Melek Yatırımcıların Yatırım Kararlarında Girişimci Odaklılığın Rolü : Türkiye'deki Melek Yatırımcılar Üzerine Bir Çalışma

Year 2012, , 69 - 93, 01.02.2012

Mehmet Emin Karabayır Ahmet Zafer Gülşen Sertaç Çifci Haroon Muzaffar

https://doi.org/10.1501/SBFder_0000002247

Cited By: 3

Abstract

“Yeni girişimlere riskli sermaye yatırımı yapan biçimsel olmayan yatırımcılar” şeklinde tanımlanan melek yatırımcılar, günümüzde işletmelere kaynak sağlamada önemli rol oynamaktadır. Bu nedenle, melek yatırımcı davranışının altında yatan nedenlerin anlaşılması oldukça önemlidir. Bu çalışmada, melek yatırımcıların özellikleri ile yatırım yapmış oldukları işletmelere olan katkılarının belirlenmesi ve girişimci odaklılık ile melek yatırımcı kararları arasındaki ilişkinin ortaya konulması amaçlanmıştır. Bu bağlamda, derinlemesine görüşme tekniği kullanılarak Türkiye’de yerleşik yedi melek yatırımcı ile yüz yüze görüşmeler yapmak suretiyle veriler toplanmıştır. Çalışma sonucunda, melek yatırımcıların yatırım kararı vermelerinde etkili olan tek faktörün yatırımın karlılığı olmadığı, girişimci odaklılığın boyutları (risk alma, yenilikçilik, proaktiflik) ile melek yatırımcıların aldıkları kararlar arasında güçlü bir ilişki olduğu tespit edilmiştir. Ayrıca, melek yatırımcıların, yapmış oldukları sermaye yatırımı dışında yeni girişimlerin; pazarlama, finansman ve yönetim kararlarında önemli rol oynadıkları görülmüştür.

Keywords

Melek yatırımcılar, girişimci odaklılık, yenilikçilik, proaktiflik, risk alma

The Role of Entrepreneurial Orientation on Angel Investors’ Investment Decisions: A Study of Turkish Angel Investors

Abstract

Angel investors, defined as “informal investors providing risk capital to new ventures”, play an important role in funding and acquiring resources for firms. They are the primary source of risk capital for new ventures, especially during the initial years. Therefore, it is important to understand the factors affecting angel investors’ investment behavior.
Collecting data from seven Turkish-resident angel investors by in-depth interview method, this study investigates the factors behind investment decisions of angel investors, how they participate in different activities of the firms and the relationship between entrepreneurial orientation and angel investment decisions. Authors find that return on investment is not the only factor behind investment decisions of angel investors. In addition, dimensions of entrepreneurial orientation (risk taking, innovativeness and proactiveness) are found to be important predictors of angel investors’ investment decisions. Angel investors exhibit entrepreneurial-oriented behavior. Moreover, the study provides support for the argument that angel investors participate in the marketing, financial and management decisions of the firms in which they invest.

Keywords

Angel investors, entrepreneurial orientation, innovativeness, proactiveness, risk taking

References

• Acs, Zoltan J. and Fred A Tarpley (1998), “The Angel Capital Electronic Network (ACE-Net)”, Journal of Banking & Finance, 22(6-8): 793-797.
• Avlonitis, George J. and Helen E Salavou (2007), “Entrepreneurial Orientation of SMEs, Product Innovativeness, and Performance”, Journal of Business Research, 60(5): 566-575.
• Benjamin, Gerald A. and Joel Margulis (2000), Angel Financing: How to Find and Invest in Private Equity (New York: John Wiley and Sons).
• Branscomb, Lewis M. and Philip Auerswald (2002), “Between Invention and Innovation: An Analysis of Funding for Early-Stage Technology Development”, Prepared for Economic Assessment Office, Advanced Technology Program, National Institute of Standards and Technology.
• Bygrave, William and Steve Hunt (2005), “Financing Entrepreneurial Ventures: Global Entrepreneurship Monitor Financing Report”, Babson College and London Business School.
• Cardon, Melissa S., Richard Sudek and Cheryl Mitteness (2009), “The Impact of Perceived Entrepreneurial Passion on Angel Investing”, Frontiers of Entrepreneurship Research 29(2): 1-15.
• Cerullo, Bruce and Bruce Sommer (2002), “Helping Healthcare Entrepreneurs: A Case Study of Angel Healthcare Investors, LLC”, Venture Capital, 4(4): 325-330.
• Collewaert, Veroniek (2011), “Angel Investors’ and Entrepreneurs’ Intentions to Exit Their Ventures: A Conflict Perspective”, Entrepreneurship Theory and Practice, 36(2): 1-27.
• Covin, Jeffrey G. and Dennis P Slevin (1991), “A Conceptual Model of Entrepreneurship as Firm Behavior”, Entrepreneurship: Theory and Practice, 16(1): 7-24.
• De Clercq, Dirk, Miguel Meuleman and Mike Wright (2012), “A Cross-country Investigation of Micro-angel Investment Activity: The Roles of New Business Opportunities and Institutions”, International Business Review, 21(2): 117-129.
• De Clercq, Dirk, Dimo Dimo and Narongsak Thongpapanl (2010), “The Moderating Impact of Internal Social Exchange Processes on the Entrepreneurial Orientation–Performance Relationship”, Journal of Business Venturing, 25(1): 87-103.
• Duxbury, Linda, George Haines and Allan Riding (1996), “A Personality Profile of Canadian Informal Investors”, Journal of Small Business Management, 34(2): 44-55.
• Etzioni, Amitai (1988), The Moral Dimension: Towards a New Economics (The Free Press, New York).
• Gorman, Colm, and Siri A Terjesen (2006), “Financing the Celtic Tigress: Venture Financing and Informal Investment in Ireland”, Venture Capital, 8(1): 69–88.
• Gupta, Vipin, Ian C MacMillan and Gita Surie (2004), ‘Entrepreneurial leadership: Developing and measuring a cross-cultural construct”, Journal of Business Venturing, 19(2): 241-260.
• Harrison, Richard T. and Colin M Mason (2000), “Venture Capital Market Complementarities: The Links between Business Angels and Venture Capital Funds in the United Kingdom”, Venture Capital, 2(3): 223-242.
• Hellmann, Thomas (2000), “Venture Capitalists: The Coaches of Silicon Valley”, Working Paper, Graduate School of Business, Stanford University.
• Hindle, Kevin and Robert Wenban (1999), “Australia’s Informal Venture Capitalists: An Exploratory Profile”, Venture Capital, 1(2): 169-186.
• Hindle, Kevin and Leo Lee (2002), “An Exploratory Investigation of Informal Venture Capitalists in Singapore”, Venture Capital, 4(2):169-181.
• Holaday, John W., Steven L Meltzer and James T McCormick (2003), “Strategies for Attracting Angel Investors”, Journal of Commercial Biotechnology, 9(2): 129-133.
• Kanter, Rosabeth M. (1983), The Change Masters: Innovation and Entrepreneurship in the American Corporation ( New York: Simon & Schuster).
• Kirschner, Sam, Stan Richelson, Joel Kirschner, Hildy Richelson and Jason Cardis (2001), Venture Capital: The Definitive Guide for Entrepreneurs, Investors and Practitioners (New York: John Wiley and Sons, Inc.).
• Koçak, Akın (2003), “Pazarlama ile Girişimcilik Arasındaki İlişki: Girişimci Pazarlama”, Pazarlama ve İletişim Kültürü Dergisi, 5 (5): 48-56.
• Landström, Hans (1993), “Informal Risk Capital in Sweden and Some International Comparisons”, Journal of Business Venturing, 8 (6): 525-540.
• Landström, Hans (1995), “A Pilot Study on the Investment Decision-Making Behavior of Informal Investors in Sweden”, Journal of Small Business Management, 33 (3): 67-76.
• Landström, Hans (1998), “Informal Investors as Entrepreneurs”, Technovation, 18 (5): 321-333. Lindsay, Noel J. (2004), “Do Business Angels Have an Entrepreneurial Orientation?”, Venture Capital, 6 (2-3): 197-210.
• Lumpkin, George T. and Gregory G. Dess (1996), “Clarifying The Entrepreneurial Orientation Construct and Linking It to Performance”, Academy of Management Review, 21 (1): 135-172.
• Lumpkin, George T. and Gregory G. Dess (2001), “Linking Two Dimensions of Entrepreneurial Orientation to Firm Performance: The Moderating Role of Environment and Industry Life Cycle”, Journal of Business Venturing, 16 (5): 429-451.
• Lumpkin, George T. and Berrin Erdogan (1999), “If Not Entrepreneurship, Can Psychological Characteristics Predict Entrepreneurial Orientation? A Pilot Study”. Proceedings, USA Small Business Enterprise (USASBE) Conference, San Francisco.
• Lumpkin, George T. and Gregory G., Dess (2001) “Linking two dimensions of entrepreneurial orientation to firm performance: The moderating role of environment and industry life cycle”, Journal of Business Venturing, 16: 429-451
• Margulis, Joel B. and Gerald A. Benjamin (2000), Angel Financing: How to Find and Invest Private Equity (New York: John Wiley & Sons, Inc.). Mason, Colin M. and Richard T. Harrison (1995), “Closing the Regional Equity Capital Gap-The Role of Informal Venture Capital”, Small Business Economics, 7 (2): 153-172.
• Mason, Colin M. and Richard T. Harrison (1995), “Closing the Regional Equity Capital Gap-The Role of Informal Venture Capital”, Small Business Economics, 7 (2): 153-172.
• Mason, Colin M. and Richard T. Harrison (1997), “Business Angel Networks and the Development of the Informal Venture Capital Market in the UK: Is there still a role for the Public Sector?”, Small Business Economics, 9 (2): 111-123.
• Mason, Colin M. and Richard T. Harrison (2008), “Measuring Business Angel Investment Activity in the United Kingdom: A Review of Potential Data Sources”, Venture Capital, 10 (4):309-330.
• Maxwell, Andrew L., Scott A. Jeffrey and Moren Levesque (2011), “Business Angel Early Stage Decision Making”, Journal of Business Venturing, 26 (2), 212-225.
• Maula, Markku, Erkko Autio and Pia Arenius (2005), “What Drives Micro-Angel Investments? An Examination of Determinants of Family and Non-Family Investments”, Small Business Economics, 25 (5): 459–475.
• Mayfield, William (2000), “What is Informal Venture Capital and Who are Angels?” Kansas Economic Report, Spring 2000, 28, Wichita State University, Wichita, Kansas.
• Miller, Danny and Peter H. Friesen (1978), “Archetypes of Strategy Formulation”, Management Science, 24 (9): 921-933.
• Miller, Danny (1983), “The Correlates of Entrepreneurship in Three Types of Firms”, Management Science, 29 (7): 770-791.
• Miller, Alex and Bill Camp (1985), “Exploring Determinants of Success in Corporate Ventures”,. Journal of Business Venturing, 1 (2): 87-105.
• Neergaard, Helle (2005), “Networking Activities in Technology-based Entrepreneurial Teams”, International Small Business Journal, 23 (3): 257-278.
• Osnabrugge, Mark V. (2000), “A Comparison of Business Angel and Venture Capitalist Investment Procedures: An Agency Theory-Based Analysis”, Venture Capital, 2 (2): 91-109.
• Osnabrugge, Mark V. and Robert J. Robinson (2000), Angel Investing: Matching Start-up Funds with Start-up Companies: The Guide for Entrepreneurs Individual Investors and Venture Capitalist (San Francisco: Jossey-Bass).
• Paul, Stuart, Geoff Whittain and Janette Wyper (2007), “Towards a Model of the Business Angel Investment Process”, Venture Capital, 9 (2): 107-125.
• Prowse, Stephen (1998), “Angel Investors and the Market for Angel Investments”, Journal of Banking & Finance, 22 (6-8): 785-792.
• Rauch, Andreas, Johan Wiklund, George T. Lumpkin and Michael Frese (2009), “Entrepreneurial Orientation and Business Performance: An Assessment of Past Research and Suggestions for the Future”, Entrepreneurship Theory and Practice, 33 (3): 761-787.
• Smart, Denise T. and Jeffery S. Conant (1994), “Entrepreneurial Orientation, Distinctive Marketing Competencies and Organizational Performance”, Journal of Applied Business Research, 10 (3): 28–38.
• Smith, Donald J., Colin M. Mason and Richard T. Harrison (2010), “Angel Investment Decision Making As a Learning Process”, Research Paper, Hunter Centre For Entrepreneurship, University of Strathclyde Business School.
• Sohl, Jeffery E. (1999), “The Early Stage Equity Market in The USA”, Venture Capital: An International Journal of Entrepreneurial Finance, 1 (2): 101-120.
• Sohl, Jeffery E. (2009), “The Angel Investor Market in 2008: A Down Year in Investment Dollars But Not in Deals”, Center for Venture Research (from http:// wsbe.unh.edu/ files/2008_ Analysis_ Report_ Final.pdf.
• Stevenson, Howard H. and Carlos J. Jarillo (1990), “A Paradigm of Entrepreneurship: Entrepreneurial Management”, Strategic Management Journal, 11: 17-27.
• Sudek, Richard (2007), “Angel Investment Criteria”, Journal of Small Business Strategy,17(2): 89-103.
• Sullivan, Mary K. and Alex Miller (1996), “Segmenting the Informal Venture Capital Market: Economic, Hedonistic and Altruistic Investors”, Journal of Business Research, 36 (1): 25-35.
• Tashiro, Yasuhisa (1999), “Business Angels in Japan”, Venture Capital, 1 (3): 259-273.
• Vance, David E. (2005), Raising Capital (Camden, New Jersey: Springer Press).
• Venkataraman. N. Venkat (1989), “Strategic Orientation of Business Enterprises: The Construct, Dimensionality, and Measurement”, Management Science, 35 (8): 942-962.
• Wetzel, William E. (1982), “Risk Capital Research”, in Encyclopaedia of Entrepreneurship, Kent, Calvin A., Donald L. Sexton and Karl H. Vesper (eds.), Englewood Cliffs, (New Jersey: Prentice Hall).
• Wetzel, William E. (1983), “Angels and Informal Risk Capital”, Sloan Management Review, 24 (4): 23-34.
• Wiklund, Johan and Dean Shepherd (2003), “Knowledge-based Resources, Entrepreneurial Orientation, and the Performance of Small and Medium-sized Businesses”, Strategic Management Journal, 24 (13): 1307-1314.
• Wiklund, Johan and Dean Shepherd (2005), “Entrepreneurial Orientation and Small Business Performance: A Configurational Approach”, Journal of Business Venturing, 20 (1): 71–91.
• Wiltbank, Robert, Stuart Read, Nicholas Dew and Saras D. Sarasvathy (2009), “Prediction and Control Under Uncertainty: Outcomes in Angel Investing”, Journal of Business Venturing, 24 (2): 116-133.
• Wong, Poh Kam and Yuen Ping Ho (2007), “Characteristics and Determinants of Informal Investment in Singapore”, Venture Capital, 9 (1):43-70.