Angel investors around the world

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Angel investors around the world. / Cumming, Douglas; Zhang, Minjie.

In: Journal of International Business Studies, Vol. 50, No. 5, 01.07.2019, p. 692-719.

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Cumming, Douglas ; Zhang, Minjie. / Angel investors around the world. In: Journal of International Business Studies. 2019 ; Vol. 50, No. 5. pp. 692-719.

Bibtex

@article{0bfd0eebcccf47809270191634e5d5aa,
title = "Angel investors around the world",
abstract = "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{\textquoteright}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.",
keywords = "angel investor, culture, entrepreneurship, law and finance, private equity, venture capital",
author = "Douglas Cumming and Minjie Zhang",
year = "2019",
month = jul,
day = "1",
doi = "10.1057/s41267-018-0178-0",
language = "English",
volume = "50",
pages = "692--719",
journal = "Journal of International Business Studies",
issn = "0047-2506",
publisher = "Springer Vieweg",
number = "5",

}

RIS

TY - JOUR

T1 - Angel investors around the world

AU - Cumming, Douglas

AU - Zhang, Minjie

PY - 2019/7/1

Y1 - 2019/7/1

N2 - 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.

AB - 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.

KW - angel investor

KW - culture

KW - entrepreneurship

KW - law and finance

KW - private equity

KW - venture capital

UR - http://www.scopus.com/inward/record.url?scp=85053705267&partnerID=8YFLogxK

U2 - 10.1057/s41267-018-0178-0

DO - 10.1057/s41267-018-0178-0

M3 - Article

AN - SCOPUS:85053705267

VL - 50

SP - 692

EP - 719

JO - Journal of International Business Studies

JF - Journal of International Business Studies

SN - 0047-2506

IS - 5

ER -