The impact of a business angel on new venture performance: the mediating role of entrepreneurial finance and moderating role of human capital
Abstract
This study aims to check the relationships between business angels, entrepreneurial finance, human capital, and new venture performance in the SMEs working in Bahawalpur, Pakistan. A random sample of 285 owners/managers/business angels like friends, families, or other finance providers was surveyed. The findings show that business angel has a positive and significant relationship with new venture performance. Findings also reveal that entrepreneurial finance positively affects business angels and recent venture performance. Findings also showed that human capital plays a vital role in establishing new ventures and in the survival and growth of a venture’s performance. These three Variables, Business Angels, entrepreneurial finance, and human capital, collectively play a positive role in the performance of new ventures.