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Are business angel-backed companies truly different? a comparative analysis of the financial structure

Julien Salin and Nadine Levratto ()

No 2020-5, EconomiX Working Papers from University of Paris Nanterre, EconomiX

Abstract: Through a new eye on corporate finance theories of small firms and of business angel financing determinants, this paper reconsiders the impact of Business Angels on financial structure of backed firms using matching method and a unique individual dataset of French companies over the 2009-2015 period. It shows that the signal effect of Business angel investment, improving access to external finance from another investor is limited. This paper contributes to the corporate finance literature by investigating on the validity of principal corporate finance theories. It also brings insight to the understanding of value added of BA on backed firms.

Keywords: Keywords: Business angels; Financial Structure; Informal venture capital; Matching techniques (search for similar items in EconPapers)
JEL-codes: G24 L25 L26 M13 O16 (search for similar items in EconPapers)
Pages: 46 pages
Date: 2020
New Economics Papers: this item is included in nep-cfn, nep-ent, nep-eur and nep-sbm
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Persistent link: https://EconPapers.repec.org/RePEc:drm:wpaper:2020-5

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