ABSTRACT This paper investigates how two cognitive mechanisms of business angels – regulatory focus and cognitive style – contribute to the process of evaluating an investment opportunity. Analyzing both qualitative and quantitative data collected from an international sample of business angels, indicates that both promotion and prevention regulatory foci are directly associated with the greater likelihood of a business angel positively evaluating an opportunity, and that planning cognitive style moderates these relationships. This research contributes to the existing literature on the phases of business angels’ investment process. The findings are also important for understanding the cognitive underpinnings of an early evaluation of an investment opportunity. Prior research has suggested that a business angel’s early evaluation of an investment opportunity critically influences success in raising equity financing, which is of critical importance for start-up firms in overcoming the liability of newness in their early stages of development.

中文翻译：

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监管重点和认知方式在天使投资人评估投资机会中的作用

摘要本文研究商业天使的两种认知机制（监管重点和认知风格）如何对评估投资机会的过程做出贡献。对从国际商业天使样本中收集的定性和定量数据进行的分析表明，晋升和预防监管重点都与商业天使积极地评估机会的更大可能性直接相关，并且规划认知方式可以缓和这些关系。该研究为有关商业天使投资过程各个阶段的现有文献做出了贡献。这些发现对于理解早期评估投资机会的认知基础也很重要。