Gazelles, ponies, and the impact of business angels’ characteristics on firm growth
研究商业天使的个人特征和投资方式如何影响被投企业的成长，区分了高成长型（瞪羚）和普通型（小马）两类企业，发现只有具有创业经验的天使能促进瞪羚的销售增长，而监督则对小马有益却抑制瞪羚成长。
This study investigates whether the individual attributes and investment approaches of business angels (BAs) affect the growth of funded companies by distinguishing between two firm types: gazelles and ponies. We draw upon an original data set comprising 265 small Italian firms (49 that received BA financing and 216 in the propensity score matched control group). Building on insights drawn from the resource-based view and absorptive capacity theory, we find that BAs with entrepreneurial experience positively affect the sales growth of gazelles only. Moreover, the role of BAs’ investment experience and coaching in the growth rates of both gazelles and ponies is insignificant. Interestingly, monitoring helps boost ponies’ performance but stifles growth among gazelles.