Angel Cognition and Active Involvement in BA Groups: A Cross-Country Empirical Analysis

29 Pages Posted: 8 May 2019

See all articles by Peter Wirtz

Peter Wirtz

University of Lyon 3

Christophe Bonnet

Grenoble Ecole de Management

Laurence Cohen

University of Lyon 3

Vincenzo Capizzi

University of Piemonte Orientale - Department of Economics and Business Studies; SDA Bocconi School of Management

Date Written: April 10, 2019

Abstract

The present research sets out to reach a better understanding of the determinants of business angels’ active involvement in making business angel groups accomplish diverse functions and building cognitive resources and shared competencies. We develop a framework where angels’ decision making style and professional experience are key in explaining their degree and type of involvement with diverse business angel group activities. We also posit that institutional and organizational factors might influence the involvement of business angels in group activities. To test the related propositions, we conduct a questionnaire survey with the members of two large business angel groups based in Italy and France. Our results show that business angels with a control-oriented decision-making style, as well as angels with previous Professional experience as a CEO and in marketing and sales, tend to be more actively involved in key angel group activities, both with regard to investment related activities and angel group management activities. Differences between the two angel groups seem to be due to organizational factors rather than to national or regional specificities.

Keywords: business angel groups; business angel group activities; decision-making style; human capital; institutional perspective

JEL Classification: G24, M13

Suggested Citation

Wirtz, Peter and Bonnet, Christophe and Cohen, Laurence and Capizzi, Vincenzo, Angel Cognition and Active Involvement in BA Groups: A Cross-Country Empirical Analysis (April 10, 2019). Available at SSRN: https://ssrn.com/abstract=3369490 or http://dx.doi.org/10.2139/ssrn.3369490

Peter Wirtz (Contact Author)

University of Lyon 3 ( email )

1 rue de Université
B.P. 0638
Lyon, 69007
France

Christophe Bonnet

Grenoble Ecole de Management ( email )

12 Rue Pierre Semard
Grenoble, Cedex 01 38000
France

Laurence Cohen

University of Lyon 3 ( email )

1 rue de Université
B.P. 0638
Lyon, 69007
France

Vincenzo Capizzi

University of Piemonte Orientale - Department of Economics and Business Studies ( email )

Via E. Perrone, 18
Novara, NO 28100
Italy
+390321375438 (Phone)
+390321375405 (Fax)

HOME PAGE: http://www.uniupo.it

SDA Bocconi School of Management ( email )

Via F. Bocconi, 8
Milan, Milan 20136
Italy
+390258365966 (Phone)
+390258366893 (Fax)

HOME PAGE: http://www.sdabocconi.it

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