Angel time horizon and industry preferences: The moderating role of personal wealth

Jianhong Chen, Wan-Chien Lien, Jeffrey E. Sohl and Danny Miller

Journal of Small Business Management, 2025, vol. 63, issue 6, 2799-2824

Abstract: This study explores a fundamental strategic decision for angel investors: which industry to invest in? We focus on angel time horizon—the extent to which an angel considers distant possible future outcomes of current behaviors—and examine its effect on the capital intensity and popularity of the industries in which angels invest. Using a longitudinal sample of 619 angels from 2010 to 2019, we find that angel time horizon is positively related to industry capital intensity and negatively related to industry popularity. Moreover, we find that having less personal wealth enhances the effect of angel time horizon on industry capital intensity and popularity. Our study establishes angels’ time horizons and personal wealth as critical antecedents of their portfolio industry selection strategies.

Date: 2025
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DOI: 10.1080/00472778.2024.2449002

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