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Sustaining trust to cross the Valley of Death: A retrospective study of business angels’ investment and reinvestment decisions

Author

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  • Vincent Lefebvre

    (Audencia Business School, UP1 IAES - Université Paris 1 Panthéon-Sorbonne - Institut d'administration économique et sociale - UP1 - Université Paris 1 Panthéon-Sorbonne)

  • Gilles Certhoux

    (Audencia Business School)

  • Miruna Radu-Lefebvre

    (Audencia Business School, UQAM - Université du Québec à Montréal = University of Québec in Montréal)

Abstract

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Suggested Citation

  • Vincent Lefebvre & Gilles Certhoux & Miruna Radu-Lefebvre, 2022. "Sustaining trust to cross the Valley of Death: A retrospective study of business angels’ investment and reinvestment decisions," Post-Print hal-03545529, HAL.
    • Handle: RePEc:hal:journl:hal-03545529
    DOI: 10.1016/j.technovation.2020.102159
    Note: View the original document on HAL open archive server: https://hal.science/hal-03545529
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    References listed on IDEAS

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    1. William R. Kerr & Josh Lerner & Antoinette Schoar, 2014. "The Consequences of Entrepreneurial Finance: Evidence from Angel Financings," The Review of Financial Studies, Society for Financial Studies, vol. 27(1), pages 20-55, January.
    2. Kimberly A. Eddleston & Jamie J. Ladge & Cheryl Mitteness & Lakshmi Balachandra, 2016. "Do you See what I See? Signaling Effects of Gender and Firm Characteristics on Financing Entrepreneurial Ventures," Entrepreneurship Theory and Practice, , vol. 40(3), pages 489-514, May.
    3. Islam, Mazhar & Fremeth, Adam & Marcus, Alfred, 2018. "Signaling by early stage startups: US government research grants and venture capital funding," Journal of Business Venturing, Elsevier, vol. 33(1), pages 35-51.
    4. William C. Johnson & Jeffrey Sohl, 2012. "Angels and venture capitalists in the initial public offering market," Venture Capital, Taylor & Francis Journals, vol. 14(1), pages 27-42, January.
    5. Friederike Welter & David Smallbone, 2006. "Exploring the Role of Trust in Entrepreneurial Activity," Entrepreneurship Theory and Practice, , vol. 30(4), pages 465-475, July.
    6. Frances M Amatucci & Jeffrey E Sohl, 2004. "Women entrepreneurs securing business angel financing: tales from the field," Venture Capital, Taylor & Francis Journals, vol. 6(2-3), pages 181-196, April.
    7. De Clercq, Dirk & Sapienza, Harry J., 2006. "Effects of relational capital and commitment on venture capitalists' perception of portfolio company performance," Journal of Business Venturing, Elsevier, vol. 21(3), pages 326-347, May.
    8. Parhankangas, Annaleena & Ehrlich, Michael, 2014. "How entrepreneurs seduce business angels: An impression management approach," Journal of Business Venturing, Elsevier, vol. 29(4), pages 543-564.
    9. Stuart Paul & Geoff Whittam & Jim B Johnston, 2003. "The operation of the informal venture capital market in Scotland," Venture Capital, Taylor & Francis Journals, vol. 5(4), pages 313-335, August.
    10. Friederike Welter & David Smallbone, 2011. "Institutional Perspectives on Entrepreneurial Behavior in Challenging Environments," Journal of Small Business Management, Taylor & Francis Journals, vol. 49(1), pages 107-125, January.
    11. Maxwell, Andrew L. & Jeffrey, Scott A. & Lévesque, Moren, 2011. "Business angel early stage decision making," Journal of Business Venturing, Elsevier, vol. 26(2), pages 212-225, March.
    12. Stefano Bonini & Vincenzo Capizzi, 2019. "The role of venture capital in the emerging entrepreneurial finance ecosystem: future threats and opportunities," Venture Capital, Taylor & Francis Journals, vol. 21(2-3), pages 137-175, July.
    13. Forbes, Daniel P. & Korsgaard, M. Audrey & Sapienza, Harry J., 2010. "Financing decisions as a source of conflict in venture boards," Journal of Business Venturing, Elsevier, vol. 25(6), pages 579-592, November.
    14. Andrew L. Maxwell & Moren Lévesque, 2014. "Trustworthiness: A Critical Ingredient for Entrepreneurs Seeking Investors," Entrepreneurship Theory and Practice, , vol. 38(5), pages 1057-1080, September.
    15. Heinrich Stedler & Hans Peters, 2003. "Business angels in Germany: An empirical study," Venture Capital, Taylor & Francis Journals, vol. 5(3), pages 269-276.
    16. Mark Van Osnabrugge, 2000. "A comparison of business angel and venture capitalist investment procedures: An agency theory-based analysis," Venture Capital, Taylor & Francis Journals, vol. 2(2), pages 91-109, April.
    17. Manuel Becerra & Anil K. Gupta, 2003. "Perceived Trustworthiness Within the Organization: The Moderating Impact of Communication Frequency on Trustor and Trustee Effects," Organization Science, INFORMS, vol. 14(1), pages 32-44, February.
    18. Jonathan D. Arthurs & Lowell W. Busenitz, 2003. "The Boundaries and Limitations of Agency Theory and Stewardship Theory in the Venture Capitalist/Entrepreneur Relationship," Entrepreneurship Theory and Practice, , vol. 28(2), pages 145-162, March.
    19. Allan Riding & Barbara Orser & Martine Spence & Brad Belanger, 2012. "Financing new venture exporters," Small Business Economics, Springer, vol. 38(2), pages 147-163, February.
    20. Currall, Steven C. & Judge, Timothy A., 1995. "Measuring Trust between Organizational Boundary Role Persons," Organizational Behavior and Human Decision Processes, Elsevier, vol. 64(2), pages 151-170, November.
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    1. Alessandro Muscio & Felice Simonelli & Hien Vu, 2023. "Bridging the valley of death in the EU renewable energy sector: Toward a new energy policy," Business Strategy and the Environment, Wiley Blackwell, vol. 32(7), pages 4620-4635, November.

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