{"id":"https://openalex.org/W2014489898","doi":"https://doi.org/10.1080/13691060903435775","title":"How does entrepreneurial activity affect the supply of informal investors?","display_name":"How does entrepreneurial activity affect the supply of informal investors?","publication_year":2010,"publication_date":"2010-01-01","ids":{"openalex":"https://openalex.org/W2014489898","doi":"https://doi.org/10.1080/13691060903435775","mag":"2014489898"},"language":"en","primary_location":{"id":"doi:10.1080/13691060903435775","doi":"https://doi.org/10.1080/13691060903435775","is_oa":false,"landing_page_url":"https://doi.org/10.1080/13691060903435775","pdf_url":null,"source":{"id":"https://openalex.org/S34941771","display_name":"Venture Capital","issn_l":"1369-1066","issn":["1369-1066","1464-5343"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-class-a","anvur-scientific","cwts-core","fnege-4","jufo-1","norway-1","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Venture Capital","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5064249954","display_name":"Andrew Burke","orcid":"https://orcid.org/0000-0001-8635-3859","observed_orcids":["https://orcid.org/0000-0001-8635-3859"]},"institutions":[{"id":"https://openalex.org/I82284825","display_name":"Cranfield University","ror":"https://ror.org/05cncd958","country_code":"GB","type":"education","lineage":["https://openalex.org/I82284825"]}],"countries":["GB"],"is_corresponding":true,"raw_author_name":"Andrew Burke","raw_affiliation_strings":["Bettany Centre for Entrepreneurial Performance & Economics, Cranfield School of Management, UK"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Bettany Centre for Entrepreneurial Performance & Economics, Cranfield School of Management, UK","institution_ids":["https://openalex.org/I82284825"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5068354844","display_name":"Chantal Hartog","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Chantal Hartog","raw_affiliation_strings":["EIM Business and Policy Research, Zoetermeer, The Netherlands"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"EIM Business and Policy Research, Zoetermeer, The Netherlands","institution_ids":[]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5007270727","display_name":"Andre J. van Stel","orcid":"https://orcid.org/0000-0003-4512-654X","observed_orcids":["https://orcid.org/0000-0003-4512-654X"]},"institutions":[{"id":"https://openalex.org/I82284825","display_name":"Cranfield University","ror":"https://ror.org/05cncd958","country_code":"GB","type":"education","lineage":["https://openalex.org/I82284825"]},{"id":"https://openalex.org/I887064364","display_name":"University of Amsterdam","ror":"https://ror.org/04dkp9463","country_code":"NL","type":"education","lineage":["https://openalex.org/I887064364"]}],"countries":["GB","NL"],"is_corresponding":false,"raw_author_name":"Andr\u00e9 van Stel","raw_affiliation_strings":["Bettany Centre for Entrepreneurial Performance & Economics, Cranfield School of Management, UK ; EIM Business and Policy Research, Zoetermeer, The Netherlands ; Amsterdam Center for Entrepreneurship (ACE), University of Amsterdam, The Netherlands","Amsterdam Center for Entrepreneurship (ACE) , University of Amsterdam , The Netherlands","Bettany Centre for Entrepreneurial Performance & Economics , Cranfield School of Management , UK","EIM Business and Policy Research , Zoetermeer, The Netherlands"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Bettany Centre for Entrepreneurial Performance & Economics, Cranfield School of Management, UK ; EIM Business and Policy Research, Zoetermeer, The Netherlands ; Amsterdam Center for Entrepreneurship (ACE), University of Amsterdam, The Netherlands","institution_ids":["https://openalex.org/I82284825","https://openalex.org/I887064364"]},{"raw_affiliation_string":"Amsterdam Center for Entrepreneurship (ACE) , University of Amsterdam , The Netherlands","institution_ids":["https://openalex.org/I887064364"]},{"raw_affiliation_string":"Bettany Centre for Entrepreneurial Performance & Economics , Cranfield School of Management , UK","institution_ids":["https://openalex.org/I82284825"]},{"raw_affiliation_string":"EIM Business and Policy Research , Zoetermeer, The Netherlands","institution_ids":[]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5019271821","display_name":"Kashifa Suddle","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Kashifa Suddle","raw_affiliation_strings":["EIM Business and Policy Research, Zoetermeer, The Netherlands"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"EIM Business and Policy Research, Zoetermeer, The Netherlands","institution_ids":[]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5064249954"],"corresponding_institution_ids":["https://openalex.org/I82284825"],"apc_list":null,"apc_paid":null,"fwci":3.3461,"has_fulltext":false,"cited_by_count":23,"citation_normalized_percentile":{"value":0.94584623,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":98},"biblio":{"volume":"12","issue":"1","first_page":"21","last_page":"47"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11903","display_name":"Private Equity and Venture Capital","score":0.9945999979972839,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11903","display_name":"Private Equity and Venture Capital","score":0.9945999979972839,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10058","display_name":"Entrepreneurship Studies and Influences","score":0.0032999999821186066,"subfield":{"id":"https://openalex.org/subfields/1405","display_name":"Management of Technology and Innovation"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11995","display_name":"FinTech, Crowdfunding, Digital Finance","score":0.0008999999845400453,"subfield":{"id":"https://openalex.org/subfields/1404","display_name":"Management Information Systems"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/informal-investors","display_name":"informal investors","score":0.6940000057220459},{"id":"https://openalex.org/keywords/entrepreneurial-activity","display_name":"entrepreneurial activity","score":0.8379999995231628},{"id":"https://openalex.org/keywords/angel-investors","display_name":"angel investors","score":0.8740000128746033},{"id":"https://openalex.org/keywords/virtuous-circle","display_name":"virtuous circle","score":0.6470000147819519},{"id":"https://openalex.org/keywords/firm-exit","display_name":"firm exit","score":0.4830000102519989},{"id":"https://openalex.org/keywords/determinants-of-entrepreneurship","display_name":"determinants of entrepreneurship","score":0.4740000069141388}],"concepts":[{"id":"https://openalex.org/C2776035688","wikidata":"https://www.wikidata.org/wiki/Q1606558","display_name":"Affect (linguistics)","level":2,"score":0.6913933753967285},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.6623378396034241},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.6160733699798584},{"id":"https://openalex.org/C3017399102","wikidata":"https://www.wikidata.org/wiki/Q397254","display_name":"Macro level","level":2,"score":0.5451695919036865},{"id":"https://openalex.org/C21279758","wikidata":"https://www.wikidata.org/wiki/Q219409","display_name":"Venture capital","level":2,"score":0.5297673344612122},{"id":"https://openalex.org/C166955791","wikidata":"https://www.wikidata.org/wiki/Q629579","display_name":"Macro","level":2,"score":0.5004699230194092},{"id":"https://openalex.org/C3018162585","wikidata":"https://www.wikidata.org/wiki/Q254624","display_name":"Micro level","level":3,"score":0.4803646504878998},{"id":"https://openalex.org/C84309077","wikidata":"https://www.wikidata.org/wiki/Q3908516","display_name":"Entrepreneurship","level":2,"score":0.4198240041732788},{"id":"https://openalex.org/C23979983","wikidata":"https://www.wikidata.org/wiki/Q1165103","display_name":"Virtuous circle and vicious circle","level":2,"score":0.4182218611240387},{"id":"https://openalex.org/C18762648","wikidata":"https://www.wikidata.org/wiki/Q42213","display_name":"Work (physics)","level":2,"score":0.41010990738868713},{"id":"https://openalex.org/C145236788","wikidata":"https://www.wikidata.org/wiki/Q28161","display_name":"Labour economics","level":1,"score":0.3928505778312683},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.38174566626548767},{"id":"https://openalex.org/C4249254","wikidata":"https://www.wikidata.org/wiki/Q3044431","display_name":"Demographic economics","level":1,"score":0.3659701347351074},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3194805979728699},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.22100308537483215},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.21977970004081726},{"id":"https://openalex.org/C74363100","wikidata":"https://www.wikidata.org/wiki/Q273005","display_name":"Economic system","level":1,"score":0.09853637218475342},{"id":"https://openalex.org/C41895202","wikidata":"https://www.wikidata.org/wiki/Q8162","display_name":"Linguistics","level":1,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.0},{"id":"https://openalex.org/C199360897","wikidata":"https://www.wikidata.org/wiki/Q9143","display_name":"Programming language","level":1,"score":0.0},{"id":"https://openalex.org/C188897","wikidata":"https://www.wikidata.org/wiki/Q5333508","display_name":"Economic impact analysis","level":2,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1080/13691060903435775","doi":"https://doi.org/10.1080/13691060903435775","is_oa":false,"landing_page_url":"https://doi.org/10.1080/13691060903435775","pdf_url":null,"source":{"id":"https://openalex.org/S34941771","display_name":"Venture Capital","issn_l":"1369-1066","issn":["1369-1066","1464-5343"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-class-a","anvur-scientific","cwts-core","fnege-4","jufo-1","norway-1","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Venture Capital","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:taf:veecee:v:12:y:2009:i:1:p:21-47","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10.1080/13691060903435775","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/8","display_name":"Decent work and economic growth","score":0.9211000204086304}],"sustainable_development_goals_aurora":[{"id":"https://metadata.un.org/sdg/8","display_name":"Decent work and economic growth","score":0.6100000143051147}],"study_designs":[{"id":"https://openalex.org/study-designs/observational-study","display_name":"Observational Study"}],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":49,"referenced_works":["https://openalex.org/W34063599","https://openalex.org/W51355709","https://openalex.org/W180395275","https://openalex.org/W596143698","https://openalex.org/W838956885","https://openalex.org/W1489715817","https://openalex.org/W1512356725","https://openalex.org/W1544546490","https://openalex.org/W1547558188","https://openalex.org/W1558603519","https://openalex.org/W1567996321","https://openalex.org/W1796971790","https://openalex.org/W1895366050","https://openalex.org/W1966884330","https://openalex.org/W1985219636","https://openalex.org/W1989057929","https://openalex.org/W1994186983","https://openalex.org/W2012442380","https://openalex.org/W2013860961","https://openalex.org/W2013915050","https://openalex.org/W2014959397","https://openalex.org/W2026242093","https://openalex.org/W2034250651","https://openalex.org/W2042155505","https://openalex.org/W2048225166","https://openalex.org/W2058901680","https://openalex.org/W2077751624","https://openalex.org/W2078284418","https://openalex.org/W2083335474","https://openalex.org/W2087601651","https://openalex.org/W2089666576","https://openalex.org/W2089829251","https://openalex.org/W2093618195","https://openalex.org/W2095636314","https://openalex.org/W2112118673","https://openalex.org/W2112730807","https://openalex.org/W2136703691","https://openalex.org/W2137358449","https://openalex.org/W2138632812","https://openalex.org/W2169421171","https://openalex.org/W2170921686","https://openalex.org/W2412669253","https://openalex.org/W2752710160","https://openalex.org/W2797062887","https://openalex.org/W2912293881","https://openalex.org/W3123331292","https://openalex.org/W3124140110","https://openalex.org/W3175560890","https://openalex.org/W4301066124"],"related_works":["https://openalex.org/W1512356725","https://openalex.org/W1553673042","https://openalex.org/W1988469178","https://openalex.org/W2042582603","https://openalex.org/W2461744418","https://openalex.org/W2597830119","https://openalex.org/W7096109323","https://openalex.org/W3017071707","https://openalex.org/W643517275","https://openalex.org/W2063685478"],"abstract_inverted_index":{"This":[0,137],"paper":[1],"examines":[2],"the":[3,6,45,63,93,97,132],"prevalence":[4],"and":[5,19,21,52,79,102,143,146],"determinants":[7],"of":[8,17,27,77,89,134],"informal":[9,36,66,103,135],"entrepreneurial":[10,90,120],"investment":[11,67,104],"activity":[12,91,121],"(including":[13],"investors":[14,37],"in":[15,39,106,127],"firms":[16],"family":[18,144],"friends,":[20],"business":[22,147],"angels),":[23],"using":[24],"a":[25,58,75],"dataset":[26],"more":[28],"than":[29,114],"175,000":[30],"individuals":[31],"\u2013":[32,38],"including":[33],"some":[34],"4000":[35],"28":[40],"highly":[41],"developed":[42],"countries":[43],"over":[44],"period":[46],"2002\u201304.":[47],"We":[48],"distinguish":[49],"between":[50],"micro-level":[51],"macro-level":[53],"determinants.":[54],"The":[55],"results":[56,83],"uncover":[57],"positive":[59],"virtuous":[60],"circle":[61],"where":[62],"demand":[64],"for":[65],"tends":[68],"to":[69,130,140],"generate":[70],"its":[71],"own":[72],"supply":[73,133],"as":[74,111],"result":[76],"micro":[78],"macro":[80],"factors.":[81],"Our":[82],"also":[84],"suggest":[85],"that":[86,99,119],"higher":[87],"levels":[88],"at":[92],"country":[94],"level":[95],"increase":[96],"probability":[98],"venture":[100],"capital":[101],"work":[105],"tandem":[107],"with":[108],"one":[109],"another":[110],"complements":[112],"rather":[113],"substitutes.":[115],"Overall,":[116],"we":[117],"find":[118],"whether":[122],"ongoing":[123],"or":[124],"having":[125],"resulted":[126],"exit":[128],"appears":[129],"boost":[131],"investors.":[136],"effect":[138],"applies":[139],"both":[141],"friends":[142],"(F&F)":[145],"angel":[148],"investor":[149],"types.":[150]},"counts_by_year":[{"year":2024,"cited_by_count":1},{"year":2023,"cited_by_count":2},{"year":2021,"cited_by_count":3},{"year":2020,"cited_by_count":2},{"year":2019,"cited_by_count":2},{"year":2018,"cited_by_count":1},{"year":2017,"cited_by_count":2},{"year":2016,"cited_by_count":3},{"year":2014,"cited_by_count":4},{"year":2013,"cited_by_count":2}],"updated_date":"2026-10-30T12:39:25.321706","created_date":"2016-06-24T00:00:00"}