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

Year 2012, Volume: 67 Issue: 02, 69 - 93, 01.02.2012

Mehmet Emin Karabayır Ahmet Zafer Gülşen Sertaç Çifci Haroon Muzaffar

https://doi.org/10.1501/SBFder_0000002247

Cited By: 4

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

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