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When debt drives growth: The role of business angels and crowd-investors in entrepreneurial ventures
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DOI：10.1016/j.ribaf.2026.103500.png)
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Abstract
En 中文
• Investigates the moderating effect of BAs vs. Crowd-investors on debt productivity. • BA-backed ventures take on less debt but use it more efficiently for growth. • Crowd-investment leads to higher debt accumulation but lower debt productivity. • BAs’ "smart money" effect is driven by active monitoring and focused portfolios. • Contributes to the debate on investor heterogeneity in entrepreneurial ecosystems.
Keywords:
G24
G32
M13
Business Angels
Crowd-investors
debt financing
debt productivity
venture growth
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