A Cross-Country Investigation of Micro-Angel Investment Activity: The Roles of New Business Opportunities and Institutions,
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Publication type
Journal articlePublication Year
2012Journal
International Business ReviewPublication Volume
21Publication Issue
2Publication Begin page
117Publication End page
129
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Building on international business literature and institutional theory, we examine the joint roles of new business opportunity availability and key formal and informal institutions in a country for explaining the incidence of micro-angel investment activity. Micro-angel investments should increase to the extent that countries demonstrate (1) greater availability of new business opportunities, (2) more protective legal systems, and (3) stronger embeddedness of members in interrelationships. More protective legal systems and stronger embeddedness also may play moderating roles, such that they amplify the relationship between the availability of new business opportunities and the incidence of micro-angel investment activity. Finally, legal protection and embeddedness can substitute for each other, such that the effect of one becomes suppressed at higher levels of the other. Data drawn from different cross-national data sources support these hypotheses. This study is among the first to explain cross-country differences in micro-angel investment activity.Keyword
EntrepreneurshipKnowledge Domain/Industry
Entrepreneurshipae974a485f413a2113503eed53cd6c53
10.1016/j.ibusrev.2011.02.001