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La boîte noire de la phase de financement des PME par les business angels : une comparaison France – Québec

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  • Maarouf Ramadan
  • Luc Tessier

Abstract

This article analyzes the behavior of business angels (BAs) according to their investment choices. Known for their role in financing young, innovative SMEs, BAs fill the financing gap in the entrepreneurial ecosystem, particularly in the seed phase. They are hands-on players and offer their skills, expertise, and personal networks to the SMEs in which they invest. They look for high-potential companies, but their behavior depends on the perceived characteristics of the entrepreneurs behind the projects. This article is based on a simultaneously conducted quantitative survey of French and Quebec BAs. We use data from both France and Quebec to gain a better understanding of this phenomenon and to compare the two national contexts. Classification JEL : G32, L25, L26, M13.

Suggested Citation

  • Maarouf Ramadan & Luc Tessier, 2023. "La boîte noire de la phase de financement des PME par les business angels : une comparaison France – Québec," Revue d'économie financière, Association d'économie financière, vol. 0(2), pages 131-143.
    • Handle: RePEc:cai:refaef:ecofi_150_0131
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    More about this item

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups

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