Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2021.1888140
Identifying the impact of external environment on business angel activity
Marek Zinecker
Martina Skalicka
Adam P. Balcerzak
Michał Bernard Pietrzak
Sažetak
We intend to contribute the empirical evidence in regard to identifying the impact of external environment on the activity of business angels in Czechia. Although prior academic studies have
argued that e.g. overall economic growth, capital market, legal
structures and the protection of property rights, corruption, innovativeness, the tax rate and labour market policy are the main
determinants of the decision-making of business angels in the
well-developed market, little is known about exogenous factors
affecting behaviours of informal venture capitalists in Central and
Eastern European countries. To our knowledge, we are the first
who attempt to uncover the perception of changing economic
conditions on business angel decision-making while using a qualitative survey research approach as primary data on business
angels is currently not available. The results indicate that business
angels pay little attention to the impact of the general macroeconomic conditions, as well as the role played by the capital market.
They refer to ‘critical’ issues related to the difficult predictability
of legislative changes. Dissatisfaction has also been expressed
with the functioning of the public administration. Business angels
also consider the current situation on the labour market and public education policy to be serious barriers to business development in the Czech Republic.
Ključne riječi
Business angels; investment; macroeconomics; institutions; law; survey; Central and Eastern Europe
Hrčak ID:
301677
URI
Datum izdavanja:
31.3.2023.
Posjeta: 321 *