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dc.contributor.authorSzerb, Lászlóen_US
dc.contributor.authorTerjesen, Sirien_US
dc.contributor.authorRappai, Gáboren_US
dc.description.abstractThis study explores individual and country-level environmental drivers of informal “seed” investment. We examine four types of informal investors based on business ownership experience (or no such experience) and close family relationship with investee (or no such relationship): “classic love money”, “outsider”, “kin owner” and “classic business angel” investors. At the environmental level, we are interested in the role of economic development, income tax policies, start-up costs, pro-enter-rise government programmes, availability of debt financing, entrepreneurship edu-cation and culture. Using Global Entrepreneurship Monitor data from telephone in-teriews with 257,793 individuals in 31 countries, including 5,960 informal investors, we report drivers for the four types of seed investment. Descriptive statistics are consistent with prior research: informal investors are likely to be older males who work full-time, earn high incomes, perceive start-up opportunities in the environ-ment, and believe that they have the skills to start their own businesses. At the environmental level, we find that countries with higher percentages of informal investors are significantly likely to have higher levels of economic development, higher business start-up costs, higher levels of entrepreneurship education, lower income taxes and lower power distance. Other environmental effects on the four populations of informal investors are reported and discussed, as well as implica-tions for practice, policy and future research.en_US
dc.publisher|aUniversität Jena und Max-Planck-Institut für Ökonomik|cJenaen_US
dc.relation.ispartofseries|aJena economic research papers|x2007,030en_US
dc.subject.keywordinformal investmenten_US
dc.subject.keywordindividual driversen_US
dc.subject.keywordenvironmental driversen_US
dc.subject.keywordentrepreneurial careersen_US
dc.subject.keywordbusiness ownershipen_US
dc.subject.keywordnew venture financingen_US
dc.subject.stwKlein- und Mittelunternehmenen_US
dc.titleSeeding new ventures: green thumbs and fertile fields ; individual and environmental drivers of informal investmenten_US
dc.type|aWorking Paperen_US

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