MELEK YATIRIMCILARIN YATIRIM KARARLARINDA GİRİŞİMCİ ODAKLILIĞIN ROLÜ: TÜRKİYE’DEKİ MELEK YATIRIMCILAR ÜZERİNE BİR ÇALIŞMA

“Yeni girişimlere riskli sermaye yatırımı yapan biçimsel olmayan yatırımcılar” şeklinde tanımlanan melek yatırımcılar, günümüzde işletmelere kaynak sağlamada önemli rol oynamaktadır. Bu nedenle, melek yatırımcı davranışının altında yatan nedenlerin anlaşılması oldukça önemlidir. Bu çalışmada, melek yatırımcıların özellikleri ile yatırım yapmış oldukları işletmelere olan katkılarının belirlenmesi ve girişimci odaklılık ile melek yatırımcı kararları arasındaki ilişkinin ortaya konulması amaçlanmıştır. Bu bağlamda, derinlemesine görüşme tekniği kullanılarak Türkiye’de yerleşik yedi melek yatırımcı ile yüz yüze görüşmeler yapmak suretiyle veriler toplanmıştır. Çalışma sonucunda, melek yatırımcıların yatırım kararı vermelerinde etkili olan tek faktörün yatırımın karlılığı olmadığı, girişimci odaklılığın boyutları (risk alma, yenilikçilik, proaktiflik) ile melek yatırımcıların aldıkları kararlar arasında güçlü bir ilişki olduğu tespit edilmiştir. Ayrıca, melek yatırımcıların, yapmış oldukları sermaye yatırımı dışında yeni girişimlerin; pazarlama, finansman ve yönetim kararlarında önemli rol oynadıkları görülmüştür.

Melek yatırımcıların yatırım kararlarında girişimci odaklılığın rolü: Türkiye’deki melek yatırımcılar üzerine bir çalışma

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