Angel Cognition and Active Involvement in BA Groups: A Cross-Country Empirical Analysis

The present research sets out to reach a better understanding of the determinants of business angels’ active involvement in making business angel groups accomplish diverse functions and building cognitive resources and shared competencies. We develop a framework where angels’ decision making style and professional experience are key in explaining their degree and type of involvement with diverse business angel group activities. We also posit that institutional and organizational factors might influence the involvement of business angels in group activities. To test the related propositions, we conduct a questionnaire survey with the members of two large business angel groups based in Italy and France. Our results show that business angels with a control-oriented decision-making style, as well as angels with previous Professional experience as a CEO and in marketing and sales, tend to be more actively involved in key angel group activities, both with regard to investment related activities and angel group management activities. Differences between the two angel groups seem to be due to organizational factors rather than to national or regional specificities.