in context:
The cross‐level moderating role of collective efficacy. Journal of Organizational
Behavior, 32(1), 65-85.
Taylor, S. E., & Brown, J. D. (1988). Illusion and well-being: a social psychological
perspective on mental health. Psychological bulletin, 103(2), 193.
Taylor, S. E., & Brown, J. D. (1994). Positive illusions and well-being revisited: separating
fact from fiction.
Thompson, S. C. (1981). Will it hurt less if I can control it? A complex answer to a simple
question. Psychological bulletin, 90(1), 89.
Thompson, S. C., Cheek, P. R., & Graham, M. A. (1988). The other side of perceived control:
Disadvantages and negative effects.
Tyebjee, T. T., & Bruno, A. V. (1984). A model of venture capitalist investment
activity. Management science, 30(9), 1051-1066.
UAE Vision 2021. (n.d.). Retrieved May 21, 2020, from https://www.vision2021.ae/en
Wallmeroth, J., Wirtz, P., & Groh, A. (2017). Institutional Seed Financing, Angel Financing,
and Crowdfunding of Entrepreneurial Ventures: A Literature Review.
Wannon, M. (1990). Children's control attributions about controllable and uncontrollable
events: Their relationship to stress-resiliency and psychosocial
adjustment. Unpublished doctoral dissertation, University of Rochester.
Watson, D. (2000). Mood and temperament. Guilford Press.
Weber, E. U., & Hsee, C. (1998). Cross-cultural differences in risk perception, but cross-
cultural similarities in attitudes towards perceived risk. Management science, 44(9),
-1217.
Weinstein, N. D. (1980). Unrealistic optimism about future life events. Journal of personality
and social psychology, 39(5), 806.
Wells, W. A. (1974). Venture capital decision-making (Doctoral dissertation, Carnegie-
Mellon University).
Whyte, G., Saks, A. M., & Hook, S. (1997). When success breeds failure: The role of self‐
efficacy in escalating commitment to a losing course of action. Journal of
Organizational Behavior: The International Journal of Industrial, Occupational and
Organizational Psychology and Behavior, 18(5), 415-432.
Zacharakis, A. L., & Meyer, G. D. (1995). The venture capitalist decision: understanding
process versus outcome. Frontiers of entrepreneurship research, 1995, 465-78.
Zacharakis, A. L., & Meyer, G. D. (1998). A lack of insight: do venture capitalists really
understand their own decision process?. Journal of business venturing, 13(1), 57-76.
Zacharakis, A. L., & Meyer, G. D. (2000). The potential of actuarial decision models: can they
improve the venture capital investment decision?. Journal of business
venturing, 15(4), 323-346.
Zacharakis, A., & Shepherd, D. A. (2007). The pre-investment process: Venture capitalists'
decision policies. Handbook of research on venture capital, 1, 177.
Zell, E., Strickhouser, J. E., Sedikides, C., & Alicke, M. D. (2020). The better-than-average
effect in comparative self-evaluation: A comprehensive review and meta-
analysis. Psychological Bulletin, 146(2), 118.
Zhang, J. (2007). Access to venture capital and the performance of venture-backed start-ups
in Silicon Valley. Economic Development Quarterly, 21(2), 124-147.
Zuckerman, M., Bruce, M., Kieffer, S., Knee, C. R., & Rawsthorne, L. (1996). Realistic and
Unrealistic Control Scales. Duke University Press.
Fintech Startup Funds and Support Programs in the UAE. (2020, April 24). Retrieved May
, 2020, from https://fintechnews.ae/4383/abudhabi/10-fintech-startup-funds-and-
support-programs-in-the-uae/
