메뉴 건너뛰기




Volumn 56, Issue 2, 2018, Pages 208-228

Angel Financing and the Performance of High-Tech Start-Ups

Author keywords

[No Author keywords available]

Indexed keywords


EID: 84968531473     PISSN: 00472778     EISSN: 1540627X     Source Type: Journal    
DOI: 10.1111/jsbm.12250     Document Type: Article
Times cited : (69)

References (54)
  • 1
    • 84993877369 scopus 로고
    • Robust Financial Contracting and the Role of Venture Capitalists
    • Admati, A. R., and P. Pfleiderer (1994). “Robust Financial Contracting and the Role of Venture Capitalists,” Journal of Finance 49(2), 371–403.
    • (1994) Journal of Finance , vol.49 , Issue.2 , pp. 371-403
    • Admati, A.R.1    Pfleiderer, P.2
  • 3
    • 85028961514 scopus 로고    scopus 로고
    • .”, (accessed July 1, 2015)
    • Angel Capital Education Foundation (2009). “Important Things for Entrepreneurs to Know about Angel Investors.” Available at: http://www.angelcapitalassociation.org/data/Documents/Press%20Center/What%20Ents%20Should%20Know%20About%20Angels%202009.pdf (accessed July 1, 2015).
    • (2009) Important Things for Entrepreneurs to Know about Angel Investors
  • 4
    • 84910084083 scopus 로고    scopus 로고
    • Trust Between Entrepreneurs and Angel Investors: Exploring Positive and Negative Implications for Venture Performance Assessments
    • Bammens, Y., and V. Collewaert (2014). “Trust Between Entrepreneurs and Angel Investors: Exploring Positive and Negative Implications for Venture Performance Assessments,” Journal of Management 40(7), 1980–2008.
    • (2014) Journal of Management , vol.40 , Issue.7 , pp. 1980-2008
    • Bammens, Y.1    Collewaert, V.2
  • 5
    • 0000271059 scopus 로고    scopus 로고
    • Venture Capital Financing, Moral Hazard, and Learning
    • Bergemann, D., and U. Hege (1998). “Venture Capital Financing, Moral Hazard, and Learning,” Journal of Banking and Finance 22(6), 703–735.
    • (1998) Journal of Banking and Finance , vol.22 , Issue.6 , pp. 703-735
    • Bergemann, D.1    Hege, U.2
  • 6
    • 84859709389 scopus 로고    scopus 로고
    • Raising Capital for Rapid Growth in Young Technology Ventures: When Business Angels and Venture Capitalists Coinvest
    • Bonnet, C., and P. Wirtz (2012).“Raising Capital for Rapid Growth in Young Technology Ventures: When Business Angels and Venture Capitalists Coinvest,” Venture Capital 14(2–3), 91–110.
    • (2012) Venture Capital , vol.14 , Issue.2-3 , pp. 91-110
    • Bonnet, C.1    Wirtz, P.2
  • 7
    • 77952172617 scopus 로고    scopus 로고
    • Governance, Ownership Structure, and Performance of IPO Firms: The Impact of Different Types of Private Equity Investors and Institutional Environments
    • Bruton, G., I. Filatotchev, S. Chahine, and M. Wright (2010). “Governance, Ownership Structure, and Performance of IPO Firms: The Impact of Different Types of Private Equity Investors and Institutional Environments,” Strategic Management Journal 31(5), 491–509.
    • (2010) Strategic Management Journal , vol.31 , Issue.5 , pp. 491-509
    • Bruton, G.1    Filatotchev, I.2    Chahine, S.3    Wright, M.4
  • 8
    • 0036175557 scopus 로고    scopus 로고
    • Capital Market Imperfections, High-Tech Investment and New Equity Financing
    • Carpenter, R., and B. Petersen (2002). “Capital Market Imperfections, High-Tech Investment and New Equity Financing,” Economic Journal 112(477), F54–F72.
    • (2002) Economic Journal , vol.112 , Issue.477 , pp. F54-F72
    • Carpenter, R.1    Petersen, B.2
  • 9
    • 84949319326 scopus 로고    scopus 로고
    • Valuation of Angel-Backed Companies: The Role of Investor Human Capital
    • Collewaert, V., and S. Manigart (2016). “Valuation of Angel-Backed Companies: The Role of Investor Human Capital,” Journal of Small Business Management 54(1), 356–372.
    • (2016) Journal of Small Business Management , vol.54 , Issue.1 , pp. 356-372
    • Collewaert, V.1    Manigart, S.2
  • 11
    • 34249807054 scopus 로고    scopus 로고
    • Venture Capitalists, Business Angels, and Performance of Entrepreneurial IPOs in the UK and France
    • Chahine, S., I. Filatotchev, and M. Wright (2007). “Venture Capitalists, Business Angels, and Performance of Entrepreneurial IPOs in the UK and France,” Journal of Business Finance & Accounting 34(3–4), 505–528.
    • (2007) Journal of Business Finance & Accounting , vol.34 , Issue.3-4 , pp. 505-528
    • Chahine, S.1    Filatotchev, I.2    Wright, M.3
  • 12
    • 84924602052 scopus 로고    scopus 로고
    • Venture Capitalists versus Angels: The Dynamics of Private Firm Financing Contracts
    • Chemmanur, T. J., and Z. Chen (2014). “Venture Capitalists versus Angels: The Dynamics of Private Firm Financing Contracts,” Review of Corporate Finance Studies 3(1–2), 39–86.
    • (2014) Review of Corporate Finance Studies , vol.3 , Issue.1-2 , pp. 39-86
    • Chemmanur, T.J.1    Chen, Z.2
  • 13
    • 77951499759 scopus 로고    scopus 로고
    • Local Bias in Venture Capital Investments
    • Cumming, D., and N. Dai (2010). “Local Bias in Venture Capital Investments,” Journal of Empirical Finance 17(3), 362–380.
    • (2010) Journal of Empirical Finance , vol.17 , Issue.3 , pp. 362-380
    • Cumming, D.1    Dai, N.2
  • 14
    • 84883758136 scopus 로고    scopus 로고
    • Why Do Entrepreneurs Switch Lead Venture Capitalists?
    • Cumming, D., and N. Dai (2013). “Why Do Entrepreneurs Switch Lead Venture Capitalists?” Entrepreneurship: Theory and Practice 37(5), 999–1017.
    • (2013) Entrepreneurship: Theory and Practice , vol.37 , Issue.5 , pp. 999-1017
    • Cumming, D.1    Dai, N.2
  • 16
    • 80053384730 scopus 로고    scopus 로고
    • Monitoring via Staging: Evidence from Private Investments in Public Equity
    • Dai, N. (2011). Monitoring via Staging: Evidence from Private Investments in Public Equity,” Journal of Banking & Finance 35(12), 3417–3431.
    • (2011) Journal of Banking & Finance , vol.35 , Issue.12 , pp. 3417-3431
    • Dai, N.1
  • 18
    • 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(1), 67–82.
    • (1994) Journal of Business Venturing , vol.9 , Issue.1 , pp. 67-82
    • Ehrlich, S.1    De Noble, A.2    Moore, T.3    Weaver, R.4
  • 19
    • 79951854427 scopus 로고    scopus 로고
    • An Entrepreneur's Choice of Venture Capitalist or Angel-Financing: A Behavioral Game-Theoretic Approach
    • Fairchild, R. (2011). “An Entrepreneur's Choice of Venture Capitalist or Angel-Financing: A Behavioral Game-Theoretic Approach,” Journal of Business Venturing 26(3), 359–374.
    • (2011) Journal of Business Venturing , vol.26 , Issue.3 , pp. 359-374
    • Fairchild, R.1
  • 20
    • 0001072863 scopus 로고    scopus 로고
    • New Resources and New Ideas: Private Equity for Small Business
    • Fenn, G. W., and N. Liang (1998). “New Resources and New Ideas: Private Equity for Small Business,” Journal of Banking & Finance 22(6), 1077–1094.
    • (1998) Journal of Banking & Finance , vol.22 , Issue.6 , pp. 1077-1094
    • Fenn, G.W.1    Liang, N.2
  • 21
    • 38249020536 scopus 로고
    • Who Bankrolls High-Tech Entrepreneurs?
    • Freear, J., and W. E. Wetzel (1990). “Who Bankrolls High-Tech Entrepreneurs?” Journal of Business Venturing 5(2), 77–89.
    • (1990) Journal of Business Venturing , vol.5 , Issue.2 , pp. 77-89
    • Freear, J.1    Wetzel, W.E.2
  • 23
    • 84991041589 scopus 로고    scopus 로고
    • Angles on Angels: Financing Technology Based Ventures—A Historical Perspective
    • Freear, J., J. E. Sohl, and W. Wetzel. (2002). “Angles on Angels: Financing Technology Based Ventures—A Historical Perspective,” Venture Capital 4(4), 275–287.
    • (2002) Venture Capital , vol.4 , Issue.4 , pp. 275-287
    • Freear, J.1    Sohl, J.E.2    Wetzel, W.3
  • 26
    • 0036253161 scopus 로고    scopus 로고
    • The Financing of Research and Development
    • Hall, B. H. (2002). “The Financing of Research and Development,” Oxford Review of Economic Policy 18(1), 35–51.
    • (2002) Oxford Review of Economic Policy , vol.18 , Issue.1 , pp. 35-51
    • Hall, B.H.1
  • 27
    • 85011137626 scopus 로고    scopus 로고
    • Venture Capital Market Complementarities: The Links Between Business Angels and Venture Capital Funds in the United Kingdom
    • Harrison, R. T. and C. M. Mason (2000). “Venture Capital Market Complementarities: The Links Between Business Angels and Venture Capital Funds in the United Kingdom,” Venture Capital 2(3), 223–242.
    • (2000) Venture Capital , vol.2 , Issue.3 , pp. 223-242
    • Harrison, R.T.1    Mason, C.M.2
  • 28
    • 84924542071 scopus 로고    scopus 로고
    • Friends or Foes? The Interrelationship between Angel and Venture Capital Markets
    • Hellmann, T., and V. Thiele (2015). “Friends or Foes? The Interrelationship between Angel and Venture Capital Markets,” Journal of Financial Economics 115(3), 639–653.
    • (2015) Journal of Financial Economics , vol.115 , Issue.3 , pp. 639-653
    • Hellmann, T.1    Thiele, V.2
  • 30
    • 33846190557 scopus 로고    scopus 로고
    • Whom You Know Matters: Venture Capital Networks and Investment Performance
    • Hochberg, Y., A. Ljungqvist, and Y. Lu (2007). “Whom You Know Matters: Venture Capital Networks and Investment Performance,” The Journal of Finance 62(1), 251–301
    • (2007) The Journal of Finance , vol.62 , Issue.1 , pp. 251-301
    • Hochberg, Y.1    Ljungqvist, A.2    Lu, Y.3
  • 31
    • 84859609234 scopus 로고    scopus 로고
    • Angels and Venture Capitalists in the Initial Public Offering Market
    • Johnson, W. C., and J. Sohl (2012). “Angels and Venture Capitalists in the Initial Public Offering Market,” Venture Capital 14(1), 27–42.
    • (2012) Venture Capital , vol.14 , Issue.1 , pp. 27-42
    • Johnson, W.C.1    Sohl, J.2
  • 32
    • 84891400198 scopus 로고    scopus 로고
    • The Consequences of Entrepreneurial Finance: Evidence from Angel Financings
    • Kerr, W. R., J. Lerner, and A. Schoar (2014). “The Consequences of Entrepreneurial Finance: Evidence from Angel Financings,” Review of Financial Studies 27(1), 20–55.
    • (2014) Review of Financial Studies , vol.27 , Issue.1 , pp. 20-55
    • Kerr, W.R.1    Lerner, J.2    Schoar, A.3
  • 33
    • 38248999719 scopus 로고
    • Informal Risk Capital in Sweden and Some International Comparisons
    • Landström, H. (1993). “Informal Risk Capital in Sweden and Some International Comparisons,” Journal of Business Venturing 8(6), 525–540
    • (1993) Journal of Business Venturing , vol.8 , Issue.6 , pp. 525-540
    • Landström, H.1
  • 34
    • 0001200084 scopus 로고
    • Venture Capitalists and the Decision to Go Public
    • Lerner, J. (1994). “Venture Capitalists and the Decision to Go Public,” Journal of Financial Economics 35(3), 293–316.
    • (1994) Journal of Financial Economics , vol.35 , Issue.3 , pp. 293-316
    • Lerner, J.1
  • 35
    • 3142748281 scopus 로고    scopus 로고
    • Do Business Angels have an Entrepreneurial Orientation?
    • Lindsay, N. (2004). “Do Business Angels have an Entrepreneurial Orientation?” Venture Capital 6(2–3), 197–210.
    • (2004) Venture Capital , vol.6 , Issue.2-3 , pp. 197-210
    • Lindsay, N.1
  • 36
    • 18444391498 scopus 로고    scopus 로고
    • The Role of Angels in Technology SMEs: A Link to Venture Capital
    • Madill, J. J., G. H. Haines, and A. L. Riding (2005). “The Role of Angels in Technology SMEs: A Link to Venture Capital,” Venture Capital 7(2), 107–129.
    • (2005) Venture Capital , vol.7 , Issue.2 , pp. 107-129
    • Madill, J.J.1    Haines, G.H.2    Riding, A.L.3
  • 37
    • 42549134850 scopus 로고    scopus 로고
    • Informal Sources of Venture Finance
    • in, Ed., S. Parker, New York, Springer
    • Mason, C. M. (2006). “Informal Sources of Venture Finance,” in The Life Cycle of Entrepreneurial Ventures. Ed. S. Parker, New York: Springer, 259–299.
    • (2006) The Life Cycle of Entrepreneurial Ventures , pp. 259-299
    • Mason, C.M.1
  • 38
    • 0003246917 scopus 로고
    • The Role of Informal and Formal Sources of Venture Capital in the Financing of Technology-Based SMEs in the United Kingdom
    • in, Ed., R. Oakey, London, Paul Chapman Publishing
    • Mason, C. M., and R. T. Harrison (1994). “The Role of Informal and Formal Sources of Venture Capital in the Financing of Technology-Based SMEs in the United Kingdom,” in New Technology-Based Firms in the 1990s. Ed. R. Oakey, London: Paul Chapman Publishing, 104–124.
    • (1994) New Technology-Based Firms in the 1990s , pp. 104-124
    • Mason, C.M.1    Harrison, R.T.2
  • 39
    • 44649120436 scopus 로고    scopus 로고
    • A Profile of Angel Investors
    • Morrissette, S. (2007). “A Profile of Angel Investors,” The Journal of Private Equity 10(3), 52–66.
    • (2007) The Journal of Private Equity , vol.10 , Issue.3 , pp. 52-66
    • Morrissette, S.1
  • 40
    • 0001655392 scopus 로고    scopus 로고
    • Staging: An Agency Perspective
    • Neher, D. (1999). “Staging: An Agency Perspective,” Review of Economic Studies 66(2), 255–274.
    • (1999) Review of Economic Studies , vol.66 , Issue.2 , pp. 255-274
    • Neher, D.1
  • 41
    • 84957742741 scopus 로고    scopus 로고
    • OECD Publishing, (accessed November 25, 2014)
    • OECD (2011). Financing High-Growth Firms: The Role of Angel Investors. OECD Publishing. Available at: http://dx.doi.org/10.1787/9789264118782-en (accessed November 25, 2014).
    • (2011) Financing High-Growth Firms: The Role of Angel Investors
  • 42
    • 65349145189 scopus 로고    scopus 로고
    • The Performance of Private Equity Funds
    • Phalippou, L. and O. Gottschalg (2009). “The Performance of Private Equity Funds,” Review of Financial Studies 22 (4), 1747–1776.
    • (2009) Review of Financial Studies , vol.22 , Issue.4 , pp. 1747-1776
    • Phalippou, L.1    Gottschalg, O.2
  • 43
    • 0000372724 scopus 로고    scopus 로고
    • Angel Investors and the Market for Angel Investments
    • Prowse, S. (1998). “Angel Investors and the Market for Angel Investments,” Journal of Banking & Finance 22(6–8), 785–792.
    • (1998) Journal of Banking & Finance , vol.22 , Issue.6-8 , pp. 785-792
    • Prowse, S.1
  • 44
    • 0002154354 scopus 로고
    • Aspects of Financial Contracting in Venture Capital
    • Sahlman, W. (1988). “Aspects of Financial Contracting in Venture Capital,” Journal of Applied Corporate Finance 1(2), 23–36.
    • (1988) Journal of Applied Corporate Finance , vol.1 , Issue.2 , pp. 23-36
    • Sahlman, W.1
  • 45
    • 85073119711 scopus 로고    scopus 로고
    • The Importance of Angel Investing in Financing the Growth of Entrepreneurial Ventures
    • Shane, S. (2012). “The Importance of Angel Investing in Financing the Growth of Entrepreneurial Ventures,” Quarterly Journal of Finance 2(2), 1–42.
    • (2012) Quarterly Journal of Finance , vol.2 , Issue.2 , pp. 1-42
    • Shane, S.1
  • 46
    • 85011180234 scopus 로고    scopus 로고
    • The Early-Stage Equity Market in the USA
    • Sohl, J. (1999). “The Early-Stage Equity Market in the USA,” Venture Capital 1(2), 101–121.
    • (1999) Venture Capital , vol.1 , Issue.2 , pp. 101-121
    • Sohl, J.1
  • 47
    • 85043387640 scopus 로고    scopus 로고
    • . The Angel Investor Market in 2004. Durham, NH University of New Hampshire, Centre for Venture Research., (accessed November 25, 2014)
    • Sohl, J. (2005). The Angel Investor Market in 2004. Durham, NH: University of New Hampshire, Centre for Venture Research. http://www.unh.edu/news/docs/cvr2004.pdf (accessed November 25, 2014).
    • (2005)
    • Sohl, J.1
  • 48
    • 36649032314 scopus 로고    scopus 로고
    • How Smart Is Smart Money? A Two-Sided Matching Model of Venture Capital
    • Sørensen, M. (2007). “How Smart Is Smart Money? A Two-Sided Matching Model of Venture Capital,” Journal of Finance 62(6), 2725–2762.
    • (2007) Journal of Finance , vol.62 , Issue.6 , pp. 2725-2762
    • Sørensen, M.1
  • 49
    • 79956148566 scopus 로고    scopus 로고
    • The Causes and Consequences of Venture Capital Stage Financing
    • Tian, X. (2011). “The Causes and Consequences of Venture Capital Stage Financing,” Journal of Financial Economics 101(1), 132–159.
    • (2011) Journal of Financial Economics , vol.101 , Issue.1 , pp. 132-159
    • Tian, X.1
  • 50
    • 85011163853 scopus 로고    scopus 로고
    • A Comparison of Business Angel and Venture Capitalist Investment Procedures: An Agency Theory Based Analysis
    • Van Osnabrugge, M. (2000). “A Comparison of Business Angel and Venture Capitalist Investment Procedures: An Agency Theory Based Analysis,” Venture Capital 2(2), 91–110.
    • (2000) Venture Capital , vol.2 , Issue.2 , pp. 91-110
    • Van Osnabrugge, M.1
  • 51
    • 0344196718 scopus 로고    scopus 로고
    • Staged Financing in Venture Capital: Moral Hazard and Risks
    • Wang, S., and H. Zhou (2004). “Staged Financing in Venture Capital: Moral Hazard and Risks,” Journal of Corporate Finance 10(1), 131–155.
    • (2004) Journal of Corporate Finance , vol.10 , Issue.1 , pp. 131-155
    • Wang, S.1    Zhou, H.2
  • 52
    • 84880966069 scopus 로고    scopus 로고
    • Co-investment Networks of Business Angels and the Performance of Their Start-up Investments
    • Werth, J. C. and P. Boeert (2013). “Co-investment Networks of Business Angels and the Performance of Their Start-up Investments,” International Journal of Entrepreneurial Venturing 5(3), 240–256.
    • (2013) International Journal of Entrepreneurial Venturing , vol.5 , Issue.3 , pp. 240-256
    • Werth, J.C.1    Boeert, P.2
  • 53
    • 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(4), 343–357.
    • (2005) Venture Capital , vol.7 , Issue.4 , pp. 343-357
    • Wiltbank, R.1
  • 54
    • 59649106402 scopus 로고    scopus 로고
    • Prediction and Control under Uncertainty: Outcomes in Angel Investing
    • Wiltbank, R., S. Read, N. Dew, and S. D. Sarasvathy (2009). “Prediction and Control under Uncertainty: Outcomes in Angel Investing,” Journal of Business Venturing 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    Sarasvathy, S.D.4


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.