Business performance and angels presence: a fresh look from France 2008–2011
Résumé
Abstract Business angels enjoy a strong reputation for
being more efficient than other investors among policy
makers, practitioners, and scholars. However, due to the
limited availability of specific financial data, previous
research has barely assessed the impact of angels on
companies’ performance. This paper seeks to bridge this
gap by providing evidence from a unique dataset made
up of 432 angel-backed French companies which are
compared to two control groups, one randomly selected
and another one consisting of similar enterprises. This
double comparison process enables us to purge our
analysis of structural effect and to demonstrate the importance
of the methodology in generating the sample.
Indeed, the results we obtain significantly differ depending
on the control group. Our results show that the
positive influence of angels depends on the condition
of the comparison. The set of BA-backed companies is
more likely to exhibit superior performance when it is
compared to a random sample whereas the companies’
performance is either identical or worse when it is
compared to a sample composed of k-nearest neighbors.
In addition, using a quantile regression technique makes
it possible to differentiate the effect of business angels
based on the distribution of the value of the growth rate.
Domaines
Gestion et management
Origine : Accord explicite pour ce dépôt
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