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

Author

Listed:
  • Andreas Fili

    () (KTH Royal Institute of Technology)

  • Jaan Grünberg

    (Uppsala University)

Abstract

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.

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:d:10.1007_s10997-014-9296-7
    DOI: 10.1007/s10997-014-9296-7
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    References listed on IDEAS

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