The relationship between business angels' psychological attributes and investments in successful portfolio ventures: an empirical investigation using twitter data
_(2023, BJM) Altmeier and Fisch - The relationship between business angels' psychological attributes and investments in succesful portfolio ventures.pdf
[en] The psychological attributes of business angels are an important but understudied determinant of business angels' investment behaviour. We derive hypotheses on how psychological attributes (i.e. clout, risk-taking, analytical thinking) affect business angels' investments in successful portfolio ventures. Our theorized mechanisms draw on cognitive biases (i.e. overconfidence bias, loss-aversion bias, confirmation bias) to explain how business angels' psychological attributes could affect their selection of portfolio ventures. Empirically, we perform a language-based text analysis using Twitter data to gain insights into the psychological attributes of 1511 US business angels who made 5209 investments. Our results show that the psychological attributes of clout, risk-taking and analytical thinking can indeed affect business angels' likelihood of investing in portfolio ventures that successfully acquire follow-on funding, highlighting the importance of psychological attributes in business angel investments.
Centre de recherche :
NCER-FT - FinTech National Centre of Excellence in Research Interdisciplinary Centre for Security, Reliability and Trust (SnT) > EINT-Entrepreneurship, Innovation and New Technology
Disciplines :
Gestion de l’entreprise, entrepreneuriat & théorie des organisations
Auteur, co-auteur :
ALTMEIER, Angela ; University of Luxembourg > Interdisciplinary Centre for Security, Reliability and Trust (SNT) > Entrepreneurship, Innovation, and New Technology (EINT)
FISCH, Christian ; University of Luxembourg > Interdisciplinary Centre for Security, Reliability and Trust (SNT) > Entrepreneurship, Innovation, and New Technology (EINT)
Co-auteurs externes :
no
Langue du document :
Anglais
Titre :
The relationship between business angels' psychological attributes and investments in successful portfolio ventures: an empirical investigation using twitter data
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