메뉴 건너뛰기




Volumn 13, Issue 1, 2011, Pages 49-74

Categorization of angel investments: An explorative analysis of risk reduction strategies in Finland

Author keywords

Business angel; Categorization; Due diligence; Involvement; Risk reduction

Indexed keywords


EID: 78951468932     PISSN: 13691066     EISSN: 14645343     Source Type: Journal    
DOI: 10.1080/13691066.2010.543322     Document Type: Article
Times cited : (39)

References (65)
  • 1
    • 28144440650 scopus 로고    scopus 로고
    • Executive forum: Seven ways to stimulate business angels' investments
    • Aernoudt, R. 2005. Executive forum: Seven ways to stimulate business angels' investments. Venture capital 7, no. 4: 359-371.
    • (2005) Venture Capital , vol.7 , Issue.4 , pp. 359-371
    • Aernoudt, R.1
  • 2
    • 0001428045 scopus 로고
    • Entrepreneurial ability, venture investments, and risk sharing
    • Amit, R., L. Glosten, and E. Muller. 1990. Entrepreneurial ability, venture investments, and risk sharing. Management Science 36: 1232-1245.
    • (1990) Management Science , vol.36 , pp. 1232-1245
    • Amit, R.1    Glosten, L.2    Muller, E.3
  • 3
    • 78951478480 scopus 로고    scopus 로고
    • In Frontiers of entrepreneurship research, ed. P.D. Reynolds, E. Autio, C.G. Brush, W.D. Bygrave, S. Manigart, H.J. Sapienza, and K.G. Shaver, Wellesley, MA: Babson College
    • Ardichvili, A., R.N. Cardozo, K. Tune, and J. Reinach. 2000. The role of angel investors in the assembly of non-financial resources of new ventures. In Frontiers of entrepreneurship research, ed. P.D. Reynolds, E. Autio, C.G. Brush, W.D. Bygrave, S. Manigart, H.J. Sapienza, and K.G. Shaver, 244-57. Wellesley, MA: Babson College.
    • (2000) The Role of Angel Investors In the Assembly of Non-financial Resources of New Ventures , pp. 244-257
    • Ardichvili, A.1    Cardozo, R.N.2    Tune, K.3    Reinach, J.4
  • 4
    • 26644465955 scopus 로고    scopus 로고
    • The boundaries and the limitations of agency theory and stewardship theory in the venture capitalist/entrepreneur relationship
    • Arthurs, J.D., and L.W. Busenitz. 2003. The boundaries and the limitations of agency theory and stewardship theory in the venture capitalist/entrepreneur relationship. Entrepreneurship Theory and Practice 28, no. 2: 145-162.
    • (2003) Entrepreneurship Theory and Practice , vol.28 , Issue.2 , pp. 145-162
    • Arthurs, J.D.1    Busenitz, L.W.2
  • 5
    • 36949022036 scopus 로고    scopus 로고
    • On the structure of the informal venture capital market in Sweden: Developing investment roles
    • Avdeitchikova, S. 2008. On the structure of the informal venture capital market in Sweden: Developing investment roles. Venture Capital 10, no. 1: 55-85.
    • (2008) Venture Capital , vol.10 , Issue.1 , pp. 55-85
    • Avdeitchikova, S.1
  • 6
    • 54049151672 scopus 로고    scopus 로고
    • What do we mean when we talk about business angels? Some reflections on definitions and sampling
    • Avdeitchikova, S., H. Landströ m, and N. Månsson. 2008. What do we mean when we talk about business angels? Some reflections on definitions and sampling. Venture Capital 10, no. 4: 371-394.
    • (2008) Venture Capital , vol.10 , Issue.4 , pp. 371-394
    • Avdeitchikova, S.1    Landström, H.2    Månsson, N.3
  • 7
    • 0010808976 scopus 로고    scopus 로고
    • The substitution of bonding for monitoring in venture capitalist relations with high technology enterprises
    • Barney, J.B., J.O. Fiet, L.W. Busenitz, and D.D. Moesel. 1996. The substitution of bonding for monitoring in venture capitalist relations with high technology enterprises. Journal of High Technology Management Research 7, no. 1: 91-105.
    • (1996) Journal of High Technology Management Research , vol.7 , Issue.1 , pp. 91-105
    • Barney, J.B.1    Fiet, J.O.2    Busenitz, L.W.3    Moesel, D.D.4
  • 8
    • 0001202725 scopus 로고    scopus 로고
    • The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle
    • Berger, A.N., and G.F. Udell. 1998. The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle. Journal of Banking & Finance 22, nos. 6-8: 613-673.
    • (1998) Journal of Banking & Finance Nos , vol.22 , Issue.8 , pp. 613-673
    • Berger, A.N.1    Udell, G.F.2
  • 12
    • 85011154582 scopus 로고    scopus 로고
    • The creation of entrepreneurial rents in venture capitalist-entrepreneur dyads
    • De Clercq, D., and H. Sapienza. 2001. The creation of entrepreneurial rents in venture capitalist-entrepreneur dyads. Venture Capital 3, no. 2: 107-127.
    • (2001) Venture Capital , vol.3 , Issue.2 , pp. 107-127
    • de Clercq, D.1    Sapienza, H.2
  • 14
    • 38149145244 scopus 로고
    • After the cash arrives: A comparative study of venture capital and private investor involvement in entrepreneurial firms
    • Ehrlich, S., A. De Noble, T. Moore, and R. Weaver. 1994. After the cash arrives: A comparative study of venture capital and private investor involvement in entrepreneurial firms. Journal of Business Venturing 9: 67-82.
    • (1994) Journal of Business Venturing , vol.9 , pp. 67-82
    • Ehrlich, S.1    de Noble, A.2    Moore, T.3    Weaver, R.4
  • 15
    • 0001336426 scopus 로고
    • Agency theory: An assessment and review
    • Eisenhardt, K.M. 1989. Agency theory: An assessment and review. Academy of Management Review 14, no. 1: 57-74.
    • (1989) Academy of Management Review , vol.14 , Issue.1 , pp. 57-74
    • Eisenhardt, K.M.1
  • 17
    • 73449092204 scopus 로고    scopus 로고
    • Discriminating 'Schumpeterian' from 'Austrian' informal investors - an empirical assessment
    • Erikson, T. 2007. Discriminating 'Schumpeterian' from 'Austrian' informal investors - an empirical assessment. Journal of International Entrepreneurship 5, no. 1: 1-10.
    • (2007) Journal of International Entrepreneurship , vol.5 , Issue.1 , pp. 1-10
    • Erikson, T.1
  • 19
    • 54049139673 scopus 로고    scopus 로고
    • A review of sampling and definitional issues in informal venture capital research
    • Farrell, E., C. Howorth, and M. Wright. 2008. A review of sampling and definitional issues in informal venture capital research. Venture Capital 10, no. 4: 331-353.
    • (2008) Venture Capital , vol.10 , Issue.4 , pp. 331-353
    • Farrell, E.1    Howorth, C.2    Wright, M.3
  • 20
    • 85011195870 scopus 로고    scopus 로고
    • Private investors' investment criteria: Insights from qualitative data
    • Feeny, L., G. Haines, and A. Riding. 1999. Private investors' investment criteria: Insights from qualitative data. Venture Capital 1, no. 2: 121-145.
    • (1999) Venture Capital , vol.1 , Issue.2 , pp. 121-145
    • Feeny, L.1    Haines, G.2    Riding, A.3
  • 21
    • 0001161008 scopus 로고
    • Reliance upon informants in the venture capital industry
    • Fiet, J.O. 1995. Reliance upon informants in the venture capital industry. Journal of Business Venturing 10, no. 3: 195-223.
    • (1995) Journal of Business Venturing , vol.10 , Issue.3 , pp. 195-223
    • Fiet, J.O.1
  • 24
    • 21844508419 scopus 로고
    • Toward a model of venture capital investment decision making
    • Fried, V., and R. Hisrich. 1994. Toward a model of venture capital investment decision making. Financial Management 23: 28-37.
    • (1994) Financial Management , vol.23 , pp. 28-37
    • Fried, V.1    Hisrich, R.2
  • 26
    • 84936194550 scopus 로고
    • The costs and benefits of ownership: A theory of vertical and lateral integration
    • Grossman, S., and O. Hart. 1986. The costs and benefits of ownership: A theory of vertical and lateral integration. Journal of Political Economy 94, no. 4: 691-719.
    • (1986) Journal of Political Economy , vol.94 , Issue.4 , pp. 691-719
    • Grossman, S.1    Hart, O.2
  • 28
    • 78951472671 scopus 로고    scopus 로고
    • In Frontiers of entrepreneurship research, ed. W.D. Bygrave, C.G. Brush, P. Davidsson, J. Fiet, P.G. Greene, R.T. Harrison, M. Lerner, G.D. Meyer, J. Sohl, and A. Zacharakis, Wellesley, MA: Babson College
    • Harrison, R.T., and C.M. Mason. 2002. Backing the horse or the jockey? Agency costs, information and the evaluation of risk by business angels. In Frontiers of entrepreneurship research, ed. W.D. Bygrave, C.G. Brush, P. Davidsson, J. Fiet, P.G. Greene, R.T. Harrison, M. Lerner, G.D. Meyer, J. Sohl, and A. Zacharakis, 393-403. Wellesley, MA: Babson College.
    • (2002) Backing the Horse Or the Jockey? Agency Costs, Information and The Evaluation of Risk By Business Angels , pp. 393-403
    • Harrison, R.T.1    Mason, C.M.2
  • 30
    • 0000139691 scopus 로고
    • Moral hazard and observability
    • Holmström, B. 1979. Moral hazard and observability. Bell Journal of Economics 10, no. 1: 74-91.
    • (1979) Bell Journal of Economics , vol.10 , Issue.1 , pp. 74-91
    • Holmström, B.1
  • 31
    • 0001357796 scopus 로고
    • Organization theory and methodology
    • Jensen, M.C. 1983. Organization theory and methodology. Accounting Review 58, no. 2: 319-39.
    • (1983) Accounting Review , vol.58 , Issue.2 , pp. 319-339
    • Jensen, M.C.1
  • 34
    • 85011229212 scopus 로고    scopus 로고
    • Deal-makers: Reputation attracts quality
    • Kelly, P., and M. Hay. 2000b. Deal-makers: reputation attracts quality. Venture Capital 2, no. 3: 183-202.
    • (2000) Venture Capital , vol.2 , Issue.3 , pp. 183-202
    • Kelly, P.1    Hay, M.2
  • 35
    • 78951477217 scopus 로고
    • In The significance test controversy, ed. E.D. Morrison, and R.E. Henkel, Chicago: Addine Publishing
    • Labovitz, S. 1970. Criteria for selecting a significance level. In The significance test controversy, ed. E.D. Morrison, and R.E. Henkel, 160-71. Chicago: Addine Publishing.
    • (1970) Criteria For Selecting a Significance Level , pp. 160-171
    • Labovitz, S.1
  • 36
    • 84928338038 scopus 로고    scopus 로고
    • Doctoral diss., Hanken School of Economics, Helsinki
    • Lahti, T. 2008. Angel investing in Finland. Doctoral diss., Hanken School of Economics, Helsinki.
    • (2008) Angel Investing In Finland
    • Lahti, T.1
  • 37
    • 0002924652 scopus 로고
    • The relationship between private investors and small firms: An agency theory approach
    • Landströ m, H. 1992. The relationship between private investors and small firms: An agency theory approach. Entrepreneurship and Regional Development 4, no. 3: 199-223.
    • (1992) Entrepreneurship and Regional Development , vol.4 , Issue.3 , pp. 199-223
    • Landström, H.1
  • 38
    • 38248999719 scopus 로고
    • Informal risk capital in Sweden and some international comparison
    • Landströ m, H. 1993. Informal risk capital in Sweden and some international comparison. Journal of Business Venturing 8, no. 6: 525-540.
    • (1993) Journal of Business Venturing , vol.8 , Issue.6 , pp. 525-540
    • Landström, H.1
  • 39
    • 21844504826 scopus 로고
    • A pilot study on the investment decision-making behavior of informal investors in Sweden
    • Landströ m, H. 1995. A pilot study on the investment decision-making behavior of informal investors in Sweden. Journal of Small Business Management 33, no. 3: 67-76.
    • (1995) Journal of Small Business Management , vol.33 , Issue.3 , pp. 67-76
    • Landström, H.1
  • 40
    • 68149166578 scopus 로고    scopus 로고
    • The role of advisors in the venture capital investment process
    • Lehtonen, O., and T. Lahti. 2009. The role of advisors in the venture capital investment process. Venture Capital 11, no. 3: 229-254.
    • (2009) Venture Capital , vol.11 , Issue.3 , pp. 229-254
    • Lehtonen, O.1    Lahti, T.2
  • 41
  • 44
    • 33750120227 scopus 로고    scopus 로고
    • Business angels in a changing economy: The case of Sweden
    • Mansson, N., and H. Landström. 2006. Business angels in a changing economy: The case of Sweden. Venture Capital 8, no. 4: 281-301.
    • (2006) Venture Capital , vol.8 , Issue.4 , pp. 281-301
    • Mansson, N.1    Landström, H.2
  • 45
    • 0005435442 scopus 로고    scopus 로고
    • Informal venture capital: A study of the investment process, the post investment experience and investment performance
    • Mason, C.M., and R.T. Harrison. 1996. Informal venture capital: A study of the investment process, the post investment experience and investment performance. Entrepreneurship and Regional Development 8: 105-125.
    • (1996) Entrepreneurship and Regional Development , vol.8 , pp. 105-125
    • Mason, C.M.1    Harrison, R.T.2
  • 46
    • 0034757234 scopus 로고    scopus 로고
    • Investment readiness: A critique of government proposals to increase the demand for venture capital
    • Mason, C.M., and R.T. Harrison. 2001. Investment readiness: A critique of government proposals to increase the demand for venture capital. Regional Studies 35, no. 7: 663-668.
    • (2001) Regional Studies , vol.35 , Issue.7 , pp. 663-668
    • Mason, C.M.1    Harrison, R.T.2
  • 47
    • 0042293653 scopus 로고    scopus 로고
    • Is it worth it? The rates of return from informal venture capital investments
    • Mason, C.M., and R.T. Harrison. 2002. Is it worth it? The rates of return from informal venture capital investments. Journal of Business Venturing 17, no. 3: 211-236.
    • (2002) Journal of Business Venturing , vol.17 , Issue.3 , pp. 211-236
    • Mason, C.M.1    Harrison, R.T.2
  • 48
    • 54049127815 scopus 로고    scopus 로고
    • Measuring business angel investment activity in the United Kingdom: A review of potential data sources
    • Mason, C.M., and R.T. Harrison. 2008. Measuring business angel investment activity in the United Kingdom: A review of potential data sources. Venture Capital 10, no. 4: 309-330.
    • (2008) Venture Capital , vol.10 , Issue.4 , pp. 309-330
    • Mason, C.M.1    Harrison, R.T.2
  • 50
    • 85011135106 scopus 로고    scopus 로고
    • The anatomy of an angel investing network: Tech coast angels
    • Payne, W.H., and M.J. Macarty. 2002. The anatomy of an angel investing network: Tech coast angels. Venture Capital 4, no. 4: 331-336.
    • (2002) Venture Capital , vol.4 , Issue.4 , pp. 331-336
    • Payne, W.H.1    Macarty, M.J.2
  • 51
    • 85011164105 scopus 로고    scopus 로고
    • Signaling value to business angels: The proportion of the entrepreneur's net worth invested in a new venture as a decision signal
    • Prasad, D., G. Vozikis, and G. Bruton. 2000. Signaling value to business angels: The proportion of the entrepreneur's net worth invested in a new venture as a decision signal. Venture Capital 2, no. 3: 167-182.
    • (2000) Venture Capital , vol.2 , Issue.3 , pp. 167-182
    • Prasad, D.1    Vozikis, G.2    Bruton, G.3
  • 52
    • 0000372724 scopus 로고    scopus 로고
    • Angel investors and the market for angels
    • Prowse, S. 1998. Angel investors and the market for angels. Journal of Banking & Finance 22, nos. 6-8: 785-792.
    • (1998) Journal of Banking & Finance , vol.22 , Issue.8 , pp. 785-792
    • Prowse, S.1
  • 53
    • 85011222643 scopus 로고    scopus 로고
    • The informal venture capital market in Norway: Investor characteristics, behaviour and preferences
    • Reitan, B., and R. Sørheim. 2000. The informal venture capital market in Norway: Investor characteristics, behaviour and preferences. Venture Capital 2, no. 2: 129-141.
    • (2000) Venture Capital , vol.2 , Issue.2 , pp. 129-141
    • Reitan, B.1    Sørheim, R.2
  • 54
    • 85011248451 scopus 로고    scopus 로고
    • Management assessment methods in venture capital: An empirical analysis of human capital valuation
    • Smart, G. 1999. Management assessment methods in venture capital: An empirical analysis of human capital valuation. Venture Capital 1, no. 1: 59-82.
    • (1999) Venture Capital , vol.1 , Issue.1 , pp. 59-82
    • Smart, G.1
  • 55
    • 85011180234 scopus 로고    scopus 로고
    • The early-stage market in the USA
    • Sohl, J.E. 1999. The early-stage market in the USA. Venture Capital 1, no. 2: 101-120.
    • (1999) Venture Capital , Issue.2 , pp. 101-120
    • Sohl, J.E.1
  • 56
    • 17944374931 scopus 로고    scopus 로고
    • Informal investors: A categorization, with policy implications
    • Sørheim, R., and H. Landström. 2001. Informal investors: A categorization, with policy implications. Entrepreneurship and Regional Development 13, no. 4: 351-370.
    • (2001) Entrepreneurship and Regional Development , vol.13 , Issue.4 , pp. 351-370
    • Sørheim, R.1    Landström, H.2
  • 57
  • 58
    • 0030137415 scopus 로고    scopus 로고
    • Segmenting the informal venture capital market: Economic, hedonistic and altruistic investors
    • Sullivan, M.K., and A. Miller. 1996. Segmenting the informal venture capital market: Economic, hedonistic and altruistic investors. Journal of Business Research 36, no. 1: 25-36.
    • (1996) Journal of Business Research , vol.36 , Issue.1 , pp. 25-36
    • Sullivan, M.K.1    Miller, A.2
  • 59
    • 0001752681 scopus 로고    scopus 로고
    • Incomplete contracts: Where do we stand?
    • Tirole, J. 1999. Incomplete contracts: Where do we stand? Econometrica 67, no. 4: 741-781.
    • (1999) Econometrica , vol.67 , Issue.4 , pp. 741-781
    • Tirole, J.1
  • 61
    • 34648831625 scopus 로고    scopus 로고
    • Types of private family firms: An exploratory conceptual and empirical analysis
    • Westhead, P., and C. Howorth. 2007. Types of private family firms: An exploratory conceptual and empirical analysis. Entrepreneurship and Regional Development 19, no. 5: 405-431.
    • (2007) Entrepreneurship and Regional Development , vol.19 , Issue.5 , pp. 405-431
    • Westhead, P.1    Howorth, C.2
  • 62
    • 0020766643 scopus 로고
    • Angels and informal risk capital
    • Wetzel, W. 1983. Angels and informal risk capital. Sloan Management Review 24: 23-34.
    • (1983) Sloan Management Review , vol.24 , pp. 23-34
    • Wetzel, W.1
  • 63
    • 28144442141 scopus 로고    scopus 로고
    • Investment practices and outcomes of informal venture investors
    • Wiltbank, R. 2005. Investment practices and outcomes of informal venture investors. Venture Capital 7, no. 4: 343-357.
    • (2005) Venture Capital , vol.7 , Issue.4 , pp. 343-357
    • Wiltbank, R.1
  • 65
    • 77449108805 scopus 로고    scopus 로고
    • Venture capitalists, unquoted equity investment appraisal and the role of accounting information
    • Wright, M., and K. Robbie. 1996. Venture capitalists, unquoted equity investment appraisal and the role of accounting information. Accounting and Business Research 26, no. 2: 153-168.
    • (1996) Accounting and Business Research , vol.26 , Issue.2 , pp. 153-168
    • Wright, M.1    Robbie, K.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.