El contexto inversor informalespecificidades del segmento de los business angels

  1. Hoyos Iruarrizaga, Jon
  2. Saiz Santos, María
Revue:
Investigaciones Regionales = Journal of Regional Research

ISSN: 1695-7253,  2340-2717

Année de publication: 2013

Número: 26

Pages: 179-198

Type: Article

DIALNET GOOGLE SCHOLAR lock_openDialnet editor

D'autres publications dans: Investigaciones Regionales = Journal of Regional Research

Résumé

Informal investors play a key role to meet the financing needs of business projects in early stages. However, this is a group in which there are different kinds and ways of dealing with investment. One of these profiles is associated with the figure known as business angel, whose main distinguishing feature is its ability to add smart capital in the form of knowledge, experience and contacts. The aim of this paper is to determine to what extent the specific profile of business angels differ from the rest of informal investors. With a sample of over 800 informal investors in Spain, the empirical results of this study show that the higher income, skills and entrepreneurial training and the less family ties to the entrepreneur, the greater the probability of belonging to business angel investment group.

Références bibliographiques

  • Aernoudt, R. (2005): Business angels: The smartest money for starters? Plea for a renewed policy focus on business angels, International Journal of Business, 10 (3), 271-284.
  • Avdeitchikova, S. (2008): On the structure of the informal venture capital market in Sweeden: Developing investment roles, Venture Capital, 10 (1), 55-85.
  • Christensen, J. L. (2011): Should government support business angel Networks? The tale of Danish business angel network, Venture Capital, 13 (4), 337-356.
  • Collewaert, V.; Manigart, S., y Aernoudt, R. (2010): Assessment of government funding of business angel networks in Flanders, Regional Studies, 44 (1), 119-130.
  • De Clercq, D.; Fried, V.; Lehtonen, O., and Sapienza, H. J. (2006): An Entrepreneur's Guide to the Venture Capital Galaxy, Academy of Management Perspectives, 20, 90-112.
  • Diaz, E.; Roure, J.; Segurado, J. L.; Souto, J. E.; Garcia, M.; Trucharte, P., y Cid, I. (2010): NEBTs 2010: Nuevas Empresas de Base Tecnológica, Madrid: Fundacion Madrid para el Conocimiento y Comunidad de Madrid.
  • EBAN (2010): Early stage investing: An asset class in support of the EU strategy for growth and jobs, White Paper, European Business Angel Network, October 2010, Bruselas, http://www.eban.org/resource-center/publications/eban-publications.
  • Erikson, T.; Sorheim, R., y Reitan, B. (2003): Family angels vs. other informal investors, Family Business Review, 16 (3), 163-171.
  • Fernandez, J. C., y Ubierna, A. (2011): El papel del sector publico como venture capitalist: como favorecer a las nuevas empresas de base tecnologica, Papeles de Economía Española, 127, 204-222.
  • Freear, J.; Sohl, J. E., y Wetzel, W. E. (1994): Angels and Non-Angels: Are there differences?, Journal of Business Venturing, 9 (2), 109-123.
  • Guemes, J. J., Coduras, A., y Cruz, C. (2010): Global Entrepreneurship Monitor. Informe GEM España 2010, Madrid: Instituto de Empresa, IE Business School.
  • Harrison, R. T., y Mason, C. M. (1992): International perspectives on the supply of informal venture capital, Journal of Business Venturing, 7 (6), 459-475.
  • Harrison, R., y Mason, C. (1999): Editorial: An overview of informal venture capital research, Venture Capital, 1 (1), 95-100.
  • Harrison, R.; Mason, C., y Robson, P. (2010): Determinants of long-distance investing by business angels in the UK, Entrepreneurship and Regional Development, 22 (2), 113-137.
  • Heirman, A., y Clarysse, B. (2004): How and why do research-based start-ups differ at founding? A resource-based configurational perspective, Journal of Technology Transfer, 29, 247-268.
  • Lengyel, Z., y Gulliford, J. (1997): The informal venture capital experience, London: Local Investment Networking Company.
  • Mason, C. M. (2006): Informal sources of venture finance, in S. Parker (ed.), The lyfe cicle of entrepreneurial ventures, International Handbook Series on Entrepreneurship, USA: Springer, 259-299.
  • Mason, C. M., y Harrison, R. T. (1995): Closing the regional equity gap: The role of informal venture capital, Small Business Economics, 7, 153-172.
  • Mason, C. M., y Harrison, R. T. (2000): Informal venture capital and the financing of emergent growth businesses, in D. L. Sexton y H. Landstrom (eds.), The Blackwell handbook of entrepreneurship, Oxford: Blackwell, 221-239.
  • Mason, C. M., y Harrison, R. T. (2008): Measuring business angel investment activity in the United Kingdom: a review of potential data sources, Venture Capital, 10 (4), 309-330.
  • Maula, M. V. J.; Autio, E., y Murray, G. C. (2005): Corporate venture capitalists and independent venture capitalists: What do they know, who do they know, and should entrepreneurs care?, Venture Capital, 7 (1), 3-21.
  • Maxwell, A. L.; Jeffrey, S. A., y Levesque, M. (2011): Business angel early stage decision making, Journal of Business Venturing, 26, 212-225.
  • Ministry of Education (2011): Panorama de la educación. Indicadores OCDE 2011. Informe español, Madrid: Secretaria de Estado de Educacion y Formacion Profesional, Instituto de Evaluacion.
  • OECD (2011): Financing high-growth firms: The role of angel investors, OECD Publishing. http://dx.doi.org/10.1787/9789264118782-en (descargado el 19 de diciembre de 2011).
  • Perez, C. (2005): Métodos estadísticos avanzados en SPSS, Madrid: Thomson Ediciones.
  • Pirnay, F.; Surlemont, B., y Nlemvo, F. (2003): Toward a typology of university spin-offs, Small Business Economics, 21, 355-369.
  • Politis, D. (2008): Business angels and value added: What do we know and where do we go?, Venture Capital, 10 (2), 127-147.
  • Politis, D., y Landstrom, H. (2002): Informal investors as entrepreneurs. The development of an entrepreneurial career, Venture Capital, 4 (2), 78-101.
  • Reynolds, P. D.; Bygrave, W. D., y Autio, E. (2003): Global Entrepreurship Monitor: Executive report 2003, UK: Wellesley, MA and London, Babson College, London Business School and Kauffman Foundation.
  • Van Osnabrugge, M., y Robinson, R. (2000): Angel investing, San Francisco: Jossey Bass.
  • Wong, P. K., y Ho, Y. P. (2007): Characteristics and determinants of informal investment in Singapore, Venture Capital, 9 (1), 43-70.
La source de données: Dialnet