PT  - JOURNAL ARTICLE
AU  - William Scheela
AU  - Edmundo S Isidro
TI  - Business Angel Investing in an Emerging Asian Economy
AID  - 10.3905/JPE.2009.12.4.044
DP  - 2009 Aug 31
TA  - The Journal of Private Equity
PG  - 44--56
VI  - 12
IP  - 4
4099  - https://pm-research.com/content/12/4/44.short
4100  - https://pm-research.com/content/12/4/44.full
AB  - Our research question is:What is the impact of the lack of fully developed institutions on business angel investing in an emerging economy?We interviewed 29 business angels in the Philippines, an emerging economy in Southeast Asia that is characterized by under developed institutions,which can have a very negative impact on private equity investing in SMEs.We used institutional theory as the framework to explore the investment and operating strategies developed by business angels in the Philippines.We found that because of the difficult investment climate in the Philippines, business angels developed co-investing networks, undertook in-depth due diligence, and played an active monitoring role after investing. In general, business angels investing in the Philippines reported positive returns on their investments.TOPICS: Private equity, emerging, analysis of individual factors/risk premia, quantitative methods