1,858
Views
11
CrossRef citations to date
0
Altmetric
Articles

Business angels in the Czech Republic: characteristics and a classification with policy implications

ORCID Icon, ORCID Icon, ORCID Icon & ORCID Icon
Pages 273-298 | Received 24 Nov 2020, Accepted 09 Feb 2021, Published online: 01 Mar 2021

References

  • Aram, J. D. (1987). Informal risk capital in the Eastern Great Lakes region. US Small Business Administration, Office of Advocacy.
  • 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
  • Belas, J., Gavurova, B., Cepel, M., & Kubak, M. (2020). Evaluation of economic potential of business environment development by comparing sector differences: Perspective of SMEs in the Czech Republic and Slovakia. Oeconomia Copernicana, 11(1), 135–159. https://doi.org/10.24136/oc.2020.006
  • 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
  • Bigos, K. (2018). Venture capital and exporting: Some evidence from Visegard Group countries and implications for Poland. International Entrepreneurship Review, 4(3), 59–68.
  • Blinder, A. (1991). Why are Prices Sticky? Preliminary Results from an Interview Study. NBER Working Paper Series, 3646. https://doi.org/10.3386/w3646
  • 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
  • Brettel, M. (2002). German business angels in international comparison. The Journal of Private Equity, 5(2), 53–67. https://doi.org/10.3905/jpe.2002.320008
  • Bygrave, W., Hay, M., Ng, E., & Reynolds, P. (2003). Executive forum: A study of informal investing in 29 nations composing the Global Entrepreneurship Monitor. Venture Capital, 5(2), 101–116. https://doi.org/10.1080/1369106032000097021
  • Capizzi, V. (2015). The returns of business angel investments and their major determinants. Venture Capital, 17(4), 271–298. https://doi.org/10.1080/13691066.2015.1092264
  • Dankiewicz, R., Ostrowska-Dankiewicz, A., & Bulut, C. (2020). The attitudes of entrepreneurs of the small and medium-sized enterprises sector in Poland to key business risks. Equilibrium. Quarterly Journal of Economics and Economic Policy, 15(3), 511–536. https://doi.org/10.24136/eq.2020.023
  • 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
  • Dvorský, J., Petráková, Z., Zapletalíková, E., & Rózsa, Z. (2019). Entrepreneurial propensity index of university students. The case study from the Czech Republic, Slovakia and Poland. Oeconomia Copernicana, 10(1), 173–192. https://doi.org/10.24136/oc.2019.009
  • Farrell, E., Howorth, C., & Wright, M. (2008). A review of sampling and definitional issues in informal venture capital research. Venture Capital, 10(4), 331–353. https://doi.org/10.1080/13691060802151986
  • 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
  • Gaston, R. J., & Bell, S. (1988). The informal supply of capital. US Small Business Administration Office of Advocacy.
  • Goodman, L. A. (1961). Snowball sampling. The Annals of Mathematical Statistics, 32(1), 148–170. https://doi.org/10.1214/aoms/1177705148
  • 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
  • Haar, N. E., Starr, J., & Macmillan, I. C. (1988). Informal risk capital investors: Investment patterns on the East Coast of the U.S.A. Journal of Business Venturing, 3(1), 11–29. https://doi.org/10.1016/0883-9026(88)90027-4
  • Harrison, R. T., & Mason, C. M. (1992). International perspectives on the supply of informal venture capital. Journal of Business Venturing, 7(6), 459–475. https://doi.org/10.1016/0883-9026(92)90020-R
  • 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
  • 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
  • Hindle, K., & Wenban, R. (1999). Australia's informal venture capitalists: An exploratory profile. Venture Capital, 1(2), 169–186. https://doi.org/10.1080/136910699295956
  • Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
  • Johnson, W., & Sohl, J. (2012). Angels and venture capitalists in the initial public offering market. Venture Capital. Venture Capital, 14(1), 27–42. https://doi.org/10.1080/13691066.2012.660743
  • 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
  • Kelemen, M., Polishchuk, V., Gavurová, B., Szabo, S., Rozenberg, R., Gera, M., Kozuba, J., Andoga, R., Divoková, A., & Blišt’an, P. (2019). Fuzzy model for quantitative assessment of environmental start-up projects in air transport. International Journal of Environmental Research and Public Health, 16(19), 3585. https://doi.org/10.3390/ijerph16193585
  • Ključnikov, A., Civelek, M., Čech, P., & Kloudová, J. (2019). Entrepreneurial orientation of SMEs? executives in the comparative perspective for Czechia and Turkey. Oeconomia Copernicana, 10(4), 773–795. https://doi.org/10.24136/oc.2019.035
  • Kramoliš, J., & Dobeš, K. (2020). Debt as a financial risk factor in SMEs in the Czech Republic. Equilibrium. Quarterly Journal of Economics and Economic Policy, 15(1), 87–105. https://doi.org/10.24136/eq.2020.005
  • Landström, H. (1993). Informal risk capital in Sweden and some international comparisons. Journal of Business Venturing, 8(6), 525–540. https://doi.org/10.1016/0883-9026(93)90037-6
  • Landström, H., & Mason, C. M. (2016). Handbook of Research on Business Angels. Edward Elgar Publishing.
  • Łapińska, J., Kądzielawski, G., & Dziuba, R. (2019). Country-Specific Determinants of Intra-Industry Trade in Clothing and Footwear between Poland and European Union Countries. Fibres and Textiles in Eastern Europe, 27(4(136), 23–28. https://doi.org/10.5604/01.3001.0013.1816
  • Legenzova, R., Gaigalienė, A., & Jurakovaitė, O. (2019). Evaluation of the post-crisis EU banking network connectedness in the global context. Oeconomia Copernicana, 10(1), 37–53. https://doi.org/10.24136/oc.2019.002
  • Lindsay, N. J. (2004). Do business angels have an entrepreneurial orientation? Venture Capital, 6(2-3), 197–210. https://doi.org/10.1080/13691060420001675983
  • Lumme, A., Mason, C., & Suomi, M. (1996). The returns from informal venture capital investments: An exploratory study. Journal of Entrepreneurial and Small Business Finance, 5(2), 139–158.
  • 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., Botelho, T., & Harrison, R. (2019). The changing nature of angel investing: Some research implications. Venture Capital, 21(2-3), 177–194. https://doi.org/10.1080/13691066.2019.1612921
  • 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. (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
  • 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. https://doi.org/10.1142/9881
  • Meluzín, T., Balcerzak, A. P., Pietrzak, M. B., Zinecker, M., & Doubravský, K. (2018a). The impact of rumours related to political and macroeconomic uncertainty on IPO success: Evidence from a qualitative model. Transformations in Business & Economics, 17(244), 148–169.
  • Meluzín, T., Zinecker, M., Balcerzak, A. P., Doubravský, K., Pietrzak, M. B., & Dohnal, M. (2018b). 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. (2018c). 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
  • 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
  • Nikulin, D., & Szymczak, S. (2020). Effect of the integration into Global Value Chains on the employment contract in Central and Eastern European countries. Equilibrium. Quarterly Journal of Economics and Economic Policy, 15(2), 275–294. https://doi.org/10.24136/eq.2020.013
  • 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
  • OECD. (2011). Financing High-Growth Firms: The Role of Angel Investors. OECD Publishing. https://doi.org/10.1787/9789264118782-en
  • O'Gorman, C., & Terjesen, S. (2006). Financing the celtic tigress: Venture financing and informal investment in Ireland. Venture Capital, 8(1), 69–88. https://doi.org/10.1080/13691060500453742
  • Opdenakker, R. (2006). Advantages and disadvantages of four interview techniques in qualitative research. Forum: Qualitative Social Research, 7(4). https://doi.org/10.17169/fqs-7.4.175
  • Owen (Baldock), 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 Úvěr, 66(2), 113–139. Retrieved from http://search.proquest.com/docview/1787759630/.
  • Polishchuk, V., Kelemen, M., Gavurová, B., Varotsos, C., Andoga, R., Gera, M., Christodoulakis, J., Soušek, R., Kozuba, J., Blišťan, P., & Szabo, S. (2019). A fuzzy model of risk assessment for environmental start-up projects in the air transport sector. International Journal of Environmental Research and Public Health, 16(19), 3573. https://doi.org/10.3390/ijerph16193573
  • Prowse, S. (1998). Angel investors and the market for angel investments. Journal of Banking & Finance, 22(6-8), 785–792. https://doi.org/10.1016/S0378-4266(98)00044-2
  • Reitan, B., & Sörheim, 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
  • Scheela, W., Isidro, E., Jittrapanun, T., & Trang, N. (2015). Formal and informal venture capital investing in emerging economies in Southeast Asia. Asia Pacific Journal of Management, 32(3), 597–617. https://doi.org/10.1007/s10490-015-9420-5
  • Shane, S. (2010). Fool’s gold; the truth behind angel investment in America. Oxford University Press.
  • 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. Quarterly Journal of Economics and Economic Policy, 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
  • 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
  • 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
  • Tashiro, Y. (1999). Business angels in Japan. Venture Capital, 1(3), 259–273. https://doi.org/10.1080/136910699295893
  • Trinh, T. (2019). Factors affecting startup performance of small and medium-sized enterprises in Danang City. Entrepreneurial Business and Economics Review, 7(3), 187–203. https://doi.org/10.15678/EBER.2019.070310
  • Van Osnabrugge, M. (1998). Do serial and non-serial investors behave differently?: An empirical and theoretical analysis. Entrepreneurship Theory and Practice, 22(4), 23–42. https://doi.org/10.1177/104225879802200402
  • Van Osnabrugge, M., & Robinson, R. J. (2000). Angel investing. Jossey-Bass.
  • Wetzel, W. (1983). Angels and informal risk capital. Sloan Management Review (Pre-1986), 24(4), 23.
  • 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, J. (2020). The effect of changes in the economic structure on entrepreneurial activity in a transition economy: the case of Poland. Equilibrium. Quarterly Journal of Economics and Economic Policy, 15(1), 49–62. https://doi.org/10.24136/eq.2020.003