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.
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