Kanpur Investment：A cross-country investigation of micro-angel investment activity： The roles of new business opportunities and institutions

We thus make several contributions: First, we add to the growing body of cross-country entrepreneurship research into the role of institutions (De Clercq et al., 2010, Li et al., 2009, McMullen et al., 2008) by focusing on an unexplored outcome, namely, the likelihood that people invest in new businesses (i.e., micro-angel investing)Kanpur Investment. Second, in response to calls for more international business research on the interplay between formal and informal institutions (Dikova et al., 2010, Millar et al., 2009), we investigate how the incidence of micro-angel investment activity may be informed by the joint effects of these two institution types, as well as by their interactionSurat Investment. Third, we add to extant literature on micro-angel investment by addressing neglected country-level correlates, and we consider factors that reflect both the demand side (i.e., availability of new business opportunities) and the supply side (i.e., legal protection provided by a country❼regulatory system and highly embedded relationships among members). Fourth, we extend literature that examines cross-country differences in the availability of entrepreneurial finance in general (Wright, Pruthi, & Lockett, 2005). Although prior research mostly has focused on formal venture capital, the market for entrepreneurial finance actually is heterogeneous (Jeng and Wells, 2000, Szerb et al., 2007), which implies that it is important to understand drivers relevant to specific parts of this overall market, such as micro-angel investing. Professional venture capital firms typically write detailed contracts to protect themselves from agency risk, so they may be most concerned with market risk instead (Cumming, 2006, Kaplan et al., 2007). In contrast, micro-angels likely remain highly concerned with agency risk – that is, that the entrepreneur❼expertise and behavior may not be in their best interest (Eisenhardt, 1989) – and thus value strong, embedded relationships that can mitigate such agency risk (Bruton, Filatotchev, Chahine, & Wright, 2010). Examining the joint effects of a country❼legal framework and the extent to which its members are embedded in strong relationships thus is particularly relevant for the study of micro-angel investment activity.Simla Wealth Management

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