Publication detail

Identifying the impact of external environment on business angel activity

ZINECKER, M. SKALICKÁ, M. BALCERZAK, A. PIETRZAK, M.

Original Title

Identifying the impact of external environment on business angel activity

Type

journal article in Web of Science

Language

English

Original Abstract

We intend to contribute the empirical evidence in regard to identifying the impact of external environment on the activity of business angels in Czechia. Although prior academic studies have argued that e.g. overall economic growth, capital market, legal structures and the protection of property rights, corruption, innovativeness, the tax rate and labour market policy are the main determinants of the decision-making of business angels in the well-developed market, little is known about exogenous factors affecting behaviours of informal venture capitalists in Central and Eastern European countries. To our knowledge, we are the first who attempt to uncover the perception of changing economic conditions on business angel decision-making while using a qualitative survey research approach as primary data on business angels is currently not available. The results indicate that business angels pay little attention to the impact of the general macroeconomic conditions, as well as the role played by the capital market. They refer to ‘critical’ issues related to the difficult predictability of legislative changes. Dissatisfaction has also been expressed with the functioning of the public administration. Business angels also consider the current situation on the labour market and public education policy to be serious barriers to business development in the Czech Republic.

Keywords

Business angels; investment; macroeconomics; institutions; law; survey; Central and Eastern Europe

Authors

ZINECKER, M.; SKALICKÁ, M.; BALCERZAK, A.; PIETRZAK, M.

Released

1. 3. 2021

Publisher

Taylor & Francis

Location

Pula/Croatia

ISBN

1331-677X

Periodical

EKON ISTRAZ

Year of study

2021

Number

1

State

Republic of Croatia

Pages from

1

Pages to

23

Pages count

24

URL

https://www.tandfonline.com/doi/full/10.1080/1331677X.2021.1888140

Full text in the Digital Library

http://hdl.handle.net/11012/200975

BibTex

@article{BUT170542,
  author="Marek {Zinecker} and Martina {Skalická} and Adam Przemyslaw {Balcerzak} and Michał Bernard {Pietrzak}",
  title="Identifying the impact of external environment on business angel activity",
  journal="EKON ISTRAZ",
  year="2021",
  volume="2021",
  number="1",
  pages="1--23",
  doi="10.1080/1331677X.2021.1888140",
  issn="1331-677X",
  url="https://www.tandfonline.com/doi/full/10.1080/1331677X.2021.1888140"
}