The View of Angels From Above: Angel Governance and Institutional Environments
- 1 February 2021
- journal article
- research article
- Published by Academy of Management in Academy of Management Perspectives
- Vol. 35 (1), 9-24
- https://doi.org/10.5465/amp.2017.0191
Abstract
Compared to scholarship focused on venture capital, we know less about angel investing and, in particular, less about how angels operate across institutional environments. Given the importance of angels within early-stage entrepreneurial investment growing globally, the field of angel governance is poised for further investigation. Thus, in this paper, we begin the conversation on angels and institutions and provide a framework for studying the post-investment governance role taken by angels amid institutional variation. First, we provide a review of the research conducted on angel-centered corporate governance. We then explore how the regulative, normative, and cultural-cognitive institutional domains may influence angel governance arrangements. Within these domains, we isolate how the extent, frequency, and mode of angel engagement with the target venture can be shaped by the institutional environment.Keywords
This publication has 65 references indexed in Scilit:
- Institutions and venture capitalIndustrial and Corporate Change, 2013
- Do institutions matter for business angel investing in emerging Asian markets?Venture Capital, 2012
- Formal institutions, culture, and venture capital activity: A cross-country analysisJournal of Business Venturing, 2012
- Contextualizing Entrepreneurship—Conceptual Challenges and Ways ForwardEntrepreneurship Theory and Practice, 2011
- Angel finance: the other venture capitalStrategic Change, 2009
- Governance, ownership structure, and performance of IPO firms: the impact of different types of private equity investors and institutional environmentsStrategic Management Journal, 2009
- What is the role of legal systems in financial intermediation? Theory and evidenceJournal of Financial Intermediation, 2009
- Reflections on the Societal Conditions for the Pervasiveness of Entrepreneurial Behavior in Western SocietiesJournal of Management Inquiry, 2009
- Business angels in Germany: A research noteVenture Capital, 2003
- Informal venture capital: a study of the investment process, the post-investment experience and investment performanceEntrepreneurship & Regional Development, 1996