Can digital transformation improve market and ESG performance? Evidence from Chinese SMEs

We document that the choice between disintermediated individual angel investments and intermediated private equity and venture capital investments depends on legal, economic, and cultural differences. We find evidence of this using PitchBook’s comprehensive data on more than 5000 angel and 80,000 private equity and venture capital investments in 96 countries from 1977 to 2012. The data further indicate that investee firms funded by angels are less likely to successfully exit through either an IPO or an acquisition. These findings are robust to propensity score-matching methods, as well as to clustering standard errors, and excluding U.S. observations, among other approaches.

/pdf/angel-investors-around-the-world-54igb00hqv.pdf

Angel investors around the world

This paper provides a review of the alternative investments literature in emerging markets, with a focus on art and wine, angel investment, venture capital and private equity, private debt, hedge funds, crowdfunding, and IPOs. We show that there has been relatively more growth in the scholarly interest in alternative investments in emerging markets compared to alternative investments and compared to emerging markets over the period 2000-2016. We highlight topics that have been the subject of scholarly focus, and identify topics for future research.

Alternative Investments in Emerging Markets: A Review and New Trends

Angel investors finance small high growth entrepreneurial firms in exchange for equity. Unlike private equity (PE) and venture capital (VC) funds, which invest capital from institutional investors, angels invest with their own money. We compare the impact from legal and cultural conditions on disintermediated angel finance versus intermediated PE/VC finance. We use PitchBook's comprehensive data collection of over 5,000 angel deals and 80,000 PE/VC deals from 96 countries from 1977 to 2012. The data indicate that relative to PE/VC funds, angel investors are more sensitive to stock market conditions, legal environments, and Hofstede’s cultural conditions (specifically, higher levels of individualism and risk intolerance). The data further indicate that investee firms funded by angels are less likely to successfully exit in either an IPO or acquisition, on average, whether those angels are involved in the first round or later stages. Our test results are robust to propensity score matching methods, as well as clustering standard errors, among other approaches. In addition, we perform difference-in-differences tests and find evidence that more stringent disclosure regulation and more forgiving bankruptcy laws spawn entrepreneurial activities induced by both angels and PE/VC funds.

/pdf/angel-investors-around-the-world-30owrh3lza.pdf

Angel Investors Around the World

Renewable energy investments possess great potential for reducing the consumption of fossil fuels influenced by various determinants. This study investigates the individual investors’ renewable energy investments’ intention within the framework of the theory of planned behaviour (TPB) based on a survey conducted in 3 major states in Malaysia. The results indicate that one’s intention to invest in renewable energy investments is influenced by attitude, subjective norm, perceived behavioural control and evaluation of regulatory framework. Risk aversion on the other hand was found to have no effect on investors’ intention towards such investments. The findings also reveal that the evaluation of regulatory framework is the most important determinant. This outcome contradicts the outcomes arrived at by the previous studies that focus on investment behaviours or other types of pro-environmentally intention or behaviours. This research also investigates the indirect effects of TPB on explaining investor’s intention towards renewable energy investments through the evaluation of regulatory framework. The results indicate that the investors’ intention towards renewable energy investments is indirectly influenced by attitude and perceived behavioural control. Subjective norm does not have an indirect effect on investors’ intention towards renewable energy investments. This study provides policymakers’ important practical implications to improve renewable energy investments.

Intention towards renewable energy investments in Malaysia: extending theory of planned behaviour

Policies of promoting entrepreneurship and Angel Investment: Evidence from China

pdf/technology-pushed-market-pulled-or-government-driven-the-3iazsiufa5.pdf

Technology-pushed, market-pulled, or government-driven? The adoption of industry 4.0 technologies in a developing economy

Abstract Using both the number of patents and the number of citations that the patents receive as the measures of innovation and using political donations as an indicator of the chief executive officer (CEO)’s political preferences, we find that (1) firms led by CEOs with and without political partisanship show no differences in terms of innovation outputs; and (2) there are no differences between firms led by Republican and Democratic CEOs when it comes to innovation. The results are robust to a propensity-score-matching regression, a firm fixed effect regression, and alternate measures of innovation. Overall, the results suggest that CEOs’ personal political ideologies do not significantly affect their innovation decisions.

CEOs’ political ideologies and innovation: Evidence from US public firms


 How does trade openness affect individuals’ social policy preferences in emerging markets? Drawing upon the theories of economic openness, risk, and social policy preference, we examine how trade openness and job sectors jointly shape preferences on social protection in China, the largest emerging market. Using the World Value Survey (WVS) Wave VI and archival macroeconomic indicators in 2012, we find that trade openness is associated with higher demands for government responsibility in social protection. We also find, compared with public-sector employees, private-sector employees exhibit lower levels of support to the role of government in social protection. The public–private divide in policy preferences, nevertheless, diminishes in regions with high levels of trade openness. This research provides new evidence to the risk-model of social policy preferences in the Chinese context. It also highlights the importance of considering the significant differences between public and private-sector employees in their social policy preferences.

Trade openness, job sectors, and social policy preferences: evidence from China

The relationship between firm performance feedback and technology innovation has been studied extensively, but limited attention has been paid to factors that mediate this relationship. We examine how a parent firm addresses an affiliate’s performance level and its influence on the affiliate’s technology innovation. Integrating the behavioral theory of the firm and the concept of parent functions, we argue that the parent firm addresses the affiliate’s performance level in two ways: hierarchy management and resource allocation. Specifically, unlike the case of outperforming affiliates, the parent firm facilitates the technology innovation of underperforming affiliates through hierarchy management and resource allocation. Regression analyses of 2010–2020 data of listed affiliates belonging to Chinese business groups provide strong evidence supporting our conjecture. Our study sheds light on the importance of considering the parent’s influence when affiliates adopt technology innovation in light of its performance feedback.

Affiliate performance feedback and technology innovation: The mediating effect of the parent’s response

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Papers

Policies of promoting entrepreneurship and Angel Investment: Evidence from China

Technology-pushed, market-pulled, or government-driven? The adoption of industry 4.0 technologies in a developing economy

CEOs’ political ideologies and innovation: Evidence from US public firms

Trade openness, job sectors, and social policy preferences: evidence from China

Affiliate performance feedback and technology innovation: The mediating effect of the parent’s response