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For love or money? A study of financial returns on informal investments in businesses owned by relatives, friends, and strangers

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conference contribution
posted on 2024-07-13, 01:45 authored by William Bygrave, Stephen Hunt
Agency and altruism theory are combined to develop a framework for explaining expected returns on informal investments in 35 countries that participated in the Global Entrepreneurship Monitor (GEM) in 2004 and 2005. The principal finding is that altruism affects expected returns. Expected returns increase as the relationship distance between the investor and the entrepreneur increases; men expect higher returns than women; entrepreneurs expect higher returns than non-entrepreneurs; expected returns increase as the amount invested increases; old persons expect lower returns than young ones; entrepreneurs expect higher returns on investments in their own businesses than on their investments in others’ businesses.

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PDF (Published version)

ISBN

9780980332803

Journal title

Regional Frontiers of Entrepreneurship Research 2007: 4th International Australian Graduate School of Entrepreneurship (AGSE) Entrepreneurship Research Exchange, Brisbane, Queensland, Australia, 06-09 February 2007 / L. Murray Gillin (ed.)

Conference name

Regional Frontiers of Entrepreneurship Research 2007: 4th International Australian Graduate School of Entrepreneurship AGSE Entrepreneurship Research Exchange, Brisbane, Queensland, Australia, 06-09 February 2007 / L. Murray Gillin ed.

Pagination

13 pp

Publisher

Swinburne University of Technology

Copyright statement

This paper Copyright © 2007 The authors. Proceedings Copyright © 2007 Australian Graduate School of Entrepreneurship. The published version is reproduced with the permission of the publisher.

Language

eng

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