网络联合
尽责
人格
外向与内向
辛迪加
透视图(图形)
五大性格特征
创业金融
创业
业务
心理学
营销
风险投资
财务
社会心理学
计算机科学
人工智能
作者
Joern Block,Christian Fisch,Martin Obschonka,Philipp Sandner
标识
DOI:10.1016/j.jbankfin.2018.10.006
摘要
The decision to syndicate investments in entrepreneurial finance has been explained through financial, networking, and resource-based perspectives. We posit that a personality perspective exists next to these three perspectives and hypothesize that the personality of business angels influences syndication behavior. Using data from 3,234 syndication decisions of 1,348 business angels, we find evidence for some of our predictions. By measuring personality through a comprehensive language analysis based on digital footprints in Twitter statements of business angels, we show that extraversion makes syndication more likely, whereas conscientiousness reduces the likelihood of syndication. Several sensitivity analyses underline the robustness of our main results. Further exploratory analyses assess the relationship between personality and syndicate composition as well as that between personality and venture success. Our study contributes to the entrepreneurial finance literature by adding and validating a new perspective to explain syndication behavior. In addition, our study contributes to research on the personality of business angels.
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