讲座题目：Individualdecision-making and angel group investing: the interaction of social andeconomics-based evaluation criteria(个人决策制订和天使投资团体：社会与经济评估标准之间的相互作用)

时间：2019年1月8日中午1.：30

地点：学院会议室主教615

主讲人：Dr Li Xiao

主讲人介绍：Dr Li Xiao joined theLancaster University Management School as Deputy Director for Lancaster ChinaManagement Centre in 2013. Before this, she worked as a Lecturer ofEntrepreneurship at the University of Exeter Business School. She has 18 years’experience of undertaking research and teaching in the field of entrepreneurialfinance, survival and growth of early stage ventures, and innovation,technology business incubator, and institutional theory. The results of herresearch have been published in numerous top ranked Journal articles. Dr Xiaoserves on the editorial review board for the International Small BusinessJournal (3*). She is frequently invited to review papers for top 3* and 4*journals such asJournal of Business Venturing,Regional Studies,Urban Studies,Journal of Small Business Management,InternationalSmall Business Journal, andEntrepreneurship and Regional Development.She is invited to exam PhD thesis in several countries. She received the bestconference paper award. She has developed extensive networking with businesscommunities and government at national, provincial, and city level in China.

Abstract:This studyexplores how the interaction of social and economics-based evaluation criteriaworks in individual decision-making of angel group investing. Using data fromtwo case studies and an additional 44 face-to-face interviews with prospectiveangel group investors from China, we illustrate that angel group investorsemploy dynamic social group processes to share their opinions of judgmentsabout the quality of an early-stage venture. Under conditions of uncertainty,the shared conflicting interpretations and judgments help to build bothcollective intuition and collective fits in a venture, and create more socialbeliefs in positive judgments. Such beliefs enable the group-experiencedinvestors to outweigh the perception of the entrepreneurs and the collectivefits against the unmeasurable, and allow the group-nascent investors to takerationally imitative actions of others when making their individual-leveldecisions. We add theoretical richness to entrepreneurial finance literature bybridging social contagion theory together with entrepreneurial finance theoryto address social influence in the individual-level decisions of angel groupinvestors.

Keywords: entrepreneurial finance, investor decision-making, angel group,investment criteria, uncertainty, social dimensions.