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The Effects of New Ventures' Resource Strategies on Angels' Investing Outcomes: Big Gains and Big Losses in Angel Investments
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Zhenyu Wu
Veröffentlicht/Copyright:
2. Juli 2012
Abstract
Based on a sample of 539 angel investors, we empirically test the impact of new ventures’ resource acquisition/allocation strategies in different development stages on angels’ abnormal returns and their extremeness. Our exploratory findings suggest that at early stages of development, ventures whose entrepreneurs focus more on resource acquisition/allocation strategies tend to not only give angel investors lower returns, but also pull angel’s returns back to the industry average. Furthermore, these effects at early stages are more visible than those at late stages of the ventures.
Keywords: angel investment; extreme performance; resource acquisition; resource allocation; new venture
Published Online: 2012-7-02
©2012 Walter de Gruyter GmbH & Co. KG, Berlin/Boston
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Artikel in diesem Heft
- Editors' Corner
- What Did Stinchcombe Really Mean? Designing Research to Test the Liability of Newness among New Ventures
- Competitive Research Article
- Are Education and Entrepreneurial Income Endogenous? A Bayesian Analysis
- The Effects of New Ventures' Resource Strategies on Angels' Investing Outcomes: Big Gains and Big Losses in Angel Investments
- The Social Dimension of Entrepreneurship: the Role of Regional Social Effects
Schlagwörter für diesen Artikel
angel investment;
extreme performance;
resource acquisition;
resource allocation;
new venture
Artikel in diesem Heft
- Editors' Corner
- What Did Stinchcombe Really Mean? Designing Research to Test the Liability of Newness among New Ventures
- Competitive Research Article
- Are Education and Entrepreneurial Income Endogenous? A Bayesian Analysis
- The Effects of New Ventures' Resource Strategies on Angels' Investing Outcomes: Big Gains and Big Losses in Angel Investments
- The Social Dimension of Entrepreneurship: the Role of Regional Social Effects
