THE CHALLENGES OF BUSINESS ANGEL INVESTING IN EMERGING MARKETS

William Scheela
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William Scheela: Bemidji State University, USA

in ABEM Conference Proceedings from Academy of Business and Emerging Markets (ABEM), Canada, currently edited by Satyendra Singh

Abstract: The purpose of the study is to analyze the challenges facing business angel financing in emerging markets by integrating four published papers that report on field studies of 80 business angels who invest in start-ups in four emerging Southeast Asian countries. We use institutional theory to better understand the challenges of business angel investing in emerging countries typically lacking strong institutions, which can be described, in most cases, as institutional voids. Our research question is: what are the barriers facing business angels when investing in institutional voids, which makes it more challenging to invest in and develop seed- and early-stage entrepreneurial firms? We find that the major barriers are inexperienced entrepreneurs and business angels and a lack of government leadership and support for angel investing. In spite of operating in significant institutional voids business angels report positive investment returns. We contribute to both institutional theory and business angel literatures.

Keywords: BUSINESSANGEL; INVESTMENTS; EMERGING MARKETS (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:ris:abemcp:023395

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