ABSTRACT

This paper investigates the performance effects of cross-border business angel investments. Examining 815 investments on a business angel investment platform, we find an inverted U-shaped relationship between (geographic and cultural) distance and investment returns. We further show that business angels in large syndicates are less sensitive to the costs of both geographic and cultural distance and earn consistently higher returns. Our study contributes to the literature on business angel internationalization and highlights the role of co-investment networks: network resources allow business angels to mitigate transaction costs associated with cross-border investments and improve their investment returns.

摘要

本文研究了跨境商业天使投资的绩效影响。通过考察天使投资平台上的 815 笔投资，我们发现（地理和文化）距离与投资回报之间存在倒 U 形关系。我们进一步表明，大型财团中的商业天使对地理和文化距离的成本不太敏感，并且始终获得较高的回报。我们的研究为天使投资国际化的文献做出了贡献，并强调了联合投资网络的作用：网络资源使天使投资能够减轻与跨境投资相关的交易成本并提高其投资回报。