Economic Themes (2024) 62 (3) 1, 275-292
Milenko Matić, Bojan Leković, Sunčica Milutinović
Abstract: This research aims to determine the determinants of entrepreneurs, who are also business angels in Southeast Europe. Using the Global Entrepreneurship Monitor (GEM) database, 8002 entrepreneurs were identified, of which 408 are business angels. Empirical analysis was performed using the SPSS v.26 software package. Binary logistic regression is used. Four groups of factors were identified as determinants. Demographic factors, factors of growth, internationalization of business and motivation are at stake. The findings of the study show that angel entrepreneurs generate high levels of income. In addition, a statistically significant negative relationship was established between the mining, construction, and administrative services sectors, with angel investing. Expectations of company growth are positively related to investing in risky businesses. Entrepreneurs who achieve an export intensity of up to 25% are most often engaged in angel investing. Entrepreneurs whose source of motivation is the desire to continue the family business are the most inspired by investing in ventures in the role of business angels.
Keywords: business angels; angel investment; entrepreneurship
BUSINESS ANGELS’ ENTREPRENEURS IN THE AREA OF SOUTHEAST EUROPE
Milenko Matić, Bojan Leković, Sunčica Milutinović
Abstract: This research aims to determine the determinants of entrepreneurs, who are also business angels in Southeast Europe. Using the Global Entrepreneurship Monitor (GEM) database, 8002 entrepreneurs were identified, of which 408 are business angels. Empirical analysis was performed using the SPSS v.26 software package. Binary logistic regression is used. Four groups of factors were identified as determinants. Demographic factors, factors of growth, internationalization of business and motivation are at stake. The findings of the study show that angel entrepreneurs generate high levels of income. In addition, a statistically significant negative relationship was established between the mining, construction, and administrative services sectors, with angel investing. Expectations of company growth are positively related to investing in risky businesses. Entrepreneurs who achieve an export intensity of up to 25% are most often engaged in angel investing. Entrepreneurs whose source of motivation is the desire to continue the family business are the most inspired by investing in ventures in the role of business angels.
Keywords: business angels; angel investment; entrepreneurship
