The globalization of angel investments: Evidence across countries

• 成果类型: Article
• 署名作者: Lerner, Josh; Schoar, Antoinette; Sokolinski, Stanislav; Wilson, Karen
• 署名单位: Harvard University; Massachusetts Institute of Technology (MIT); Rutgers University System; Rutgers University Newark; Rutgers University New Brunswick; Organisation for Economic Co-operation & Development (OECD)
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2017.05.012
• 发表日期: 2018
• 页码: 1-20
• 关键词: Contracts; Entrepreneurial finance; venture capital

摘要

This paper examines the role of investments by angel groups across a heterogeneous set of 21 countries with varying entrepreneurship ecosystems. Exploiting quasi-random assignment of deals around the groups' funding thresholds, we find a positive impact of funding on firm growth, performance, survival, and follow-on fundraising, which is independent of the level of venture activity and entrepreneur-friendliness in the country. However, the maturity of startups that apply for funding (and are ultimately funded) inversely correlates with the entrepreneurship-friendliness of the country. This may reflect self-censoring by early-stage firms that do not expect to receive funding in these environments. (C) 2017 Elsevier B.V. All rights reserved.