Investing Human Capital: Angel Cognition and Active Involvement in Business Angel Groups

Peter Wirtz, Christophe Bonnet (), Laurence Cohen and Christophe Haon ()
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Christophe Bonnet: GDF - Gestion, Droit et Finance - EESC-GEM Grenoble Ecole de Management
Christophe Haon: MKT - Marketing - EESC-GEM Grenoble Ecole de Management

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Abstract: The present research sets out to reach a better understanding of the determinants of business angels' active involvement in making business angel groups accomplish diverse functions and building cognitive resources and shared competencies. We develop a framework where angels' decision making style and professional experience are key in explaining their degree and type of involvement with diverse business angel group activities. To test the related propositions, we conduct a questionnaire survey with the members of one of the largest French business angel groups. Our results show that business angels with a control-oriented decision-making style, as well as angels with previous professional experiences as a CEO and in marketing and sales, tend to be more actively involved in key angel group activities, both with regard to investment related activities and angel group management activities. While discussing the results, we propose a tentative model of angel group cognition and outcomes for future extensions of the present research.

Keywords: decision; business angel groups; business angel group activities; groupe de business angels; activités d’un groupe de business angels; style de prise de décision; capital humain (search for similar items in EconPapers)
Date: 2020
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-02374570v1
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Citations: View citations in EconPapers (2)

Published in Revue de l'Entrepreneuriat, 2020, 19 (1), pp.43-60. ⟨10.3917/entre1.191.0043⟩

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Working Paper: Investing Human Capital: Angel Cognition and Active Involvement in Business Angel Groups (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-02374570

DOI: 10.3917/entre1.191.0043

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