Social trust and angel investors' decisions: A multilevel analysis across nations |
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| Affiliation: | 1. Hang Seng Management College, Hong Kong;2. Chinese University of Hong Kong, Hong Kong;3. Baptist University of Hong Kong, Hong Kong;1. Management Studies, Wageningen University, Hollandseweg 1, 6706 KN, De Leeuwenborch (Building 201), Room 5063, Wageningen, Netherlands;2. Department of Agricultural and Applied Economics, University of Missouri, 125 A, Mumford Hall, Columbia, MO 65211, USA;3. New Analytics LLC and Hutton School of Business, University of the Cumberlands, Williamsburg, KY 40769, USA;1. Technische Universität München, TUM School of Management, Arcisstr. 21, 80333 Munich, Germany;2. IE Business School, Maria de Molina 11, 13, 15, 28006 Madrid, Spain;3. Hankamer Business School, Baylor University, One Bear Place #98006, Waco, TX 76798-8006, United States;1. University of Wisconsin ‐ Madison, Department of Management and Human Resources, 975 University Ave, Madison, WI 53706, United States;2. Furman University, Department of Sociology, 3300 Poinsett Highway, Greenville, SC 29613, United States;3. Miami University, Department of Sociology and Gerontology, Oxford, OH 45056, United States;1. Department of Management, Università degli Studi di Bologna, Via U. Terracini 28, 40131 Bologna, Italy;2. Department of Management, Università degli Studi di Bologna, Via Capo di Lucca 34, 40126 Bologna, Italy;1. Department of Management, Pamplin College of Business, Virginia Polytechnic Institute and State University, United States;2. Michael F. Price College of Business, The University of Oklahoma, 307 W. Brooks Ave., Adams Hall Room 206, United States;1. Department of Management, Zicklin School of Business, Baruch College, City University of New York, One Bernard Baruch Way, New York, NY 10010, USA;2. Department of Management, Information Systems, and Entrepreneurship, College of Business, Washington State University, Pullman, WA 99164, USA;3. Department of Management, Mays Business School, Texas A&M University, College Station, TX 77843.4221, USA;4. Department of Management and Organization, Michael G. Foster School of Business, University of Washington, Seattle, WA 98195, USA |
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| Abstract: | 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. |
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