Business angels et performance des entreprises: une analyse empirique sur données françaises

Nadine Levratto and Luc Tessier

Innovations, 2016, vol. n° 49, issue 1, 141-176

Abstract: Research on the contribution of the Businesses Angels (BA) to the economic growth is still recent and rare, particularly in France. In order to compare the dynamics of companies backed by BA with companies which are not, we perform an empirical analysis consisting in considering multivariate models assessing the influence of the intervention of BA on various indicators. Our analysis rests on a single database made up of 300 French companies financed by BA. The results obtained make it possible to determine to what extent the intervention of a BA influences a firm?s growth path. It exerts an ambiguous effect on job creation, an almost null effect on the turnover but obviously supports the achievement of productive investments. These results are robust insofar as they do not depend on the reference sample retained. They also remain valid under various specifications of the models obtained thanks to the introduction of various explained variables. JEL Codes : L25, L26, M13

Keywords: Business Angels; SMEs growth; financing; France (search for similar items in EconPapers)
JEL-codes: L25 L26 M13 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (2)

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