Business Angels and Business Performance: An Empirical Analysis from French Data

By Nadine Levratto, Luc Tessier

Research on the contribution of the Businesses Angels (BA) to economic growth is still recent and rare, particularly in France. In order to compare the dynamics of companies backed by BA with companies that are not, we perform an empirical analysis consisting in considering multivariate models that assess the influence of the intervention of BA on various indicators. Our analysis rests on a single database made up of 300 French companies financed by BA. The results obtained make it possible to determine to what extent the intervention of a BA influences a firm’s growth path. It exerts an ambiguous effect on job creation, an almost null effect on the turnover, but obviously supports the achievement of productive investments. These results are robust insofar as they do not depend on the retained reference sample. They also remain valid under various specifications of the models obtained thanks to the introduction of various explained variables. JEL Codes: L25, L26, M13


  • Business Angels
  • SMEs growth
  • financing
  • France
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