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The angel investment decision: insights from Australian business angels
Author(s) -
White Brett Anthony,
Dumay John
Publication year - 2020
Publication title -
accounting and finance
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.645
H-Index - 49
eISSN - 1467-629X
pISSN - 0810-5391
DOI - 10.1111/acfi.12427
Subject(s) - context (archaeology) , investment (military) , phenomenon , business , key (lock) , process (computing) , decision process , marketing , public relations , finance , political science , process management , computer science , history , law , epistemology , computer security , archaeology , politics , philosophy , operating system
While much has been written about the investment criteria of business angels, few studies explore why these particular criteria are important to them. The Australian context has a diverse range of actors along with complex jurisdictional arrangements, making for an interesting background for investigation of the angel finance phenomenon. We examine 12 business angels in the rapidly changing Australian context and use nine corroborating participants to validate responses and identify four key drivers – personal experience, trust, the need to contribute and realistic expectations – that influence business angels during the initial investment process.