Do angels come to stay: Examining the investment model in business angels reinvestment intentions
基于124位天使投资人的样本，研究发现满意度通过承诺间接影响再投资意愿，而感知投资规模会调节满意度与承诺的关系，为创业者维护投资人关系提供参考。
This article examines the dynamics of business angel (BA) reinvestment intentions, addressing a critical gap in the entrepreneurial finance literature. Drawing on an ‘Investment Model’ (IM), we examine how BA satisfaction, perception of quality alternative financial investments, and perceived investment size affect the commitment of BAs towards reinvesting in firms they initially funded. Findings from a sample of 124 individual BAs reveal that while BA satisfaction positively influences commitment, it does not directly increase reinvestment intentions; rather, commitment acts as the primary mediator in reinvestment intentions.Interestingly, we noted that BA sense of commitment to an invested firm is tempered by the availability of other attractive investment options, but this does not necessarily deter reinvestment in the firm. Additionally, we observed that investment size as perceived by BAs plays a moderating role, intensifying the effects of satisfaction on commitment and mitigating the negative impact of perceived quality of alternative financial investments on commitment and reinvestment decisions. Such findings offer practical insights for entrepreneurs seeking to cultivate stronger relationships with BAs. The results provide a theoretical extension of IM, indicating that it may have different effects in differing contexts.