Angel investors around the world

Douglas Cumming*, Minjie Zhang

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

17 Citations (Scopus)
659 Downloads (Pure)


We document that the choice between disintermediated individual angel investments and intermediated private equity and venture capital investments depends on legal, economic, and cultural differences. We find evidence of this using PitchBook’s comprehensive data on more than 5000 angel and 80,000 private equity and venture capital investments in 96 countries from 1977 to 2012. The data further indicate that investee firms funded by angels are less likely to successfully exit through either an IPO or an acquisition. These findings are robust to propensity score-matching methods, as well as to clustering standard errors, and excluding U.S. observations, among other approaches.

Original languageEnglish
Pages (from-to)692-719
Number of pages28
JournalJournal of International Business Studies
Issue number5
Early online date16 Sept 2018
Publication statusPublished - 1 Jul 2019


  • angel investor
  • culture
  • entrepreneurship
  • law and finance
  • private equity
  • venture capital

ASJC Scopus subject areas

  • Business and International Management
  • Business, Management and Accounting(all)
  • Economics and Econometrics
  • Strategy and Management
  • Management of Technology and Innovation


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