Influencing Factors of the Informal Investment in Central Europe

Abdulsaleh, A. M. & Worthington, A. C. (2013). Small and medium-sized enterprises financing: a review of literature. International Journal of Business and Management, 8(14), 36–54. https://doi.org/10.5539/ijbm.v8n14p3610.5539/ijbm.v8n14p36Search in Google Scholar

Aernoudt, R. & Erikson, T. (2002). Business angel networks: a European perspective. Journal of Enterprising Culture, 10(03), 177–187. https://doi.org/10.1142/S021849580200007410.1142/S0218495802000074Search in Google Scholar

Avdeitchikova, S. (2008). On the structure of the informal venture capital market in Sweden: developing investment roles. Venture Capital, 10(1), 55–85. https://doi.org/10.1080/1369106070160550410.1080/13691060701605504Search in Google Scholar

Brettel, M. (2003). Business angels in Germany: A research note. Venture Capital, 5(3), 251–268. https://doi.org/10.1080/136910603200012209510.1080/1369106032000122095Search in Google Scholar

Carpentier, C. & Suret, J.-M. (2015). Angel group members’ decision process and rejection criteria: A longitudinal analysis. Journal of Business Venturing, 30(6), 808–821. https://doi.org/10.1016/j.jbusvent.2015.04.00210.1016/j.jbusvent.2015.04.002Search in Google Scholar

Collewaert, V. (2012). Angel investors’ and entrepreneurs’ intentions to exit their ventures: a conflict perspective. Entrepreneurship Theory and Practice, 36(4), 753–779. https://doi.org/10.1111/j.1540-6520.2011.00456.x10.1111/j.1540-6520.2011.00456.xSearch in Google Scholar

Dézsi-Benyovszki A. & Szabó T. P. (2017). Intrapreneurs and entrepreneurs – Do they differ in Romania? Acta Oeconomica, 67(1), 43–61. https://doi.org/10.1556/032.2017.67.1.310.1556/032.2017.67.1.3Search in Google Scholar

Ding, Z., Au, K. & Chiang, F. (2015). Social trust and angel investors’ decisions: A multilevel analysis across nations. Journal of Business Venturing, 30(2), 307–321. https://doi.org/10.1016/j.jbusvent.2014.08.00310.1016/j.jbusvent.2014.08.003Search in Google Scholar

Duxbury, L., Haines, G. & Riding, A. (1996). A personality profile of Canadian informal investors. Journal of Small Business Management, 34(2), 44–55.Search in Google Scholar

Erikson, T. & Sørheim, R. (2005). “Technology angels” and other informal investors. Technovation, 25(5), 489–496. https://doi.org/10.1016/j.technovation.2003.09.00710.1016/j.technovation.2003.09.007Search in Google Scholar

Feeney, L., Haines, G. H. & Riding, A. L. (1999). Private investors’ investment criteria: Insights from qualitative data. Venture Capital, 1(2), 121–145. https://doi.org/10.1080/13691069929593810.1080/136910699295938Search in Google Scholar

Freear, J., Sohl, J. E. & Wetzel, W. E. (1995). Angels: personal investors in the venture capital market. Entrepreneurship & Regional Development, 7(1), 85–94. https://doi.org/10.1080/0898562950000000510.1080/08985629500000005Search in Google Scholar

Györfy, L. (2014). Socio-demographic and perceptional factors influencing early-stage entrepreneurship in Romania. Közgazdász Fórum, 17(6), 41–56.Search in Google Scholar

Harrison, R. T. & Mason, C.M. (2000). Venture capital market complementarities: The links between business angels and venture capital funds in the United Kingdom. Venture Capital, 2(3), 223–242. https://doi.org/10.1080/1369106005013509110.1080/13691060050135091Search in Google Scholar

Harrison, R., Mason, C. & Robson, P. (2010). Determinants of long-distance investing by business angels in the UK. Entrepreneurship & Regional Development, 22(2), 113–137. https://doi.org/10.1080/0898562080254592810.1080/08985620802545928Search in Google Scholar

Haines, Jr. G. H., Madill, J. J. & Riding, A. L. (2003). Informal Investment in Canada: Financing Small Business Growth. Journal of Small Business & Entrepreneurship, 16(3-4), 13–40. https://doi.org/10.1080/08276331.2003.1059330610.1080/08276331.2003.10593306Search in Google Scholar

Hindle, K. & Wenban, R. (1999). Australia’s informal venture capitalists: An exploratory profile. Venture Capital, 1(2), 169–186. https://doi.org/10.1080/13691069929595610.1080/136910699295956Search in Google Scholar

Hindle, K. & Lee, L. (2002). An exploratory investigation of informal venture capitalists in Singapore. Venture Capital, 4(2), 169–177. https://doi.org/10.1080/1369106011009125510.1080/13691060110091255Search in Google Scholar

Jones-Evans, D. & Thompson, P. (2009). The Spatial Dispersion of Informal Investment at a Regional Level: Evidence from the UK. European Planning Studies, 17(5), 659–675. https://doi.org/10.1080/0965431090278213810.1080/09654310902782138Search in Google Scholar

Keller, J. & Pastusiak, R. (2016). The psychology of investing: Stock market recommendations and their impact on investors’ decisions (the example of the Polish stock market). Acta Oeconomica, 66(3), 419–437. https://doi.org/10.1556/032.2016.66.3.310.1556/032.2016.66.3.3Search in Google Scholar

Kelly, P. (2007). Business angel research: the road travelled and the journey ahead. In Handbook of Research on Venture Capital, Hans Landström (Eds). Edward Elgar Pub. UK. https://doi.org/10.4337/9781847208781.0002110.4337/9781847208781.00021Search in Google Scholar

Lahti, T. (2011). Categorization of angel investments: an explorative analysis of risk reduction strategies in Finland. Venture Capital, 13(1), 49–74. https://doi.org/10.1080/13691066.2010.54332210.1080/13691066.2010.543322Search in Google Scholar

Landström, H. (1993). Informal risk capital in Sweden and some international comparisons. Journal of Business Venturing, 8(6), 525–540. https://doi.org/10.1016/0883-9026(93)90037-610.1016/0883-9026(93)90037-6Search in Google Scholar

Lumme, A., Mason, C. & Suomi, M. (1996). The returns from informal venture capital investments: an exploratory survey. Journal of Entrepreneurial and Small Business Finance, 5, 139–158.10.57229/2373-1761.1187Search in Google Scholar

Månsson, N. & Landström, H. (2006). Business angels in a changing economy: The case of Sweden. Venture Capital, 8(4), 281–301. https://doi.org/10.1080/1369106060083627510.1080/13691060600836275Search in Google Scholar

Mason, C. M. & Harrison, R. T. (2008). Measuring business angel investment activity in the United Kingdom: a review of potential data sources. Venture Capital, 10(4), 309–330. https://doi.org/10.1080/1369106080238009810.1080/13691060802380098Search in Google Scholar

Mason, C. M. (2009). Public policy support for the informal venture capital market in Europe: a critical review. International Small Business Journal, 27(5), 536–556. https://doi.org/10.1177/026624260933875410.1177/0266242609338754Search in Google Scholar

Mason, C. & Harrison, R. (2017). Informal venture capital and the financing of emerging growth businesses. Chapter 11 in D. L. Sexton & H. Landström (eds). The Blackwell Handbook of Entrepreneurship, Blackwell Publishers Ltd. https://doi.org/10.1002/9781405164214.ch1110.1002/9781405164214.ch11Search in Google Scholar

Moen, Ø., Sørheim, R. & Erikson, T. (2008). Born global firms and informal investors: examining investor characteristics. Journal of Small Business Management, 46(4), 536–549. https://doi.org/10.1111/j.1540-627X.2008.00255.x10.1111/j.1540-627X.2008.00255.xSearch in Google Scholar

Paul, S., Whittam, G. & Johnston, J. B. (2003): The operation of the informal venture capital market in Scotland. Venture Capital, 5(4), 313–335. https://doi.org/10.1080/136910603200014193110.1080/1369106032000141931Search in Google Scholar

Paul, S., Whittam, G. & Wyper, J. (2007). Towards a model of the business angel investment process. Venture Capital, 9(2), 107–125. https://doi.org/10.1080/1369106060118542510.1080/13691060601185425Search in Google Scholar

Politis, D. & Landström, H. (2002). Informal investors as entrepreneurs–the development of an entrepreneurial career. Venture Capital, 4(2), 78–101. https://doi.org/10.1080/1369106021081610.1080/13691060210816Search in Google Scholar

Politis, D. (2008). Business angels and value added: what do we know and where do we go? Venture Capital, 10(2), 127–147. https://doi.org/10.1080/1369106080194614710.1080/13691060801946147Search in Google Scholar

Reitan, B. & Sorheim, R. (2000). The informal venture capital market in Norway? Investor characteristics, behaviour and investment preferences. Venture Capital, 2(2), 129–141. https://doi.org/10.1080/13691060029574710.1080/136910600295747Search in Google Scholar

Riding, A. L., Madill, J. J. & Haines, G. H. (2007). Investment decision making by business angels. In H. Landstrom (eds), 2007 Handbook of Research on Venture Capital, Edward Elgar Pub.10.4337/9781847208781.00022Search in Google Scholar

Riding, A. L. (2008). Business angels and love money investors: segments of the informal market for risk capital. Venture Capital, 10(4), 355–369. https://doi.org/10.1080/1369106080235122210.1080/13691060802351222Search in Google Scholar

Romaní, G, Atienza, M. & Amorós, J. E. (2012). Informal investors in Chile: an exploratory study from a gender perspective. Journal of Business Economics and Management, 13(1), 111–131. https://doi.org/10.3846/16111699.2011.62014110.3846/16111699.2011.620141Search in Google Scholar

Sohl, J. E. (2007). The organization of the informal venture capital market. In H. Landstrom (Eds). 2007 Handbook of Research on Venture Capital, Edward Elgar Pub.10.4337/9781847208781.00023Search in Google Scholar

Singer, S., Amorós, J. E. & Moska, D. (2015). Global Entrepreneurship Monitor 2014 – GlobalReport. Babson College, Universidad Del Desarrollo, Universiti Tun Abdul Razak, Technológico De Monterrey, London Business School and Global Entrepreneurship Research Consortium (GERA).Search in Google Scholar

Sørheim, R. & Landström, H. (2001). Informal investors - A categorization, with policy implications. Entrepreneurship & Regional Development, 13(4), 351–370. https://doi.org/10.1080/0898562011006751110.1080/08985620110067511Search in Google Scholar

Sørheim, R. (2005). Business angels as facilitators for further finance: an exploratory study. Journal of Small Business and Enterprise Development, 12(2), 178–191. https://doi.org/10.1108/1462600051059459310.1108/14626000510594593Search in Google Scholar

Wong, P. K., Ho, Y. P. & Autio, E. (2005). Determinants of angel investing propensity: evidence from the Global Entrepreneurship Monitor Dataset. In: S. A. Zahra, C. G. Brush, P. Davidsson, J. Fiet, P. G. Greene, R. T. Harrison, M. Lerner, C. Mason, G. D. Meyer, J. Sohl and A. Zacharakis (Eds). Frontiers of Entrepreneurship Research 2004, pp. 48–62, Wellesley, MA: Babson College.Search in Google Scholar

Wong, P. K. & Ho, Y. P. (2007). Characteristics and determinants of informal investment in Singapore. Venture Capital, 9(1), 43–70. https://doi.org/10.1080/1369106060099677210.1080/13691060600996772Search in Google Scholar

Wright, M. & Robbie, K. (1998). Venture capital and private equity: A review and synthesis. Journal of Business Finance & Accounting, 25(5-6), 521–570. https://doi.org/10.1111/1468-5957.0020110.1111/1468-5957.00201Search in Google Scholar