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dc.contributor.authorKropp, F.en
dc.contributor.authorLindsay, N.en
dc.contributor.authorHancock, G.en
dc.identifier.citationHandbook of Research on New Venture Creation, 2011 / Hindle, K., Klyver, K. (ed./s), pp.253-279en
dc.description.abstractThis chapter examines the effects of national culture on the investment decisions of three different groups of private equity investors: venture capitalists (VCs), business angels (BAs) and relation-based investors (friends and families). We argue that national culture will influence the decision to invest in entrepreneurial business ventures in different ways for each of the three private equity investor groups. VCs are professional investors and have a culture of VC investment that transcends and minimizes some of the differences in national culture. In contrast, relation-based investors, many of whom invest altruistically on an ad hoc basis in family or friends’ businesses will be most affected by national culture. The investment decision for friends and family is a function of the strength and distance of the relationship, perceived needs and alternatives for the entrepreneur, and a sense of obligation. We propose that the effects of national culture on BA investor decision making will lie somewhere between VC and relation-based investor decision making depending on BA investment experience levels.en
dc.description.statementofresponsibilityFredric Kropp, Noel J. Lindsay and Gary Hancocken
dc.publisherEdward Elgar Publishing Limiteden
dc.rights© Kevin Hindle and Kim Klyver 2011en
dc.subjectCulture; venture capital; business angel; private equity; entrepreneurship; family investment; investoren
dc.titleCultural context as a moderator of private entrepreneurship investment behaviouren
dc.typeBook chapteren
dc.contributor.organisationEducation Centre for Innovation and Commercialisationen
dc.publisher.placeUnited Kingdomen
pubs.library.collectionEntrepreneurship, Commercialisation, and Innovation Centre publicationsen
Appears in Collections:Entrepreneurship, Commercialisation, and Innovation Centre publications

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