This study investigates whether the individual attributes and investment approaches of business angels (BAs) affect the growth of funded companies by distinguishing between two firm types: gazelles and ponies. We draw upon an original data set comprising 265 small Italian firms (49 that received BA financing and 216 in the propensity score matched control group). Building on insights drawn from the resource-based view and absorptive capacity theory, we find that BAs with entrepreneurial experience positively affect the sales growth of gazelles only. Moreover, the role of BAs' investment experience and coaching in the growth rates of both gazelles and ponies is insignificant. Interestingly, monitoring helps boost ponies' performance but stifles growth among gazelles.

Gazelles, ponies, and the impact of business angels’ characteristics on firm growth / A. Croce, E. Ughett, S. Bonini, V. Capizzi. - In: JOURNAL OF SMALL BUSINESS MANAGEMENT. - ISSN 0047-2778. - (2020). [Epub ahead of print] [10.1080/00472778.2020.1844489]

Gazelles, ponies, and the impact of business angels’ characteristics on firm growth

S. Bonini
Co-primo
;
2020

Abstract

This study investigates whether the individual attributes and investment approaches of business angels (BAs) affect the growth of funded companies by distinguishing between two firm types: gazelles and ponies. We draw upon an original data set comprising 265 small Italian firms (49 that received BA financing and 216 in the propensity score matched control group). Building on insights drawn from the resource-based view and absorptive capacity theory, we find that BAs with entrepreneurial experience positively affect the sales growth of gazelles only. Moreover, the role of BAs' investment experience and coaching in the growth rates of both gazelles and ponies is insignificant. Interestingly, monitoring helps boost ponies' performance but stifles growth among gazelles.
Gazelle; business angel; firm growth
Settore SECS-P/11 - Economia degli Intermediari Finanziari
nov-2020
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Utilizza questo identificativo per citare o creare un link a questo documento: http://hdl.handle.net/2434/788889
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