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Gazelles, ponies, and the impact of business angels’ characteristics on firm growth

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  • Annalisa Croce
  • Elisa Ughetto
  • Stefano Bonini
  • Vincenzo Capizzi

Abstract

This study investigates whether the individual attributes and investment approaches of business angels (BAs) affect the growth of funded companies by distinguishing between two firm types: gazelles and ponies. We draw upon an original data set comprising 265 small Italian firms (49 that received BA financing and 216 in the propensity score matched control group). Building on insights drawn from the resource-based view and absorptive capacity theory, we find that BAs with entrepreneurial experience positively affect the sales growth of gazelles only. Moreover, the role of BAs’ investment experience and coaching in the growth rates of both gazelles and ponies is insignificant. Interestingly, monitoring helps boost ponies’ performance but stifles growth among gazelles.

Suggested Citation

  • Annalisa Croce & Elisa Ughetto & Stefano Bonini & Vincenzo Capizzi, 2021. "Gazelles, ponies, and the impact of business angels’ characteristics on firm growth," Journal of Small Business Management, Taylor & Francis Journals, vol. 59(2), pages 223-248, March.
    • Handle: RePEc:taf:ujbmxx:v:59:y:2021:i:2:p:223-248
    DOI: 10.1080/00472778.2020.1844489
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    Citations

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    Cited by:

    1. Atzmon, Morane Batya & Vanderstraeten, Johanna & Albers, Sascha, 2022. "Small-firm growth-enabling capabilities: A framework for young technology-based firms," Technovation, Elsevier, vol. 117(C).
    2. Zhu, Peiyu & Miao, Xiaoming & Jin, Shumo & Moehler, Robert, 2023. "Transactive memory system, boundary-spanning search and business model innovation: the moderating role of environmental dynamism," Technovation, Elsevier, vol. 128(C).
    3. Lefebvre, Vivien, 2023. "The growth process of IPO firms," Journal of Business Venturing Insights, Elsevier, vol. 19(C).
    4. Daniel Blaseg & Lars Hornuf, 2024. "Playing the Business Angel: The Impact of Well-Known Business Angels on Venture Performance," Entrepreneurship Theory and Practice, , vol. 48(1), pages 171-204, January.
    5. Lada Vejmelkova, 2023. "Characteristics Of Informal Venture Capital In The Czech Republic: Quantitative Approach," Economic Thought and Practice, Department of Economics and Business, University of Dubrovnik, vol. 32(1), pages 19-51, june.

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