{"title":"Do I have a big ego? Angel investors' narcissism and investment behaviors","authors":"Wan-Chien Lien , Jianhong Chen , Jeffrey Sohl","doi":"10.1016/j.jbusvent.2022.106247","DOIUrl":null,"url":null,"abstract":"<div><p>In this study, we draw on the threatened egotism theory to examine the effect of angel narcissism on their investment behaviors and the boundary condition of past investment performance. We propose that angel narcissism is positively related to deal size and portfolio industry diversification but negatively related to the number of co-investors. Moreover, past investment performance moderates these relationships such that the effects of angel narcissism on their investment behaviors are stronger when past investment performance is lower. Data from a longitudinal analysis of 133 angels from 2010 to 2019 largely supported our hypotheses. Our study, the first to examine angel narcissism, highlights the psychological foundation of angel investing.</p></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":null,"pages":null},"PeriodicalIF":7.7000,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"3","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Business Venturing","FirstCategoryId":"91","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0883902622000593","RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
引用次数: 3
Abstract
In this study, we draw on the threatened egotism theory to examine the effect of angel narcissism on their investment behaviors and the boundary condition of past investment performance. We propose that angel narcissism is positively related to deal size and portfolio industry diversification but negatively related to the number of co-investors. Moreover, past investment performance moderates these relationships such that the effects of angel narcissism on their investment behaviors are stronger when past investment performance is lower. Data from a longitudinal analysis of 133 angels from 2010 to 2019 largely supported our hypotheses. Our study, the first to examine angel narcissism, highlights the psychological foundation of angel investing.
期刊介绍：
The Journal of Business Venturing: Entrepreneurship, Entrepreneurial Finance, Innovation and Regional Development serves as a scholarly platform for the exchange of valuable insights, theories, narratives, and interpretations related to entrepreneurship and its implications.
With a focus on enriching the understanding of entrepreneurship in its various manifestations, the journal seeks to publish papers that (1) draw from the experiences of entrepreneurs, innovators, and their ecosystem; and (2) tackle issues relevant to scholars, educators, facilitators, and practitioners involved in entrepreneurship.
Embracing diversity in approach, methodology, and disciplinary perspective, the journal encourages contributions that contribute to the advancement of knowledge in entrepreneurship and its associated domains.
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