To invest or not to invest the business Angel´s dilemma

IF 15.6 1区管理学 Q1 BUSINESS

Journal of Innovation & Knowledge Pub Date : 2025-03-27 DOI:10.1016/j.jik.2025.100699

Oscar Arroyo-Revilla , Cayetano Medina-Molina , Carlos Bellón Núñez-Mera , Noemí Pérez-Macías

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引用次数: 0

Abstract

Business Angels (BAs) are pivotal in early-stage funding for entrepreneurship. This study explores the factors influencing BA investment decisions. We propose a theoretical model based on signaling theory to assess the impact of signals about the quality of entrepreneurs and projects on investment assessments and decisions. Using qualitative comparative analysis (QCA) on 88 survey responses from BAs in Spain, we identify the signal combinations influencing both preliminary evaluation and final investment decisions.

Our findings highlight two key insights. First, both entrepreneurial and project-related factors are crucial in assessing opportunities and making investment decisions, with the entrepreneur's personal characteristics, particularly trust, being vital. Second, we examine the varying configurations of evaluation criteria used by BAs at different investment stages, revealing that selection criteria evolve from initial screening to the final decision, challenging the previously believed compensatory decision model.

This article enhances the understanding of investment criteria asymmetry, providing valuable insights for the entrepreneurial ecosystem to close funding rounds effectively and revealing significant heterogeneity in BAs investment strategies, thus confirming the concept of equifinality.

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投资还是不投资是创业天使的两难选择

商业天使在创业初期的融资中起着至关重要的作用。本研究探讨影响航空公司投资决策的因素。我们提出了一个基于信号理论的理论模型，以评估企业家和项目质量信号对投资评估和决策的影响。利用定性比较分析（QCA）对西班牙88个BAs的调查回应，我们确定了影响初步评估和最终投资决策的信号组合。我们的研究结果突出了两个关键的见解。首先，在评估机会和做出投资决策时，企业家和项目相关因素都是至关重要的，企业家的个人特征，特别是信任，是至关重要的。其次，我们考察了投资银行在不同投资阶段使用的不同评估标准配置，揭示了选择标准从初始筛选到最终决策的演变，挑战了之前认为的补偿决策模型。本文增强了对投资标准不对称的理解，为创业生态系统有效完成融资回合提供了有价值的见解，揭示了BAs投资策略的显著异质性，从而证实了均衡性的概念。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Innovation & Knowledge Multiple-

CiteScore

16.10

自引率

12.70%

发文量

118

审稿时长

37 days

期刊介绍： The Journal of Innovation and Knowledge (JIK) explores how innovation drives knowledge creation and vice versa, emphasizing that not all innovation leads to knowledge, but enduring innovation across diverse fields fosters theory and knowledge. JIK invites papers on innovations enhancing or generating knowledge, covering innovation processes, structures, outcomes, and behaviors at various levels. Articles in JIK examine knowledge-related changes promoting innovation for societal best practices. JIK serves as a platform for high-quality studies undergoing double-blind peer review, ensuring global dissemination to scholars, practitioners, and policymakers who recognize innovation and knowledge as economic drivers. It publishes theoretical articles, empirical studies, case studies, reviews, and other content, addressing current trends and emerging topics in innovation and knowledge. The journal welcomes suggestions for special issues and encourages articles to showcase contextual differences and lessons for a broad audience. In essence, JIK is an interdisciplinary journal dedicated to advancing theoretical and practical innovations and knowledge across multiple fields, including Economics, Business and Management, Engineering, Science, and Education.