Abstract
This paper proposes the significance of institutional analysis through the observation of strategies of action. In this paper, the strategies of action, exercised by a venture firm facing the barrier that is constructed by the regulation, are analyzed. The regulation per se is not the barrier for the venture firm. Instead, the practices that are constructed according to the regulation stand up as a barrier against the venture firm, and that practices also could become the resource for the venture firm. At the methodological view, through the observation of strategies of action, we would become able to reconsider the taken for granted concepts.
