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Business angel post-investment activities: a multi-level review

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  • Andreas Fili
  • Jaan Grünberg

Abstract

In this article, empirical research on post-investment activities of business angels is reviewed and conceptualized as five distinct governance processes: boundary spanning, structuring, leadership, doing, and monitoring. These processes have the potential to reduce the exposure of business angels to relational risk and market risk. The identification of these governance processes also contributes towards understanding the social aspect of business angels’ post investment involvement. In particular, it is shown how the recognition of the cognitive/institutional dimension opens up for new questions about post-investment involvement. Finally, it is proposed that venture performance can be enhanced in practice if business angels and venture members develop skills that are connected to the governance processes. Copyright Springer Science+Business Media New York 2016

Suggested Citation

  • Andreas Fili & Jaan Grünberg, 2016. "Business angel post-investment activities: a multi-level review," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 20(1), pages 89-114, March.
    • Handle: RePEc:kap:jmgtgv:v:20:y:2016:i:1:p:89-114
    DOI: 10.1007/s10997-014-9296-7
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    Cited by:

    1. Wimelius, Henrik & Sandberg, Johan & Olsson, Markus & Gunhaga, Martin, 2023. "Navigating the volatile world of digital entrepreneurship," Business Horizons, Elsevier, vol. 66(6), pages 789-803.
    2. Bonini, Stefano & Capizzi, Vincenzo & Zocchi, Paola, 2019. "The performance of angel-backed companies," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 328-345.
    3. Mojca Svetek, 2023. "The Role of Entrepreneurs’ Perceived Competence and Cooperativeness in Early-Stage Financing," Entrepreneurship Theory and Practice, , vol. 47(6), pages 2047-2076, November.
    4. Lefebvre, Vincent & Certhoux, Gilles & Radu-Lefebvre, Miruna, 2022. "Sustaining trust to cross the Valley of Death: A retrospective study of business angels’ investment and reinvestment decisions," Technovation, Elsevier, vol. 109(C).
    5. Marc Cowling & Ross Brown & Neil Lee, 2021. "The geography of business angel investments in the UK: Does local bias (still) matter?," Environment and Planning A, , vol. 53(5), pages 1180-1200, August.

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