The relationship between venture capital investments and invested companies operating in technoparks and the mediator role of organizational structure in this relationship

Venture capital investment is a model that finances companies in early stage. Early stage companies especially technology-based ones have difficulties in finding traditional financial source such as bank loans. Therefore, venture capital investments, that provide an important alternative, has been increasing in recent years. Technoparks are clusters where universities, research institutions and the business come together and host companies engaged in research and development activies. In this research, the relationship between venture capital investments and invested firms operating in technoparks and the mediator role of organizational structure in this relationship is examined. Regression analysis was performed on the data of 379 participants. Results show that there is a significant relationship between the environmental technological level of the company and the venture capital investment. According to the results, operating in the technopark has a negative effect on venture capital investment. However, the organizational structure's mediator role has a suppression effect on the relationship between the operating in the technopark and venture capital investment, so the indirect effect of operating in the technopark on venture capital investment through the organizational structure turned to positive. Organic organizational structure positively affects the venture capital investment, and this effect suppresses the negative effect of the operating in the technopark on venture capital investment. As a result of the analysis, it has been concluded that the organizational structure of the firm is more effective than the place of operation in venture capital investment.