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Angel investor's selection criteria: a comparative institutional perspective

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Ding, Z., Sun, S. L. and Au, K. (2014) Angel investor's selection criteria: a comparative institutional perspective. Asia Pacific Journal of Management, 31 (3). pp. 705-731. ISSN 1572-9958

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To link to this item DOI: 10.1007/s10490-014-9374-z

Abstract/Summary

Despite the important role of angel investors as critical financial providers for new ventures, little is known regarding how institutions make their investment decisions. While angels make decisions based on selection criteria during the first stage, they are also embedded within and affected by different institutional settings and as a result weight these criteria differently than other investors. We compare angel investors' selection criteria in China and Denmark using the comparative institutional perspective. We use a policy capturing approach and hierarchy linear modeling, revealing that since Chinese angels are embedded within relationship-based institutional settings they tend to reply more on strong ties such as family and friends in management team, as well as weighting risks less compared to Danish angels operating within more rule-based institutional contexts.

Item Type:Article
Refereed:Yes
Divisions:Henley Business School > Leadership, Organisations and Behaviour
ID Code:70990
Uncontrolled Keywords:Comparative institutional perspective Entrepreneurship Angel investor Emerging economies China Denmark
Publisher:Springer

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