Contribution of business angel investments: evidence from Estonia
Contribution of business angel investments: evidence from Estonia
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DOI：
10.1108/jcms-08-2022-0033
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发表时间：
2022-11
影响因子：
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通讯作者：
Tetsuya Kirihata
中科院分区：
文献类型：
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作者：
Tetsuya Kirihata
目的本研究旨在分析在东欧新兴国家爱沙尼亚，商业天使（BA）的贡献，定义为富裕的个人谁提供风险资本的创业公司没有家庭关系，设计/方法/approachThis study compared the data of financial and non-financial performance of BA backed firms with that of the“twin”non-BA backed firms，提取所有爱沙尼亚未上市公司使用的倾向得分matching.FindingsThe结果的比较分析表明，BA有足够的耐心，让他们的投资对象为未来的增长，而不是挤压利润增加销售。这不是在被投资方的销售额恶化的情况下没有选择的BA的耐心，而是在被投资方的销售额增长的情况下有选择的BA的故意耐心，这与传统的投资者行为原则相反。它还表明，BA的投资后的参与没有作出直接贡献，他们的被投资方的销售额，虽然BA通过BA资金本身的销售额的增加作出了贡献。独创性/valueThis研究有两个独特的研究贡献。首先，它表明，BA的耐心不是一个副产品，而是故意的，并增加了关于BA是否是耐心投资者的辩论。其次，只有少数研究的贡献，BA在新兴国家的投资对象;这项研究的目的是帮助填补这一研究空白使用爱沙尼亚的情况。
PurposeThis study aims to analyze the contribution of business angels (BAs), defined as wealthy individuals who provide risk capital to entrepreneurial firms without family connections, in Estonia, an emerging country in Eastern Europe.Design/methodology/approachThis study compared the data of the financial and non-financial performance of BA-backed firms with that of “twin” non-BA-backed firms, extracted from all Estonian unlisted firms using propensity score matching.FindingsThe results of the comparative analysis showed that BAs were patient enough to allow their investees to spend for future growth rather than squeezing profit from increased sales. This is not patience without options for a BA in a situation in which the investee's sales are deteriorating, but rather deliberate patience in the presence of options for a BA where the investee's sales growth is increasing, contrary to conventional investor behavioral principles. It also showed that BAs' post-investment involvement did not make a direct contribution to their investees' sales, although BAs contributed to the sales increase through BA funding itself.Originality/valueThis study has two unique research contributions. First, it shows that the patience of BAs was not a by-product but was intentional, and adds to the debate on whether BAs are patient investors. Second, there are only a few studies on the contribution of BAs to their investees in emerging countries; this study aims to help fill this research gap using the case of Estonia.