Entrepreneurial Firms and Bank Financing: Do Business Angels Play a Role?

IF 2.1 3区经济学 Q2 BUSINESS, FINANCE

European Financial Management Pub Date : 2024-12-13 DOI:10.1111/eufm.12537

Vincenzo Capizzi, Nicola Carta, Elisa Cavezzali, Ugo Rigoni

引用次数: 0

Abstract

This paper investigates the contribution provided by business angels' (BAs) post-investment intervention to the interaction between young entrepreneurial firms and bank lending decisions within the entrepreneurial finance ecosystem. The analysis relies on a data set comprising 114 Italian BA-backed firms over the 2010–2018 period, alongside 498 matched firms. We find evidence that BAs' support makes it easier for entrepreneurial firms to raise follow-on bank financing. Additionally, we document the positive effects of both BAs' entrepreneurial experience and soft monitoring. These effects can be attributed to BAs' value-added contributions and their role in mitigating information asymmetries perceived by debt providers.

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创业公司与银行融资：商业天使在其中起作用吗？

本文研究了在创业金融生态系统中，创业天使投资后干预对年轻创业公司与银行贷款决策之间互动的贡献。该分析依赖于2010年至2018年期间由114家意大利银行支持的公司以及498家匹配公司组成的数据集。我们发现有证据表明，银行的支持使创业公司更容易获得后续银行融资。此外，我们还记录了BAs创业经历和软监控的积极影响。这些影响可归因于银行的增值贡献及其在缓解债务提供者所感知的信息不对称方面的作用。

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

European Financial Management BUSINESS, FINANCE-

CiteScore

4.30

自引率

18.20%

发文量

期刊介绍： European Financial Management publishes the best research from around the world, providing a forum for both academics and practitioners concerned with the financial management of modern corporation and financial institutions. The journal publishes signficant new finance research on timely issues and highlights key trends in Europe in a clear and accessible way, with articles covering international research and practice that have direct or indirect bearing on Europe.