Angel investors around the world

• 成果类型: Article
• 署名作者: Cumming, Douglas; Zhang, Minjie
• 署名单位: State University System of Florida; Florida Atlantic University; University of Birmingham; University of Windsor
• 刊物名称: JOURNAL OF INTERNATIONAL BUSINESS STUDIES
• ISSN/ISSBN: 0047-2506
• DOI: 10.1057/s41267-018-0178-0
• 发表日期: 2019
• 页码: 692-719
• 关键词: private equity; angel investor; venture capital; entrepreneurship; law and finance; culture

摘要

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.