Business angel post-investment activities: a multi-level review

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• 作者：Andreas Fili ; Jaan Grünberg
• 关键词：Review ; Business angels ; Post ; investment involvement ; Governance processes ; Organizational membership
• 刊名：Journal of Management & Governance
• 出版年：2016
• 出版时间：March 2016
• 年：2016
• 卷：20
• 期：1
• 页码：89-114
• 全文大小：538 KB
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• 作者单位：Andreas Fili (1)
  Jaan Grünberg (2)
  
  1. Centre for Banking and Finance, KTH Royal Institute of Technology, 10044, Stockholm, Sweden
  2. Department of Business Studies, Uppsala University, Box 513, 75120, Uppsala, Sweden
  
• 刊物主题：Management/Business for Professionals; Accounting/Auditing; Industrial Organization; Sociology, general;
• 出版者：Springer US
• ISSN：1572-963X

文摘

In this article, empirical research on post-investment activities of business angels is reviewed and conceptualized as five distinct governance processes: boundary spanning, structuring, leadership, doing, and monitoring. These processes have the potential to reduce the exposure of business angels to relational risk and market risk. The identification of these governance processes also contributes towards understanding the social aspect of business angels’ post investment involvement. In particular, it is shown how the recognition of the cognitive/institutional dimension opens up for new questions about post-investment involvement. Finally, it is proposed that venture performance can be enhanced in practice if business angels and venture members develop skills that are connected to the governance processes. Keywords Review Business angels Post-investment involvement Governance processes Organizational membership