Birds of a Feather Flock Together: Conceptualizing Primary and Reliant Judgment in Angel Investing

Le résumé fourni par la source

Building on key elements from judgment based perspective and social influence theory, we present a conceptual model that explores judgment and decision processes used by angel investors when one lacks the domain expertise required to make an informed investment decision. Our model is grounded in the growing prevalence of angel groups as an investment evaluation mechanism and introduce the concepts of reliant judgment and referent confidence as novel constructs that determine the amount investment and subsequent satisfaction with the investment decision. As one of the first studies to consider the influence of angel group dynamics on the investment decisions, our model makes important contributions to the body of research on equity investment. Specifically, the dynamics we uncover provide improved understanding of how domain expertise among angels in a group manifest in the decision processes at the individual level.

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