Angels or Sharks? The Role of Personal Characteristics in Angel Investment Decisions

Thomas Jason Boulton · Thomas Shohfi · Pengcheng Zhu

39 citations0/0 files storedJournal of Small Business Management

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Private Equity and Venture Capital Entrepreneurship Studies and Influences FinTech, Crowdfunding, Digital Finance

Abstract

We use actual negotiations between angel investors and entrepreneurs to study the impact of personal characteristics on investment outcomes. We construct a unique dataset with 707 investment requests led by 1,089 entrepreneurs and find that the personal characteristics of the entrepreneur, including gender, race, and age, are correlated with requested valuations, the likelihood that an offer is received, and the implied valuation when an angel investor extends an offer. Shared personal characteristics between entrepreneurs and investors also affect the likelihood that an investor makes an offer, the entrepreneur accepts an offer, and the implied valuation when an offer is extended.

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References

2004Frontiers of Entrepreneurship Research 2006Opportunity Recognition as the Detection of Meaningful Patterns: Evidence from Comparisons of Novice and Experienced Entrepreneurs 2003The financing of business start-ups 2010The effects of entrepreneurship education 2003Discrimination in the Small-Business Credit Market 2000Access to Capital and Terms of Credit: A Comparison of Men- and Women- Owned Small Businesses 2009Marketing Under Uncertainty: The Logic of an Effectual Approach 2000On the survival prospects of men's and women's new business ventures

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