The performance of angel-backed companies

Stefano Bonini; Vincenzo CAPIZZI; PAOLA ZOCCHI

doi:10.1016/j.jbankfin.2018.12.006

The performance of angel-backed companies

Stefano Bonini, Vincenzo CAPIZZI, PAOLA ZOCCHI

Dipartimento di Studi per l'Economia e l'Impresa

Risultato della ricerca: Contributo su rivista › Articolo in rivista › peer review

Abstract

We provide empirical evidence of the post-investment performance and survivorship profile of angelbacked companies, filling a long-standing gap within the entrepreneurial finance literature. Using a unique database of 111 angel-backed companies that received angel investments between 2008 and 2012 and at least 3 years of post-investment financial data, we develop an innovative performance metric and show that the performance and the probability of survival of investee companies are positively affected by the presence of angel syndicates and the hands-on involvement of business angels, while they are negatively related to the intensity of angel monitoring and the time structure of equity provision. Our results are robust to several endogeneity tests and provide insights on the multifaceted contributions of angel investors to the performance and survival of new ventures.

Lingua originale	Inglese
pagine (da-a)	328-345
Numero di pagine	18
Rivista	JOURNAL OF BANKING & FINANCE
Volume	100
Numero di pubblicazione	3
DOI	https://doi.org/10.1016/j.jbankfin.2018.12.006
Stato di pubblicazione	Pubblicato - 2019

Keywords

Business angels Start-ups Co-investors Performance Survival

Accesso al documento

10.1016/j.jbankfin.2018.12.006

http://hdl.handle.net/11579/99244

Altri file e collegamenti

handle

Cita questo

@article{c349f5cd1edd4ffa8aa8afeb1a494ad4,

title = "The performance of angel-backed companies",

abstract = "We provide empirical evidence of the post-investment performance and survivorship profile of angelbacked companies, filling a long-standing gap within the entrepreneurial finance literature. Using a unique database of 111 angel-backed companies that received angel investments between 2008 and 2012 and at least 3 years of post-investment financial data, we develop an innovative performance metric and show that the performance and the probability of survival of investee companies are positively affected by the presence of angel syndicates and the hands-on involvement of business angels, while they are negatively related to the intensity of angel monitoring and the time structure of equity provision. Our results are robust to several endogeneity tests and provide insights on the multifaceted contributions of angel investors to the performance and survival of new ventures.",

keywords = "Business angels Start-ups Co-investors Performance Survival, Business angels Start-ups Co-investors Performance Survival",

author = "Stefano Bonini and Vincenzo CAPIZZI and PAOLA ZOCCHI",

note = "Publisher Copyright: {\textcopyright} 2018 Elsevier B.V.",

year = "2019",

doi = "10.1016/j.jbankfin.2018.12.006",

language = "English",

volume = "100",

pages = "328--345",

journal = "JOURNAL OF BANKING & FINANCE",

issn = "0378-4266",

number = "3",

}

TY - JOUR

T1 - The performance of angel-backed companies

AU - Bonini, Stefano

AU - CAPIZZI, Vincenzo

AU - ZOCCHI, PAOLA

PY - 2019

Y1 - 2019

N2 - We provide empirical evidence of the post-investment performance and survivorship profile of angelbacked companies, filling a long-standing gap within the entrepreneurial finance literature. Using a unique database of 111 angel-backed companies that received angel investments between 2008 and 2012 and at least 3 years of post-investment financial data, we develop an innovative performance metric and show that the performance and the probability of survival of investee companies are positively affected by the presence of angel syndicates and the hands-on involvement of business angels, while they are negatively related to the intensity of angel monitoring and the time structure of equity provision. Our results are robust to several endogeneity tests and provide insights on the multifaceted contributions of angel investors to the performance and survival of new ventures.

AB - We provide empirical evidence of the post-investment performance and survivorship profile of angelbacked companies, filling a long-standing gap within the entrepreneurial finance literature. Using a unique database of 111 angel-backed companies that received angel investments between 2008 and 2012 and at least 3 years of post-investment financial data, we develop an innovative performance metric and show that the performance and the probability of survival of investee companies are positively affected by the presence of angel syndicates and the hands-on involvement of business angels, while they are negatively related to the intensity of angel monitoring and the time structure of equity provision. Our results are robust to several endogeneity tests and provide insights on the multifaceted contributions of angel investors to the performance and survival of new ventures.

KW - Business angels Start-ups Co-investors Performance Survival

UR - https://iris.uniupo.it/handle/11579/99244

U2 - 10.1016/j.jbankfin.2018.12.006

DO - 10.1016/j.jbankfin.2018.12.006

M3 - Article

SN - 0378-4266

VL - 100

SP - 328

EP - 345

JO - JOURNAL OF BANKING & FINANCE

JF - JOURNAL OF BANKING & FINANCE

IS - 3

ER -

The performance of angel-backed companies

Abstract

Keywords

Accesso al documento

Altri file e collegamenti

Fingerprint

Cita questo