Angel Investors’ Reinvestment Decisions: Escalating Commitments and Conflict Management Beyond Venture Performance
研究了天使投资者在什么条件下会再次投资，发现之前的投入会增加再投资可能性，但受创业者冲突管理方式的影响，揭示了再投资决策中的社会互动过程。
Angel investment research has grown rapidly; yet, when and under what conditions angel investors recommit remains understudied. Integrating escalation of commitment (EOC) theory with the conflict management styles (CMSs) perspective, we examine these conditions through archival data investigation, a conjoint experiment (2,368 decisions by 148 angel investors), and a field study (214 ventures by 112 angel investors). We show that prior commitment increases angel investors’ reinvestment likelihood, contingent on entrepreneurs’ CMSs. We advance EOC theory by identifying relational boundary conditions and conflict management research by theorizing its moderating role in reinvestment decision-making, revealing escalation as a socially embedded process shaped by investor–entrepreneur interactions.