Born Global Firms and Informal Investors: Examining Investor Characteristics
对比了投资天生全球化企业的个人投资者与其他个人投资者，发现他们在交易来源、投资规模和退出偏好上存在差异，其中大企业管理经验是关键因素。
A “Born Global” is a new venture with a global niche market focus from day one. Many of these firms experience high growth rates, but also, a considerable need for funding. This study contrasts informal investors involved in born global firms (“Born Global Investors”) with other informal investors. The underlying thesis is that the behavior of these investors reflects their investment philosophy, at least on a differential basis. The results suggest that born global investors differ from other informal investors in terms of deal origin, investment size, and exit preferences. Their experience as managers of large firms seems to be a particularly important factor, increasing investment capacity (income and fortune), while personal and professional networks influence the access to information about investment opportunities. The importance of these results for the development of born global firms is discussed.