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Investing Human Capital: Business Angel Cognition and Active Involvement in Business Angel Groups

Author

Listed:
  • Peter Wirtz
  • Christophe Bonnet
  • Laurence Cohen
  • Christophe Haon

Abstract

The present research sets out to reach a better understanding of the determinants of business angels? active involvement within business angel groups, as well as the building of cognitive resources and the sharing of skills. We develop a conceptual framework in which business angels? decision-making style and professional experience are key in explaining their degree and type of involvement with different business angel group activities. To test the related proposals, we conduct a questionnaire survey among the members of one of the largest business angel groups in France. Our results show that business angels with a control-oriented decision-making style, as well as angels with previous professional experience as a CEO or in marketing and sales, tend to be more actively involved in key business angel group activities, both in terms of investment-related activities and business angel group management activities. While discussing the results, we propose a tentative model of business angel group cognition and outcomes for future studies that may build on the present research.

Suggested Citation

  • Peter Wirtz & Christophe Bonnet & Laurence Cohen & Christophe Haon, 2020. "Investing Human Capital: Business Angel Cognition and Active Involvement in Business Angel Groups," Revue de l'Entrepreneuriat, De Boeck Université, vol. 19(1), pages 43-60.
    • Handle: RePEc:cai:rendbu:entre1_191_0043
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    Cited by:

    1. Laurence Cohen & Peter Wirtz, 2022. "Decision-making style in entrepreneurial finance and growth," Small Business Economics, Springer, vol. 59(1), pages 183-210, June.
    2. Bonnet, Christophe & Capizzi, Vincenzo & Cohen, Laurence & Petit, Aurelien & Wirtz, Peter, 2022. "What drives the active involvement in business angel groups? The role of angels' decision-making style, investment-specific human capital and motivations," Journal of Corporate Finance, Elsevier, vol. 77(C).

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