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Angel investors’ selection criteria: A comparative institutional perspective

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Abstract

Despite the important role of angel investors as critical financial providers for new ventures, little is known regarding how the institutions present in very different institutional environments impact their investment decisions. While angel investors might be expected to make decisions based on similar selection criteria, they are also embedded within and affected by different institutional settings in which they invest, and as a result they give these criteria weight that are different from those of other investors. We compare angel investors’ selection criteria in China and Denmark utilizing a comparative institutional perspective. Utilizing a policy-capturing approach to understanding their decision criteria, we find that angel investors in China, embedded within relationship-based institutions, tend to rely more on strong ties such as family and friends in the management team. They also give risks less weight as compared with angel investors in Denmark, which operate within more rule-based institutional contexts. As with venture capitalists, angel investors modify their decision criteria to fit the local institutional conditions.

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Acknowledgments

We thank David Ahlstrom for editorial guidance. We also appreciate helpful editorial assistance from Ray Hardesty, Rachel (Rae) Pinkham of the University of Texas at Dallas, and Marc Ahlstrom of Burlington County College. This research was supported by Kemper Summer Research Grant, funded by Bloch School of Management, University of Missouri-Kansas City, and Hong Kong RGC (CUHK 440008).

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  1. Department of Marketing and Management, Hang Seng Management College, Siu Lek Yuen, N.T., Hong Kong

    Zhujun Ding

  2. Department of Global Entrepreneurship and Innovation, The Henry W. Bloch School of Management, University of Missouri - Kansas City, 5110 Cherry Street, Kansas City, MO, 64110-2499, USA

    Sunny Li Sun

  3. Department of Management and Centre for Entrepreneurship, The Chinese University of Hong Kong, Shatin, N.T., Hong Kong

    Kevin Au

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Correspondence to Sunny Li Sun.

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Ding, Z., Sun, S.L. & Au, K. Angel investors’ selection criteria: A comparative institutional perspective. Asia Pac J Manag 31, 705–731 (2014). https://doi.org/10.1007/s10490-014-9374-z

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