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Venture Capital, Angel Financing, and Crowdfunding of Entrepreneurial Ventures: A Literature Review

Author

Listed:
  • Johannes Wallmeroth

    (Laboratoire de Recherche Magellan - UJML - Université Jean Moulin - Lyon 3 - Université de Lyon - Institut d'Administration des Entreprises (IAE) - Lyon, EM - EMLyon Business School)

  • Peter Wirtz

    (Laboratoire de Recherche Magellan - UJML - Université Jean Moulin - Lyon 3 - Université de Lyon - Institut d'Administration des Entreprises (IAE) - Lyon)

  • Alexander Peter Groh

    (EM - EMLyon Business School)

Abstract
Venture capital, angel financing, and crowdfunding have evolved and matured in the entrepreneurial finance market. These market developments have also been accompanied by a growing body of research. In this monograph, we provide an overview of a vast body of literature in the field of entrepreneurial equity finance, presenting the current state of research and succinctly identifying its subcategories. We also provide insight into major research trends and research gaps and examine the growing research field of cognition in entrepreneurial equity finance. Our review is structured using a theoretical framework that aims to link venture capital, angels, and crowdfunding whilst considering the significant differences exhibited between each investment stage.

Suggested Citation

  • Johannes Wallmeroth & Peter Wirtz & Alexander Peter Groh, 2018. "Venture Capital, Angel Financing, and Crowdfunding of Entrepreneurial Ventures: A Literature Review," Post-Print hal-01716661, HAL.
  • Handle: RePEc:hal:journl:hal-01716661
    DOI: 10.1561/0300000066
    as

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    References listed on IDEAS

    as
    1. Wright, Mike & Lockett, Andy & Pruthi, Sarika, 2002. "Internationalization of Western Venture Capitalists into Emerging Markets: Risk Assessment and Information in India," Small Business Economics, Springer, vol. 19(1), pages 13-29, August.
    2. Peter Wirtz, 2011. "Beyond Agency Theory: Value Creation and the Role of Cognition in the Relationship Between Entrepreneurs and Venture Capitalists," Springer Books, in: Advances in Entrepreneurial Finance, chapter 0, pages 31-43, Springer.
    3. Zacharakis, Andrew L. & Shepherd, Dean A., 2001. "The nature of information and overconfidence on venture capitalists' decision making," Journal of Business Venturing, Elsevier, vol. 16(4), pages 311-332, July.
    4. Wright, Mike & Robbie, Ken & Ennew, Christine, 1997. "Venture capitalists and serial entrepreneurs," Journal of Business Venturing, Elsevier, vol. 12(3), pages 227-249, May.
    5. Jochen Christian Werth & Patrick Boeert, 2013. "Co-investment networks of business angels and the performance of their start-up investments," International Journal of Entrepreneurial Venturing, Inderscience Enterprises Ltd, vol. 5(3), pages 240-256.
    6. Silvio Vismara, 2016. "Equity retention and social network theory in equity crowdfunding," Small Business Economics, Springer, vol. 46(4), pages 579-590, April.
    7. Wiltbank, Robert & Read, Stuart & Dew, Nicholas & Sarasvathy, Saras D., 2009. "Prediction and control under uncertainty: Outcomes in angel investing," Journal of Business Venturing, Elsevier, vol. 24(2), pages 116-133, March.
    8. Wetzel, William Jr., 1987. "The informal venture capital market: Aspects of scale and market efficiency," Journal of Business Venturing, Elsevier, vol. 2(4), pages 299-313.
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    More about this item

    JEL classification:

    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage

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