TY - JOUR
T1 - Gazelles, ponies, and the impact of business angels’ characteristics on firm growth
AU - Croce, Annalisa
AU - Ughetto, Elisa
AU - Bonini, Stefano
AU - Capizzi, Vincenzo
N1 - Publisher Copyright:
© 2020 International Council for Small Business.
PY - 2021
Y1 - 2021
N2 - This study investigates whether the individual attributes and investment approaches of business angels (BAs) affect the growth of funded companies by distinguishing between two firm types: gazelles and ponies. We draw upon an original data set comprising 265 small Italian firms (49 that received BA financing and 216 in the propensity score matched control group). Building on insights drawn from the resource-based view and absorptive capacity theory, we find that BAs with entrepreneurial experience positively affect the sales growth of gazelles only. Moreover, the role of BAs’ investment experience and coaching in the growth rates of both gazelles and ponies is insignificant. Interestingly, monitoring helps boost ponies’ performance but stifles growth among gazelles.
AB - This study investigates whether the individual attributes and investment approaches of business angels (BAs) affect the growth of funded companies by distinguishing between two firm types: gazelles and ponies. We draw upon an original data set comprising 265 small Italian firms (49 that received BA financing and 216 in the propensity score matched control group). Building on insights drawn from the resource-based view and absorptive capacity theory, we find that BAs with entrepreneurial experience positively affect the sales growth of gazelles only. Moreover, the role of BAs’ investment experience and coaching in the growth rates of both gazelles and ponies is insignificant. Interestingly, monitoring helps boost ponies’ performance but stifles growth among gazelles.
KW - Gazelle
KW - business angel
KW - firm growth
UR - http://www.scopus.com/inward/record.url?scp=85097184350&partnerID=8YFLogxK
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U2 - 10.1080/00472778.2020.1844489
DO - 10.1080/00472778.2020.1844489
M3 - Article
AN - SCOPUS:85097184350
SN - 0047-2778
VL - 59
SP - 223
EP - 248
JO - Journal of Small Business Management
JF - Journal of Small Business Management
IS - 2
ER -