The impact of calling on angel investing
研究了使命感如何影响天使投资人的参与度和感知投资价值，发现使命感越强，投资人参与度越高，感知价值也越大，且参与度起部分中介作用。
Purpose What compels business angels (BAs) to invest beyond financial returns? For many, it’s a deeper sense of calling—an alignment of purpose, values, and the desire to create lasting economic and societal impact. Traits like specialised skills, risk-taking, and a commitment to fostering innovation suggest that BAs may find profound meaning in their work. This paper aims to extend the Work as Calling Theory to the BAs’ context, analysing the impact of calling on BAs’ involvement in their work activities and on the value perceived from investing, referred to as the Angel Perceived Investment Value (APIV). Design/methodology/approach A questionnaire survey involving 869 BAs worldwide was carried out. Structural equation modelling was used to test the proposed research model. Findings The findings indicate a positive correlation between calling and both BAs’ involvement and APIV. Moreover, involvement was found to partially mediate the relationship between calling and APIV, contributing to perceptions of greater value. Originality/value This study is the first to analyse in depth the impacts of calling within the context of business angels (BAs), focusing specifically on the value they derive from their investment activities. It also uniquely examines the mediating role of involvement in tasks related to the startups, the angel groups and the ecosystem. This research offers actionable suggestions to help BAs better manage the expectations arising from their sense of calling while maximizing the value they derive from their investment activities.