The International Journal of Entrepreneurship and Innovation, Ahead of Print.
Besides the extraordinary impact of Business Angels (BAs) as the leading contributors to fund entrepreneurship at the early stage, the value BAs perceive from their investment activity has not yet been fully explored. Based on a new holistic perspective resulting from marketing and consumer behaviour, this article builds on the concept of perceived investment value to create a new instrument that measures the overall value perceived by BAs in their investing activity. Data were collected through a survey questionnaire with 849 BAs from 79 countries. The instrument created was tested through Structural Equation Modelling. The results reveal that: (i) BAs are not purely financial investors and expect more than just money from their activity, as self-esteem, entrepreneurship, emotion and altruism are the main dimensions that explain angel perceived investment value (APIV), with economic and functional dimensions being the least influential; (ii) APIV positively influences their job satisfaction; and (iii) angels satisfied with their jobs are more likely to reinvest their money and engage in positive word-of-mouth. A multigroup comparison was implemented, validating the results for males and females, novices and veterans and light and heavy investors.

The International Journal of Entrepreneurship and Innovation, Ahead of Print.
A vibrant literature studying antecedents of entrepreneurial intentions is largely motivated by an often implicit assumption that they will be followed by subsequent entrepreneurial behaviors or actions. A much smaller number of studies actually test this assumption. Their results suggest that while the entrepreneurial intention–behavior relationship is usually present, its strength turns out highly contextual. This meta-analysis intends to integrate and summarize the available research base on the entrepreneurial intention–behavior relationship, assessing the moderating impacts of environmental, demographic and methodological factors. Data from 75 studies (150,703 individuals) were included in the analysis. Our results indicate that the focal relationship is robust across environmental contexts, populations, and methodologies except for the measures used for entrepreneurial behavior, the use of a database compared to collecting new data, and the duration of time between intention and behavior. Additionally, entrepreneurial intentions were found to account for only 17% of the variance in entrepreneurial behaviors as opposed to the commonly expected and cited 37%. Our findings suggest theoretical and methodological considerations for future work aimed at exploring and overcoming the non-trivial intention–behavior gap and we encourage the discovery of cognitive and behavioral factors reinforcing the intention–action translation at different levels of analysis and over time.