6,086
Views
17
CrossRef citations to date
0
Altmetric
Articles

Identifying the impact of external environment on business angel activity

ORCID Icon, ORCID Icon, ORCID Icon & ORCID Icon
Pages 83-105 | Received 17 Aug 2020, Accepted 05 Feb 2021, Published online: 01 Mar 2021

References

  • Acemoglu, D., & Robinson, J. A. (2008). The persistence and change of institutions in the Americas. Southern Economic Journal, 75(2), 281–299.
  • Aernoudt, R., San José, A., & Roure, J. (2007). Executive forum: Public support for the business angel market in Europe – a critical review. Venture Capital, 9(1), 71–84. https://doi.org/10.1080/13691060600996723
  • Argerich, J., & Cruz-Cázares, C. (2017). Definition, sampling and results in business angels’ research: Toward a consensus. Management Decision, 55(2), 310–330. https://doi.org/10.1108/MD-07-2016-0487
  • Balcerzak, A. P. (2020). Quality of institutions in the European Union countries. Application of TOPSIS based on entropy measure for objective weighting. Acta Polytechnica Hungarica, 17(1), 101–122. https://doi.org/10.12700/APH.17.1.2020.1.6
  • Becker-Blease, J. R., & Sohl, J. E. (2007). Do women-owned businesses have equal access to angel capital? Journal of Business Venturing, 22(4), 503–521. https://doi.org/10.1016/j.jbusvent.2006.06.003
  • Bencsik, A., Tóbiás Kosár, S., & Machová, R. (2018). Corporate culture in service companies that support knowledge sharing. Journal of Tourism and Services, 9(16), 7–13. https://doi.org/10.29036/jots.v9i16.41
  • Black, B. S., & Gilson, R. J. (1998). Venture capital and the structure of capital markets: Banks versus stock markets. Journal of Financial Economics, 47(3), 243–277. https://doi.org/10.1016/S0304-405X(97)00045-7
  • Blažková, I., & Dvouletý, O. (2018). Sectoral and firm-level determinants of profitability: A multilevel approach. International Journal of Entrepreneurial Knowledge, 6(2), 32–44. https://doi.org/10.2478/IJEK-2018-0012. https://doi.org/10.37335/ijek.v6i2.76
  • Blinder, A., Shiller, R., Gordon, R., & Grossman, H. (1991). Why are prices sticky? Preliminary results from an interview study; discussion. American Economic Review, 81(2), 89. https://doi.org/10.2307/2006832.
  • Boettke, P. J., Coyne, C. J., & Leeson, P. T. (2008). Institutional stickiness and the new development economics. American Journal of Economics and Sociology, 67(2), 331–358. https://doi.org/10.1111/j.1536-7150.2008.00573.x
  • Bonini, S., & Alkan, S. (2012). The political and legal determinants of venture capital investments around the world. Small Business Economics, 39(4), 997–1016. https://doi.org/10.1007/s11187-011-9323-x
  • Bonini, S., Capizzi, V., Valletta, M., & Zocchi, P. (2018). Angel network affiliation and business angels' investment practices. Journal of Corporate Finance, 50, 592–608. https://doi.org/10.1016/j.jcorpfin.2017.12.029
  • Bruha, J., & Tonner, J. (2018). An exchange rate floor as an instrument of monetary policy: An ex-post assessment of the Czech experience. Finance a Uver, 68(6), 537–549. http://search.proquest.com/docview/2168837942/
  • Brush, C. G., Edelman, L. F., & Manolova, T. S. (2012). Ready for funding? Entrepreneurial ventures and the pursuit of angel financing. Venture Capital, 14(2-3), 111–129. https://doi.org/10.1080/13691066.2012.654604
  • Cepel, M., Dvorsky, J., Gregova, E., & Vrbka, J. (2020). Business environment quality model in the SME segment. Transformations in Business & Economics, 19(49), 262–284.
  • Cepel, M., Stasiukynas, A., Kotaskova, A., & Dvorsky, J. (2018). Business environment quality index in the SME segment. Journal of Competitiveness, 10(2), 21–40. https://doi.org/10.7441/joc.2018.02.02
  • Chodnicka-Jaworska, P., & Jaworski, P. (2017). Fundamental determinants of credit default risk for European and American banks. Journal of International Studies, 10(3), 51–63. https://doi.org/10.14254/2071-8330.2017/10-3/4
  • Collewaert, V., Manigart, S., & Aernoudt, R. (2010). Assessment of government funding of business angel networks in flanders. Regional Studies, 44(1), 119–130. https://doi.org/10.1080/00343400802070860
  • Colombo, M., Cumming, D., & Vismara, S. (2016). Governmental venture capital for innovative young firms. The Journal of Technology Transfer, 41(1), 10–24. https://doi.org/10.1007/s10961-014-9380-9
  • Drnovšek, M., Franić, S., & Slavec, A. (2018). Exploring antecedents of business angels' intention to invest. Zbornik Radova Ekonomski Fakultet U Rijeka, 36(2), 701–734. https://doi.org/10.18045/zbefri.2018.2.701.
  • Dvorský, J., Petráková, Z., & Polách, J. (2019). Assessing the market, financial, and economic risk sources by Czech and Slovak SMEs. International Journal of Entrepreneurial Knowledge, 7(2), 30–40. https://doi.org/10.37335/ijek.v7i2.91
  • Elgin, C., & Erturk, F. (2019). Informal economies around the world: Measures, determinants and consequences. Eurasian Economic Review, 9(2), 221–237. https://doi.org/10.1007/s40822-018-0105-5
  • Feeney, L., Haines, G. H., & Riding, A. L. (1999). Private investors' investment criteria: Insights from qualitative data. Venture Capital, 1(2), 121–145. https://doi.org/10.1080/136910699295938
  • Festel, G. W., & De Cleyn, S. H. (2013). Founding angels as an emerging subtype of the angel investment model in high-tech businesses. Venture Capital, 15(3), 261–282. https://doi.org/10.1080/13691066.2013.807059
  • Füss, R., & Schweizer, D. (2012). Short and long-term interactions between venture capital returns and the macroeconomy: Evidence for the United States. Review of Quantitative Finance and Accounting, 38(3), 391–410. https://doi.org/10.1007/s11156-011-0233-4
  • Ghosh, S., & Mandal, B. (2019). Bureaucratic efficiency, economic reform and informal sector. Eurasian Economic Review, 9(2), 121–137. https://doi.org/10.1007/s40822-018-0123-3
  • Goodman, L. A. (1961). Snowball sampling. The Annals of Mathematical Statistics, 32(1), 148–170. https://doi.org/10.1214/aoms/1177705148
  • Gompers, P., & Lerner, J. (1999). What drives venture capital fundraising? NBER Working Paper Series, 6906. https://doi.org/10.3386/w6906.
  • Gregor, J., & Melecký, M. (2018). The pass-through of monetary policy rate to lending rates: The role of macro-financial factors. Economic Modelling, 73, 71–88. https://doi.org/10.1016/j.econmod.2018.03.003
  • Grilli, L. (2019). There must be an angel? Local financial markets, business angels and the financing of innovative start-ups. Regional Studies, 53(5), 620–629. https://doi.org/10.1080/00343404.2018.1479524
  • Groh, A. P., & von Liechtenstein, H. (2009). How attractive is central Eastern Europe for risk capital investors? Journal of International Money and Finance, 28(4), 625–647. https://doi.org/10.1016/j.jimonfin.2009.01.006
  • Groh, A. P., von Liechtenstein, H., & Lieser, K. (2010). The European venture capital and private equity country attractiveness indices. Journal of Corporate Finance, 16(2), 205–224. https://doi.org/10.1016/j.jcorpfin.2009.09.003
  • Groh, A. P., & Wallmeroth, J. (2016). Determinants of venture capital investments in emerging markets. Emerging Markets Review, 29, 104–132. https://doi.org/10.1016/j.ememar.2016.08.020
  • Hain, D., Johan, S., & Wang, D. (2016). Determinants of cross-border venture capital investments in emerging and developed economies: The effects of relational and institutional trust. Journal of Business Ethics, 138(4), 743–764. https://doi.org/10.1007/s10551-015-2772-4
  • Harrison, R. T., & Mason, C. M. (2007). Does gender matter? Women business angels and the supply of entrepreneurial finance. Entrepreneurship Theory and Practice, 31(3), 445–472. https://doi.org/10.1111/j.1540-6520.2007.00182.x
  • Hendl, J. (2015). Přehled statistických metod: Analýza a metaanalýza dat (5th ed.). Portál.
  • Hindle, K., & Lee, L. (2002). An exploratory investigation of informal venture capitalists in Singapore. Venture Capital, 4(2), 169–177. https://doi.org/10.1080/13691060110091255
  • Jakimowicz, A., & Rzeczkowski, D. (2019a). Do barriers to innovation impact changes in innovation activities of firms during business cycle? The effect of the Polish green island. Equilibrium, 14(4), 631–676. https://doi.org/10.24136/eq.2019.030
  • Jakimowicz, A., & Rzeczkowski, D. (2019b). Firm ownership and size versus innovation activities over the business cycle: Near-zero inertia as a sign of the transition from the fifth to the sixth Kondratieff wave. Oeconomia Copernicana, 10(4), 689–741. https://doi.org/10.24136/oc.2019.033
  • Janus, J. (2019). Real interest rate differentials between Central and Eastern European countries and the euro area. Equilibrium, 14(4), 677–693. https://doi.org/10.24136/eq.2019.031
  • Jeng, L. A., & Wells, P. C. (2000). The determinants of venture capital funding: Evidence across countries. Journal of Corporate Finance, 6(3), 241–289. https://doi.org/10.1016/S0929-1199(00)00003-1
  • Karsai, J. (2018). Government venture capital in Central and Eastern Europe. Venture Capital, 20(1), 73–102. https://doi.org/10.1080/13691066.2018.1411040
  • Kiselakova, D., Sofrankova, B., Cabinova, V., Onuferova, E., & Soltesova, J. (2018). The impact of R&D expenditure on the development of global competitiveness within the CEE EU countries. Journal of Competitiveness, 10(3), 34–50. https://doi.org/10.7441/joc.2018.03.03
  • Kolcunova, D., & Havranek, T. (2018). Estimating the effective lower bound on the Czech National Bank's policy rate. Finance a Uver, 68(6), 550–577. http://search.proquest.com/docview/2168838043/
  • Kolupaieva, I., Pustovhar, S., Suprun, O., & Shevchenko, O. (2019). Diagnostics of systemic risk impact on the enterprise capacity for financial risk neutralization: The case of Ukrainian metallurgical enterprises. Oeconomia Copernicana, 10(3), 471–491. https://doi.org/10.24136/oc.2019.023
  • Krippendorff, K. (2013). Content analysis: An introduction to its methodology (3rd ed). Sage Publications.
  • La Porta, R., Lopez‐de‐Silanes, F., & Shleifer, A. (2006). What works in securities laws? The Journal of Finance, 61(1), 1–32. https://doi.org/10.1111/j.1540-6261.2006.00828.x
  • La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. W. (1997). Legal determinants of external finance. The Journal of Finance, 52(3), 1131–1150. https://doi.org/10.1111/j.1540-6261.1997.tb02727.x.
  • Lahti, T. (2011). Categorization of angel investments: An explorative analysis of risk reduction strategies in Finland. Venture Capital, 13(1), 49–74. https://doi.org/10.1080/13691066.2010.543322
  • Lewandowska, A., & Stopa, M. (2019). Do SME’s innovation strategies influence their effectiveness of innovation? Some evidence from the case of Podkarpackie as peripheral region in Poland. Equilibrium. Quarterly Journal of Economics and Economic Policy, 14(3), 521–536. https://doi.org/10.24136/eq.2019.025.
  • Lindgaard Christensen, J. (2011). Should government support business angel networks? The tale of Danish business angels network. Venture Capital, 13(4), 337–356. https://doi.org/10.1080/13691066.2011.642513
  • Mačerinskienė, I., & Survilaitė, S. (2019). Company’s intellectual capital impact on market value of Baltic countries listed enterprises. Oeconomia Copernicana, 10(2), 309–339. https://doi.org/10.24136/oc.2019.016
  • Mahmood, M., Saeed, S., Ali, B., Chitsazan, H., & Hasti, C. (2018). Institutional barriers to financing technology-based small firms through venture capital mechanism: A study to explore the incentives for investment in Iran. International Journal of Economics and Financial Issues, 8(1), 184–195. https://doaj.org/article/4cbfc304f0714c6895aeff315055a1a2.
  • Månsson, N., & Landström, H. (2006). Business angels in a changing economy: The case of Sweden. Venture Capital, 8(4), 281–301. https://doi.org/10.1080/13691060600836275
  • Mason, C. M. (2009). Public policy support for the informal venture capital market in Europe: A critical review. International Small Business Journal: Researching Entrepreneurship, 27(5), 536–556. https://doi.org/10.1177/0266242609338754
  • Mason, C. M., & Harrison, R. T. (1999). Editorial. Venture capital: Rationale, aims and scope. Venture Capital, 1(1), 1–46. https://doi.org/10.1080/136910699295974
  • Mason, C. M., & Harrison, R. T. (2002). Is it worth it? The rates of return from informal venture capital investments. Journal of Business Venturing, 17(3), 211–236. https://doi.org/10.1016/S0883-9026(00)00060-4
  • Mason, C. M., & Harrison, R. T. (2004). Improving access to early stage venture capital in regional economies: A new approach to investment readiness. Local Economy: The Journal of the Local Economy Policy Unit, 19(2), 159–173. https://doi.org/10.1080/0269094042000203090
  • Mason, C. M., & Harrison, R. T. (2008). Measuring business angel investment activity in the United Kingdom: A review of potential data sources. Venture Capital, 10(4), 309–330. https://doi.org/10.1080/13691060802380098
  • Maxwell, A. L., Jeffrey, S. A., & Lévesque, M. (2011). Business angel early stage decision making. Journal of Business Venturing, 26(2), 212–225. https://doi.org/10.1016/j.jbusvent.2009.09.002
  • Maula, M., Autio, E., & Arenius, P. (2005). What drives micro-angel investments? Small Business Economics, 25(5), 459–475. https://doi.org/10.1007/s11187-004-2278-4
  • May, J., & Liu, M. M. (Ed.). (2015). Angels without borders: Trends and policies shaping angel investment worldwide. World Scientific Publishing.
  • Meluzín, T., Balcerzak, A. P., Pietrzak, M. B., Zinecker, M., & Doubravský, K. (2018b). The impact of rumours related to political and macroeconomic uncertainty on IPO success: Evidence from a qualitative model. Transformations in Business & Economics, 17(2), 148–169.
  • Meluzín, T., Zinecker, M., Balcerzak, A. P., Doubravský, K., Pietrzak, M. B., & Dohnal, M. (2018c). The timing of initial public offerings – non-numerical model based on qualitative trends. Journal of Business Economics and Management, 19(1), 63–79. https://doi.org/10.3846/jbem.2018.1539
  • Meluzín, T., Zinecker, M., Balcerzak, A. P., & Pietrzak, M. B. (2018a). Why do companies stay private? Determinants for IPO candidates to consider in Poland and the Czech Republic. Eastern European Economics, 56(6), 471–503. https://doi.org/10.1080/00128775.2018.1496795
  • Mitteness, C. R., Baucus, M. S., & Sudek, R. (2012). Horse vs. Jockey? How stage of funding process and industry experience affect the evaluations of angel investors. Venture Capital, 14(4), 241–267. https://doi.org/10.1080/13691066.2012.689474
  • Mura, L., & Kajzar, P. (2019). Small businesses in cultural tourism in a Central European Country. Journal of Tourism and Services, 10(19), 40–54. https://doi.org/10.29036/jots.v10i19.110
  • Nölke, A., & Vliegenthart, A. (2009). Enlarging the varieties of capitalism: The emergence of dependent market economies in East Central Europe. World Politics, 61(4), 670–702. https://doi.org/10.1017/S0043887109990098
  • Opdenakker, R. (2006). Advantages and disadvantages of four interview techniques in qualitative research. Forum: Qualitative Social Research, 7(4), 1–13. https://doi.org/10.17169/fqs-7.4.175.
  • Owen, R., & Mason, C. (2017). The role of government co-investment funds in the supply of entrepreneurial finance: An assessment of the early operation of the UK Angel Co-investment Fund. Environment and Planning C: Politics and Space, 35(3), 434–456. https://doi.org/10.1177/0263774X16667072.
  • Peterle, P., & Berk, A. (2016). IPO cycles in Central and Eastern Europe: What factors drive these cycles? Finance a Uver, 66(2), 113–139. http://search.proquest.com/docview/1787759630/
  • Pietrzak, M. B., Balcerzak, A. P., Gajdos, A., & Arendt, Ł. (2017). Entrepreneurial environment at regional level: The case of Polish path towards sustainable socio-economic development. Entrepreneurship and Sustainability Issues, 5(2), 190–203. https://doi.org/10.9770/jesi.2017.5.2(2)
  • Politis, D., & Landström, H. (2002). Informal investors as entrepreneurs – The development of an entrepreneurial career. Venture Capital, 4(2), 78–101. https://doi.org/10.1080/13691060210816
  • Rahmatiah, R., Wiroto, D. W., & Taan, H. (2019). Business continuity, motivation, and social conditions of young entrepreneurs. Economics & Sociology, 12(4), 166–182. 789X.2019/12-4/10. https://doi.org/10.14254/2071-
  • Ramadani, V. (2009). Business angels: Who they really are. Strategic Change, 18(7-8), 249–258. https://doi.org/10.1002/jsc.852
  • Reitan, B., & Sorheim, R. (2000). The informal venture capital market in Norway? Investor characteristics, behaviour and investment preferences. Venture Capital, 2(2), 129–141. https://doi.org/10.1080/136910600295747
  • Rogalska, E. (2018). Multiple-criteria analysis of regional entrepreneurship conditions in Poland. Equilibrium, 13(4), 707–723. https://doi.org/10.24136/eq.2018.034
  • Savitz, R., & Gavriletea, M. D. (2019). Climate change and insurance. Transformations in Business & Economics, 18(46), 21–43.
  • Skalicka, M., Zinecker, M., Balcerzak, A. P., & Meluzin, T. (2019). Why do companies go public? Evidence from the Prague stock exchange. Entrepreneurial Business and Economics Review, 7(1), 181–199. https://doi.org/10.15678/EBER.2019.070110
  • Skare, M., & Porada-Rochoń, M. (2019a). Tracking financial cycles in ten transitional economies 2005–2018 using singular spectrum analysis (SSA) techniques. Equilibrium, 14(1), 7–29. https://doi.org/10.24136/eq.2019.001
  • Skare, M., & Porada-Rochoń, M. (2019b). Financial and economic development link in transitional economies: A spectral Granger causality analysis 1991–2017. Oeconomia Copernicana, 10(1), 7–35. https://doi.org/10.24136/oc.2019.001
  • Schertler, A. (2003). Driving forces of venture capital investments in Europe: A dynamic panel data analysis, 1172.
  • Simionescu, M., Balcerzak, A. P., Bilan, Y., & Kotásková, A. (2018). The impact of money on output in Czech Republic and Romania. Journal of Business Economics and Management, 19(1), 20–41. https://doi.org/10.3846/jbem.2018.1480
  • Smith, D. J., Harrison, R. T., & Mason, C. M. (2010). Experience, heuristics and learning: The angel investment process. Frontiers of Entrepreneurship Research, 30(2), 1–13. http://digitalknowledge.babson.edu/fer/vol30/iss2/3
  • Sohl, J. E., & Hill, L. (2007). Women business angels: Insights from angel groups. Venture Capital, 9(3), 207–222. https://doi.org/10.1080/13691060701324536
  • Sørheim, R. (2005). Business angels as facilitators for further finance: An exploratory study. Journal of Small Business and Enterprise Development, 12(2), 178–191. https://doi.org/10.1108/14626000510594593
  • Stedler, H., & Peters, H. H. (2003). Business angels in Germany: An empirical study. Venture Capital, 5(3), 269–276. https://doi.org/10.1080/1369106032000126596
  • Stimel, D. (2012). The short-run effects of the macro-economy on venture capital: US evidence. Economics and Finance Review, 2(3), 38–45.
  • Sudolska, A., & Łapińska, J. (2020). Exploring determinants of innovation capability in manufacturing companies operating in Poland. Sustainability, 12(17), 7101. https://doi.org/10.3390/su12177101
  • Sullivan, M. K., & Miller, A. (1996). Segmenting the informal venture capital market: Economic, hedonistic, and altruistic investors. Journal of Business Research, 36(1), 25–35. https://doi.org/10.1016/0148-2963(95)00160-3
  • Swadzba, S. (2019). Globalization vs. economic growth in new countries of the European Union. Ekonomicko-Manazerske Spektrum, 13(1), 1–11. https://doi.org/10.26552/ems.2019.1.1-11
  • Van Osnabrugge, M. (2000). A comparison of business angel and venture capitalist investment procedures: An agency theory-based analysis. Venture Capital, 2(2), 91–109. https://doi.org/10.1080/136910600295729
  • Van Pottelsberghe de la Potterie, B., Romain, A. (2004). The economic impact of venture capital, No 2004, 18, Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank. https://EconPapers.repec.org/RePEc:zbw:bubdp1:2163
  • Virglerová, Z. (2018). Differences in the concept of risk management in V4 countries. International Journal of Entrepreneurial Knowledge, 6(2), 100–109. https://doi.org/10.2478/IJEK-2018-0017.
  • Vu, H. M., & Ngo, M. (2019). Strategy development from triangulated viewpoints for a fast growing destination toward sustainable tourism development – A case of Phu Quoc Islands in Vietnam. Journal of Tourism and Services, 10(18), 117–140. https://doi.org/10.29036/jots.v10i18.86.
  • Waters, J. (2015). Snowball sampling: A cautionary tale involving a study of older drug users. International Journal of Social Research Methodology, 18(4), 367–380. https://doi.org/10.1080/13645579.2014.953316
  • White, B. A., & Dumay, J. (2017). Business angels: A research review and new agenda. Venture Capital, 19(3), 183–216. https://doi.org/10.1080/13691066.2017.1290889
  • World Bank Group. (2018). Stimulating business angels in the Czech Republic. World Bank.
  • Zinecker, M., & Bolf, D. (2015). Venture capitalists' investment selection criteria in CEE countries and Russia. Business: Theory and Practice, 16(1), 94–103. https://doi.org/10.3846/btp.2015.441.
  • Zygmunt, A. (2019). External linkages and intellectual assets as indicators of firms’ innovation activities: Results from the Czech Republic and Poland. Oeconomia Copernicana, 10(2), 291–308. https://doi.org/10.24136/oc.2019.015