The angel investment decision: insights from Australian business angels

Brett Anthony White*, John Dumay

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

3 Citations (Scopus)


While much has been written about the investment criteria of business angels, few studies explore why these particular criteria are important to them. The Australian context has a diverse range of actors along with complex jurisdictional arrangements, making for an interesting background for investigation of the angel finance phenomenon. We examine 12 business angels in the rapidly changing Australian context and use nine corroborating participants to validate responses and identify four key drivers – personal experience, trust, the need to contribute and realistic expectations – that influence business angels during the initial investment process.

Original languageEnglish
Pages (from-to)3133-3162
Number of pages30
JournalAccounting and Finance
Issue number3
Early online date14 Dec 2018
Publication statusPublished - Sep 2020


  • Australian angel investors
  • Business angels
  • Entrepreneurial finance
  • Investment decision making


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