Abstract
We develop a multilevel conceptual framework of angel investing grounded on prospect theory. The framework provides an integrative foundation for this emerging domain of inquiry, delineates the boundaries of the domain, synthesizes research to date into distinctive levels of analysis, and identifies potentially interesting relationships between constructs across levels and across time. We discuss the domain's relevance and the opportunities it affords for insights into a variety of theoretical perspectives and develop propositions to illustrate the potential for unique contributions with a multilevel approach. The focus on angel portals and networks highlights the need for an extension of the multilevel paradigm for organizational phenomena that exhibit permeable boundaries.
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