Investing Human Capital: Angel Cognition and Active Involvement in Business Angel Groups
2019
The present research sets out to reach a better understanding of the determinants
of business angels’ active involvement in making business angel groups accomplish
diverse functions and building cognitive resources and shared competencies. We develop
a framework where angels’ decision making style and professional experience are key in
explaining their degree and type of involvement with diverse business angel group
activities. To test the related propositions, we conduct a questionnaire survey with the
members of one of the largest French business angel groups. Our results show that
business angels with a control-oriented decision-making style, as well as angels with
previous professional experiences as a CEO and in marketing and sales, tend to be more
actively involved in key angel group activities, both with regard to investment related
activities and angel group management activities. While discussing the results, we
propose a tentative model of angel group cognition and outcomes for future extensions of
the present research.
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