Abstract

We intend to contribute the empirical evidence in regard to identifying the impact of external environment on the activity of business angels in Czechia. Although prior academic studies have argued that e.g. overall economic growth, capital market, legal structures and the protection of property rights, corruption, innovativeness, the tax rate and labour market policy are the main determinants of the decision-making of business angels in the well-developed market, little is known about exogenous factors affecting behaviours of informal venture capitalists in Central and Eastern European countries. To our knowledge, we are the first who attempt to uncover the perception of changing economic conditions on business angel decision-making while using a qualitative survey research approach as primary data on business angels is currently not available. The results indicate that business angels pay little attention to the impact of the general macroeconomic conditions, as well as the role played by the capital market. They refer to ‘critical’ issues related to the difficult predictability of legislative changes. Dissatisfaction has also been expressed with the functioning of the public administration. Business angels also consider the current situation on the labour market and public education policy to be serious barriers to business development in the Czech Republic.

摘要

我们打算提供有关确定外部环境对捷克商业天使活动影响的经验证据。尽管先前的学术研究认为，整体经济增长、资本市场、法律结构和产权保护、腐败、创新、税率和劳动力市场政策是井中商业天使决策的主要决定因素-发达市场，对影响中东欧国家非正式风险资本家行为的外生因素知之甚少。据我们所知，我们是第一个试图揭示经济状况变化对商业天使决策的看法的人，同时使用定性调查研究方法，因为目前没有关于商业天使的主要数据。结果表明，商业天使很少关注总体宏观经济状况的影响，以及资本市场所发挥的作用。他们提到了与立法变化的难以预测性相关的“关键”问题。也有人对公共行政部门的运作表示不满。商业天使还认为劳动力市场和公共教育政策的现状是捷克共和国商业发展的严重障碍。也有人对公共行政部门的运作表示不满。商业天使还认为劳动力市场和公共教育政策的现状是捷克共和国商业发展的严重障碍。也有人对公共行政部门的运作表示不满。商业天使还认为劳动力市场和公共教育政策的现状是捷克共和国商业发展的严重障碍。