Social trust and angel investors' decisions: A multilevel analysis across nations
Publication in refereed journal

香港中文大學研究人員

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摘要The decisions made by angel investors are embedded in and influenced by their institutional settings. This paper advances a multilevel model of the direct and indirect effects of social trust on individuals' angel-investment decisions. It is postulated that two dimensions of social trust, namely the level and radius, can enhance information transmission, collaboration, and sanctioning mechanisms within a society. Consequently, they facilitate angel investment and moderate the relationship between it and individual factors. A multilevel model of data from 191,907 individuals across 25 countries shows that individuals in countries with a high level of trust are more likely to make angel investments. Whereas both the level of trust and the radius of trust are found to heighten the positive relationship between an individual's perceived entrepreneurial skills and angel investment, it is interesting to note that these factors weaken the relationship between the perception of new business opportunities and angel investment. These direct and moderating effects are robust after controlling for wealth, cultural values, and other factors. This study contributes to the crossover between research on entrepreneurship and social-trust research. (c) 2014 Elsevier Inc. All rights reserved.
著者Ding ZJ, Au K, Chiang F
期刊名稱Journal of Business Venturing
出版年份2015
月份3
日期1
卷號30
期次2
出版社Elsevier
頁次307 - 321
國際標準期刊號0883-9026
電子國際標準期刊號1873-2003
語言英式英語
關鍵詞Angel investment; Comparative entrepreneurship; Institutional perspective; Social trust
Web of Science 學科類別Business; Business & Economics

上次更新時間 2021-20-02 於 00:04