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The impact of financial capital, human capital and social capital on the evolution of Business Angel Networks
KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.ORCID iD: 0000-0003-0920-6585
KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
Umeå School of Business and Economics, Umeå University.
2013 (English)In: International Journal of Corporate Governance, ISSN 1754-3037, E-ISSN 1754-3045, Vol. 4, no 3, 209-228 p.Article in journal (Refereed) Published
Abstract [en]

Business angels are very important for the growth and development of start–ups as they contribute much needed capital and competence to these firms. During the past decades the formation and growth of Business Angel Networks (BANs) has become an increasingly common phenomenon and an important issue for policy–makers in most Western economies. In this paper, we follow the inception and development of three local BANs. The data in this paper come from in–depth interviews with the founders of the networks as well as bankers, civil servants, entrepreneurs and local politicians. The results indicate that capital alone will not guarantee success in a BAN rather it is a combination of the financial capital, human capital and social capital among the founding partners of the network.

Place, publisher, year, edition, pages
Inderscience, 2013. Vol. 4, no 3, 209-228 p.
Keyword [en]
business angels, networks, investments, financing, entrepreneurship, Sweden
National Category
Business Administration
Identifiers
URN: urn:nbn:se:kth:diva-137375DOI: 10.1504/IJCG.2013.056259OAI: oai:DiVA.org:kth-137375DiVA: diva2:678830
Note

QC 20140207

Available from: 2013-12-13 Created: 2013-12-13 Last updated: 2017-12-06Bibliographically approved
In thesis
1. Noncontractual Governance Strategies of Business Angels in the Post-Investment Venture Relationship
Open this publication in new window or tab >>Noncontractual Governance Strategies of Business Angels in the Post-Investment Venture Relationship
2014 (English)Doctoral thesis, comprehensive summary (Other academic)
Abstract [en]

Business angels fulfil an important economic role in society by getting involved in early-stage ventures. This dissertation aspires to advance our knowledge of the governance strategies used by business angels in the venture relationship, based on the idea that the choice of governance strategies depends on the individual venture but is also shaped by the strategies adopted by any business angel network (BAN) the business angel is part of.

Major findings are twofold. First, the analysis suggests that governance strategies are role-contingent. The role of the business angel vis-a-vis the venture changes, typically from outsider to insider, as the relationship transitions through different stages. Business angels should only use governance strategies that are perceived as legitimate for their role. Moreover, all strategies do not mix well and some may even neutralize each other when used together. The impact of the BAN on the action of the individual business angel is not straightforward: the formalization of a BAN will certainly restrict individual action, but, on the other hand, it seems that the BAN can also be useful for managing conflicts.

Second, results indicate that conceptualizing the long-term dynamic of the investor-venture relationship in terms of any single theoretical perspective, be it agency theory, procedural justice, or norm-based influence, is too simplistic. The utility of each theoretical perspective is role-contingent: a business angel in the outsider role is better understood with agency theory, whereas a business angel in the insider role is better understood with norm-based influence theory.

The empirical data on individual business angels comes mainly from 30 interviews with 21 business angels, and some supplementary data. The analysis of BANs is made differently and based on a different data set consisting of approximately 150 interviews with BAN members, civil servants, politicians, banks, accountants, and entrepreneurs.

Place, publisher, year, edition, pages
Stockholm: KTH Royal Institute of Technology, 2014. 93 p.
Series
TRITA/KTH/CEFIN-DT, ISSN 1654-9376 ; 10
Keyword
business angels, post-investment, relationship, governance, role contingency, mentoring, investor roles, venture
National Category
Business Administration
Research subject
Business Studies
Identifiers
urn:nbn:se:kth:diva-155318 (URN)978-91-87111-01-3 (ISBN)
Public defence
2014-11-14, F3, Lindstedtsvägen 26, Stockholm, 15:00 (Swedish)
Opponent
Supervisors
Note

QC 20141104

Available from: 2014-11-04 Created: 2014-11-04 Last updated: 2014-11-04Bibliographically approved

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Fili, Andreas

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