This paper sheds light over the operations and internal structure of business angel groups (BAGs), a leading actor inside the informal venture capital industry, due to its capability to build cognitive resources and shared competencies that are eventually provided to funded ventures alongside equity capital. We develop a framework based on the role of business angels' decision-making style, human capital and motivation as major determinants of their active involvement in the many different activities performed by angel groups, either investment related activities or group management activities. Our empirical analysis relies on a novel survey-based dataset containing qualitative and quantitative information provided by the members of two large and rather homogeneous business angel groups located in France and in Italy. Results show that business angels with a control-oriented decision-making style tend to be more actively involved in key angel group activities. Human capital built through investment experience, retirement status, as well as initial motivation to join an angel group are also significant drivers of angel involvement in several key BAG activities.

本文阐明了非正式天使资本行业中的主要参与者-商业天使集团（BAG）的运营和内部结构，这是由于它具有建立认知资源和共享能力的能力，这些能力最终与股权资本一起提供给了有资金的企业。我们基于商业天使的决策风格，人力资本和动机的作用，开发了一个框架，作为其积极参与天使集团执行的许多不同活动（与投资相关的活动或集团管理活动）的主要决定因素。我们的经验分析依赖于一个新颖的基于调查的数据集，该数据集包含定性和定量信息，这些定性和定量信息是由位于法国和意大利的两个大型且相当同质的商业天使集团的成员提供的。结果表明，具有控制导向决策风格的商业天使倾向于更积极地参与关键的天使团体活动。通过投资经验，退休状态以及加入天使集团的最初动机积累的人力资本也是天使参与多项重要BAG活动的重要驱动力。