Network dynamics in business angel group investment decisions

Vincenzo Butticè, Annalisa Croce and Elisa Ughetto

Journal of Corporate Finance, 2021, vol. 66, issue C

Abstract: Investors within a Business Angel (BA) group are embedded in a cohesive network of relationships that arises from past joint investments. In this paper, we have studied how the network position of a BA within this network affects the likelihood that a company will receive investments from the BA group. We have hypothesized a curvilinear, inverse U-shaped relationship between the centrality of the BA and the probability of a company being funded by the BA group. Moreover, we have explored how the experience of a BA and the geographical proximity between the BA and the company influence such a relationship.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:eee:corfin:v:66:y:2021:i:c:s092911992030256x

DOI: 10.1016/j.jcorpfin.2020.101812

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