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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
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" }