Do I have a big ego? Angel investors' narcissism and investment behaviors

Wan-Chien Lien, Jianhong Chen and Jeffrey Sohl

Journal of Business Venturing, 2022, vol. 37, issue 5

Abstract: In this study, we draw on the threatened egotism theory to examine the effect of angel narcissism on their investment behaviors and the boundary condition of past investment performance. We propose that angel narcissism is positively related to deal size and portfolio industry diversification but negatively related to the number of co-investors. Moreover, past investment performance moderates these relationships such that the effects of angel narcissism on their investment behaviors are stronger when past investment performance is lower. Data from a longitudinal analysis of 133 angels from 2010 to 2019 largely supported our hypotheses. Our study, the first to examine angel narcissism, highlights the psychological foundation of angel investing.

Keywords: Angel investors; Investment behaviors; Narcissism; Past investment performance (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0883902622000593
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:jbvent:v:37:y:2022:i:5:s0883902622000593

DOI: 10.1016/j.jbusvent.2022.106247

Access Statistics for this article

Journal of Business Venturing is currently edited by S. Venkataraman

More articles in Journal of Business Venturing from Elsevier
Bibliographic data for series maintained by Catherine Liu ().