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The angel investment decision: insights from Australian business angels

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  • Brett Anthony White
  • John Dumay

Abstract

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.

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  • Brett Anthony White & John Dumay, 2020. "The angel investment decision: insights from Australian business angels," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 60(3), pages 3133-3162, September.
    • Handle: RePEc:bla:acctfi:v:60:y:2020:i:3:p:3133-3162
    DOI: 10.1111/acfi.12427
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    Cited by:

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    2. Korzynski, Pawel & Haenlein, Michael & Rautiainen, Mika, 2021. "Impression management techniques in crowdfunding: An analysis of Kickstarter videos using artificial intelligence," European Management Journal, Elsevier, vol. 39(5), pages 675-684.

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