商业天使网络的国际化:辛迪加会增加跨境投资回报吗?

IF 2.8 4区管理学 Q2 BUSINESS, FINANCE

Venture Capital Pub Date : 2022-06-02 DOI:10.1080/13691066.2022.2082898

Henrik Wesemann, Torben Antretter

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引用次数: 3

摘要

摘要本文研究了跨境商业天使投资的绩效效应。通过对某商业天使投资平台上815笔投资的分析，我们发现(地理和文化)距离与投资回报呈倒u型关系。我们进一步表明，大型财团中的商业天使对地理和文化距离的成本不太敏感，并获得持续更高的回报。我们的研究对商业天使国际化的相关文献有所贡献，并突出了共同投资网络的作用:网络资源使商业天使能够降低跨境投资的交易成本，提高投资回报。

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The internationalization of business angel networks: do syndicates increase cross-border investment returns?

ABSTRACT This paper investigates the performance effects of cross-border business angel investments. Examining 815 investments on a business angel investment platform, we find an inverted U-shaped relationship between (geographic and cultural) distance and investment returns. We further show that business angels in large syndicates are less sensitive to the costs of both geographic and cultural distance and earn consistently higher returns. Our study contributes to the literature on business angel internationalization and highlights the role of co-investment networks: network resources allow business angels to mitigate transaction costs associated with cross-border investments and improve their investment returns.

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来源期刊

Venture Capital BUSINESS, FINANCE-

CiteScore

4.10

自引率

16.70%

发文量

期刊介绍： Venture Capital publishes cutting edge research-based papers from academics and practitioners on all aspects of private equity finance such as: •institutional venture capital •informal venture capital •corporate venture capital •public sector venture capital •community venture capital It also covers all aspects of the venture capital process from investment decision to exit, including studies on: •investment patterns •investment decision-making •investment performance •realisation of investment value exit routes (including the relationship with junior capital markets such as NASDAQ, EASDAQ, AIM and Nouvelle March). •economic impact and public policy