메뉴 건너뛰기




Volumn 26, Issue 2, 2011, Pages 212-225

Business angel early stage decision making

Author keywords

Business angels; Decision making; Elimination by aspects; Qualitative analysis

Indexed keywords


EID: 78751591726     PISSN: 08839026     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jbusvent.2009.09.002     Document Type: Article
Times cited : (357)

References (66)
  • 1
    • 14944362186 scopus 로고    scopus 로고
    • The negotiation dance: time, culture, and behavioral sequences in negotiation
    • Adair W.L., Brett J.M. The negotiation dance: time, culture, and behavioral sequences in negotiation. Organization Science 2005, 16(1):33-51.
    • (2005) Organization Science , vol.16 , Issue.1 , pp. 33-51
    • Adair, W.L.1    Brett, J.M.2
  • 2
    • 3943093970 scopus 로고    scopus 로고
    • Key success factors for technological entrepreneurs' R&D projects
    • Åstebro T. Key success factors for technological entrepreneurs' R&D projects. IEEE Transactions on Engineering Management 2004, 51(3):314-321.
    • (2004) IEEE Transactions on Engineering Management , vol.51 , Issue.3 , pp. 314-321
    • Åstebro, T.1
  • 3
    • 34547501589 scopus 로고    scopus 로고
    • Inventor perseverance after being told to quit: the role of cognitive biases
    • Åstebro T., Jeffrey S.A., Adomdza G.K. Inventor perseverance after being told to quit: the role of cognitive biases. Journal of Behavioral Decision Making 2007, 20(3):253-272.
    • (2007) Journal of Behavioral Decision Making , vol.20 , Issue.3 , pp. 253-272
    • Åstebro, T.1    Jeffrey, S.A.2    Adomdza, G.K.3
  • 4
    • 42449107693 scopus 로고    scopus 로고
    • Financing early stage technology based companies: investment criteria used by investors. In Reynolds, P.D., Bygrave, W.D., Butler, J.E., Birley, S & Davidsson, P. (Eds). Frontiers of Entrepreneurship Research (Proceedings of the 16th Annual Entrepreneurship Research Conference), Babson College, Wellesley, MA.
    • Bachher, J.S., Guild, P.D., 1996. Financing early stage technology based companies: investment criteria used by investors. In Reynolds, P.D., Bygrave, W.D., Butler, J.E., Birley, S & Davidsson, P. (Eds). Frontiers of Entrepreneurship Research (Proceedings of the 16th Annual Entrepreneurship Research Conference), pp. 363-376, Babson College, Wellesley, MA.
    • (1996) , pp. 363-376
    • Bachher, J.S.1    Guild, P.D.2
  • 5
    • 0031209852 scopus 로고    scopus 로고
    • Factors for success in R&D projects and new product innovation: A contextual framework
    • Balachandra B., Friar J.H. Factors for success in R&D projects and new product innovation: A contextual framework. IEEE Transactions on Engineering Management 1997, 44(3):276-287.
    • (1997) IEEE Transactions on Engineering Management , vol.44 , Issue.3 , pp. 276-287
    • Balachandra, B.1    Friar, J.H.2
  • 6
  • 8
    • 47249135408 scopus 로고    scopus 로고
    • The impact of entrepreneurs' oral 'pitch' presentation skills on business angels' initial screening investment decisions
    • Clark C. The impact of entrepreneurs' oral 'pitch' presentation skills on business angels' initial screening investment decisions. Venture Capital 2008, 10(3):257-279.
    • (2008) Venture Capital , vol.10 , Issue.3 , pp. 257-279
    • Clark, C.1
  • 14
    • 84991041589 scopus 로고    scopus 로고
    • Angles on angels: financing technology-based ventures: a historical perspective
    • Freear J., Sohl J.E., Wetzel W.E. Angles on angels: financing technology-based ventures: a historical perspective. Venture Capital 2002, 4(4):275-287.
    • (2002) Venture Capital , vol.4 , Issue.4 , pp. 275-287
    • Freear, J.1    Sohl, J.E.2    Wetzel, W.E.3
  • 15
    • 84897901578 scopus 로고
    • Game shows and economic behavior: risk taking on 'card sharks'
    • Gertner R. Game shows and economic behavior: risk taking on 'card sharks'. Quarterly Journal of Economics 1993, 108(2):507-521.
    • (1993) Quarterly Journal of Economics , vol.108 , Issue.2 , pp. 507-521
    • Gertner, R.1
  • 16
    • 0032375657 scopus 로고    scopus 로고
    • Psychology and the study of marital processes
    • Gottman J.M. Psychology and the study of marital processes. Annual Review of Psychology 1998, 49:169-197.
    • (1998) Annual Review of Psychology , vol.49 , pp. 169-197
    • Gottman, J.M.1
  • 17
    • 38249028188 scopus 로고
    • Informal risk capital investors: investment patterns on the east coast of the USA
    • Haar N.E., Starr J., MacMillan I.C. Informal risk capital investors: investment patterns on the east coast of the USA. Journal of Business Venturing 1988, 3:11-29.
    • (1988) Journal of Business Venturing , vol.3 , pp. 11-29
    • Haar, N.E.1    Starr, J.2    MacMillan, I.C.3
  • 19
    • 0001779071 scopus 로고
    • Venture capitalists' decision criteria in new venture evaluation
    • Hall J., Hofer C.W. Venture capitalists' decision criteria in new venture evaluation. Journal of Business Venturing 1993, 8(1):25-42.
    • (1993) Journal of Business Venturing , vol.8 , Issue.1 , pp. 25-42
    • Hall, J.1    Hofer, C.W.2
  • 20
    • 34748899040 scopus 로고    scopus 로고
    • Who really wants to be a millionaire: estimates of risk aversion from game show data
    • University of Warwick, UK
    • Hartley R., Lanot G., Walker I. Who really wants to be a millionaire: estimates of risk aversion from game show data. Warwick Economic Research Papers 2005, vol. 719. University of Warwick, UK.
    • (2005) Warwick Economic Research Papers , vol.719
    • Hartley, R.1    Lanot, G.2    Walker, I.3
  • 22
    • 0002731826 scopus 로고
    • Timid choices and bold forecasts: a cognitive perspective on risk taking
    • Kahneman D., Lovallo D. Timid choices and bold forecasts: a cognitive perspective on risk taking. Management Science 1993, 39(1):17-31.
    • (1993) Management Science , vol.39 , Issue.1 , pp. 17-31
    • Kahneman, D.1    Lovallo, D.2
  • 23
    • 42549090938 scopus 로고    scopus 로고
    • Business angel research: the road traveled and the journey ahead
    • Edward Elgar, Cheltenham, UK, H. Landström (Ed.)
    • Kelly P. Business angel research: the road traveled and the journey ahead. Handbook of Research on Venture Capital 2007, 315-331. Edward Elgar, Cheltenham, UK. H. Landström (Ed.).
    • (2007) Handbook of Research on Venture Capital , pp. 315-331
    • Kelly, P.1
  • 25
    • 34547465783 scopus 로고    scopus 로고
    • I think I can, I think I can: overconfidence and entrepreneurial behavior
    • Koellinger P., Minniti M., Schade C. I think I can, I think I can: overconfidence and entrepreneurial behavior. Journal of Economic Psychology 2007, 28(4):502-527.
    • (2007) Journal of Economic Psychology , vol.28 , Issue.4 , pp. 502-527
    • Koellinger, P.1    Minniti, M.2    Schade, C.3
  • 27
    • 0032058426 scopus 로고    scopus 로고
    • Informal investors as entrepreneurs
    • Landström H. Informal investors as entrepreneurs. Technovation 1998, 18(5):321-333.
    • (1998) Technovation , vol.18 , Issue.5 , pp. 321-333
    • Landström, H.1
  • 29
    • 10244236608 scopus 로고    scopus 로고
    • Testing theories of discrimination: evidence from weakest link
    • Levitt S.D. Testing theories of discrimination: evidence from weakest link. Journal of Law and Economics 2004, 47(2):431-452.
    • (2004) Journal of Law and Economics , vol.47 , Issue.2 , pp. 431-452
    • Levitt, S.D.1
  • 31
    • 42549134850 scopus 로고    scopus 로고
    • Informal sources of venture finance
    • Springer, New York, S.C. Parker (Ed.)
    • Mason C.M. Informal sources of venture finance. The Life Cycle of Entrepreneurial Ventures 2006, 259-299. Springer, New York. S.C. Parker (Ed.).
    • (2006) The Life Cycle of Entrepreneurial Ventures , pp. 259-299
    • Mason, C.M.1
  • 32
    • 21844481197 scopus 로고
    • Closing the regional equity capital gap: the role of informal venture capital
    • Mason C.M., Harrison R.T. Closing the regional equity capital gap: the role of informal venture capital. Small Business Economics 1995, 7:153-172.
    • (1995) Small Business Economics , vol.7 , pp. 153-172
    • Mason, C.M.1    Harrison, R.T.2
  • 33
    • 0005428917 scopus 로고    scopus 로고
    • Why business angels' say no: a case study of opportunities rejected by an informal investor
    • Mason C.M., Harrison R.T. Why business angels' say no: a case study of opportunities rejected by an informal investor. International Small Business Journal 1996, 14(2):35-51.
    • (1996) International Small Business Journal , vol.14 , Issue.2 , pp. 35-51
    • Mason, C.M.1    Harrison, R.T.2
  • 34
    • 85046052782 scopus 로고    scopus 로고
    • Informal venture capital and the financing of emergent growth businesses
    • Blackwell, Oxford, D. Sexton, H. Landström (Eds.)
    • Mason C.M., Harrison R.T. Informal venture capital and the financing of emergent growth businesses. Handbook of Entrepreneurship 2000, 221-239. Blackwell, Oxford. D. Sexton, H. Landström (Eds.).
    • (2000) Handbook of Entrepreneurship , pp. 221-239
    • Mason, C.M.1    Harrison, R.T.2
  • 36
    • 3042603465 scopus 로고    scopus 로고
    • Auditioning for money: what do technology investors look for at the initial screening stage?
    • Mason C.M., Harrison R.T. Auditioning for money: what do technology investors look for at the initial screening stage?. Journal of Private Equity 2003, 6(2):29-42.
    • (2003) Journal of Private Equity , vol.6 , Issue.2 , pp. 29-42
    • Mason, C.M.1    Harrison, R.T.2
  • 37
    • 0001866665 scopus 로고    scopus 로고
    • The Business Angel's investment decision: an exploratory analysis
    • Paul Chapman Publishing, London, D. Deakins, P. Jennings, C. Mason (Eds.)
    • Mason C., Rogers A. The Business Angel's investment decision: an exploratory analysis. Entrepreneurship in the 1990s 1997, 29-46. Paul Chapman Publishing, London. D. Deakins, P. Jennings, C. Mason (Eds.).
    • (1997) Entrepreneurship in the 1990s , pp. 29-46
    • Mason, C.1    Rogers, A.2
  • 38
    • 3242664551 scopus 로고    scopus 로고
    • What do investors look for in a business plan?
    • Mason C., Stark M. What do investors look for in a business plan?. International Small Business Journal 2004, 22(3):227-248.
    • (2004) International Small Business Journal , vol.22 , Issue.3 , pp. 227-248
    • Mason, C.1    Stark, M.2
  • 39
    • 31144474105 scopus 로고    scopus 로고
    • Entrepreneurial action and the role of uncertainty in the theory of the entrepreneur
    • McMullen J.S., Shepherd D.A. Entrepreneurial action and the role of uncertainty in the theory of the entrepreneur. Academy of Management Review 2006, 31(1):132-152.
    • (2006) Academy of Management Review , vol.31 , Issue.1 , pp. 132-152
    • McMullen, J.S.1    Shepherd, D.A.2
  • 40
    • 0000255643 scopus 로고
    • A natural experiment in 'Jeopardy!'
    • Metrick A. A natural experiment in 'Jeopardy!'. American Economic Review 1995, 85(1):240-253.
    • (1995) American Economic Review , vol.85 , Issue.1 , pp. 240-253
    • Metrick, A.1
  • 41
    • 0002801569 scopus 로고
    • Confirmation bias in a simulated research environment: an experimental study of scientific inference
    • Mynatt C.R., Doherty M.E., Tweney R.D. Confirmation bias in a simulated research environment: an experimental study of scientific inference. Quarterly Journal of Experimental Psychology 1977, 29(1):85-95.
    • (1977) Quarterly Journal of Experimental Psychology , vol.29 , Issue.1 , pp. 85-95
    • Mynatt, C.R.1    Doherty, M.E.2    Tweney, R.D.3
  • 42
    • 0343468534 scopus 로고
    • Telling more than we can know - verbal reports on mental processes
    • Nisbett R.E., Wilson T.D. Telling more than we can know - verbal reports on mental processes. Psychological Review 1977, 84(3):231-259.
    • (1977) Psychological Review , vol.84 , Issue.3 , pp. 231-259
    • Nisbett, R.E.1    Wilson, T.D.2
  • 45
    • 41849142005 scopus 로고    scopus 로고
    • Deal or no deal? Decision making under risk in a large-payoff game show
    • Post T., van den Assem J., Baltussen G., Thaler R. Deal or no deal? Decision making under risk in a large-payoff game show. American Economic Review 2008, 98(1):38-71.
    • (2008) American Economic Review , vol.98 , Issue.1 , pp. 38-71
    • Post, T.1    van den Assem, J.2    Baltussen, G.3    Thaler, R.4
  • 46
    • 78751569015 scopus 로고    scopus 로고
    • PWC Moneytree, Downloaded July 16, 2009 from .
    • PWC Moneytree, 2009. Downloaded July 16, 2009 from https://www.pwcmoneytree.com/MTPublic/ns/moneytree/filesource/exhibits/National_MoneyTree_full_year_Q4_2008_Final.pdf.
    • (2009)
  • 47
    • 54049104449 scopus 로고    scopus 로고
    • Business angels and love money investors: segments of the informal market for risk capital
    • Riding A. Business angels and love money investors: segments of the informal market for risk capital. Venture Capital 2008, 10(4):355-369.
    • (2008) Venture Capital , vol.10 , Issue.4 , pp. 355-369
    • Riding, A.1
  • 49
    • 54049145859 scopus 로고    scopus 로고
    • Investment decision making by business angels
    • Edward Elgar, Cheltenham, UK, H. Landström (Ed.)
    • Riding A., Maddill J., Haines G. Investment decision making by business angels. Handbook of Venture Capital 2007, 332-346. Edward Elgar, Cheltenham, UK. H. Landström (Ed.).
    • (2007) Handbook of Venture Capital , pp. 332-346
    • Riding, A.1    Maddill, J.2    Haines, G.3
  • 52
    • 54049095879 scopus 로고    scopus 로고
    • Center for Venture Research, Downloaded July 16, 2009 from
    • Sohl J.E. Analysis of 2004 Angel Investor Market 2005, Center for Venture Research, Downloaded July 16, 2009 from http://www.unh.edu/news/docs/cvr2004.pdf.
    • (2005) Analysis of 2004 Angel Investor Market
    • Sohl, J.E.1
  • 53
    • 84890768994 scopus 로고    scopus 로고
    • The organization of the informal venture capital market
    • Edward Elgar, Cheltenham, UK, H. Landström (Ed.)
    • Sohl J.E. The organization of the informal venture capital market. Handbook of Research on Venture Capital 2007, 347-370. Edward Elgar, Cheltenham, UK. H. Landström (Ed.).
    • (2007) Handbook of Research on Venture Capital , pp. 347-370
    • Sohl, J.E.1
  • 54
    • 78751567191 scopus 로고    scopus 로고
    • The angel investor market in 2008: a down year in investment dollars but not in deals
    • Downloaded July 16, 2009 from
    • Sohl J.E. The angel investor market in 2008: a down year in investment dollars but not in deals. Center for Venture Research 2009, Downloaded July 16, 2009 from http://wsbe.unh.edu/files/2008_Analysis_Report_Final.pdf.
    • (2009) Center for Venture Research
    • Sohl, J.E.1
  • 55
    • 0342642164 scopus 로고
    • Knee deep in the big muddy: the effect of personal responsibility and decision consequences upon commitment to a previously chosen course of action
    • Staw B.M. Knee deep in the big muddy: the effect of personal responsibility and decision consequences upon commitment to a previously chosen course of action. Organization Behavior and Human Performance 1976, 16:27-44.
    • (1976) Organization Behavior and Human Performance , vol.16 , pp. 27-44
    • Staw, B.M.1
  • 56
    • 0344197726 scopus 로고    scopus 로고
    • Business angels in Germany: an empirical study
    • Stedler H., Peters H. Business angels in Germany: an empirical study. Venture Capital 2003, 5(3):269-276.
    • (2003) Venture Capital , vol.5 , Issue.3 , pp. 269-276
    • Stedler, H.1    Peters, H.2
  • 58
    • 58149416322 scopus 로고
    • Elimination by aspects
    • Tversky A. Elimination by aspects. Psychological Review 1972, 79(4):281-301.
    • (1972) Psychological Review , vol.79 , Issue.4 , pp. 281-301
    • Tversky, A.1
  • 59
    • 0016264378 scopus 로고
    • Judgments under uncertainty: heuristics and biases
    • Tversky A., Kahneman D. Judgments under uncertainty: heuristics and biases. Science 1974, 185:1124-1131.
    • (1974) Science , vol.185 , pp. 1124-1131
    • Tversky, A.1    Kahneman, D.2
  • 60
    • 0012880659 scopus 로고
    • Invention evaluation services: a review of the state of the art
    • Udell G. Invention evaluation services: a review of the state of the art. Journal of Product Innovation Management 1989, 6:157-168.
    • (1989) Journal of Product Innovation Management , vol.6 , pp. 157-168
    • Udell, G.1
  • 61
    • 85011163853 scopus 로고    scopus 로고
    • A comparison of business angel and venture capitalist investment procedures: an agency theory-based analysis
    • van Osnabrugge M. A comparison of business angel and venture capitalist investment procedures: an agency theory-based analysis. Venture Capital: an International Journal of Entrepreneurial Finance 2000, 2(2):91-109.
    • (2000) Venture Capital: an International Journal of Entrepreneurial Finance , vol.2 , Issue.2 , pp. 91-109
    • van Osnabrugge, M.1
  • 64
    • 0001122816 scopus 로고
    • Informal risk capital in New England
    • Babson College, Wellesley, MA, K.H. Vesper (Ed.)
    • Wetzel W.E. Informal risk capital in New England. Frontiers of Entrepreneurship Research 1981 1981, 217-245. Babson College, Wellesley, MA. K.H. Vesper (Ed.).
    • (1981) Frontiers of Entrepreneurship Research 1981 , pp. 217-245
    • Wetzel, W.E.1
  • 65
    • 0020766643 scopus 로고
    • Angels and informal risk capital
    • Wetzel W.E. Angels and informal risk capital. Sloan Management Review 1983, 24(4):23-34.
    • (1983) Sloan Management Review , vol.24 , Issue.4 , pp. 23-34
    • Wetzel, W.E.1
  • 66
    • 59649106402 scopus 로고    scopus 로고
    • Prediction and control under uncertainty: outcomes in angel investing
    • Wiltbank R., Read S., Dew N., Sarasvarthy S. Prediction and control under uncertainty: outcomes in angel investing. Journal of Business Venturing 2009, 24(2):116-133.
    • (2009) Journal of Business Venturing , vol.24 , Issue.2 , pp. 116-133
    • Wiltbank, R.1    Read, S.2    Dew, N.3    Sarasvarthy, S.4


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.