TY - JOUR T1 - Business Angel Investing in an Emerging Asian Economy JF - The Journal of Private Equity SP - 44 LP - 56 DO - 10.3905/JPE.2009.12.4.044 VL - 12 IS - 4 AU - William Scheela AU - Edmundo S Isidro Y1 - 2009/08/31 UR - https://pm-research.com/content/12/4/44.abstract N2 - Our research question is:What is the impact of the lack of fully developed institutions on business angel investing in an emerging economy?We interviewed 29 business angels in the Philippines, an emerging economy in Southeast Asia that is characterized by under developed institutions,which can have a very negative impact on private equity investing in SMEs.We used institutional theory as the framework to explore the investment and operating strategies developed by business angels in the Philippines.We found that because of the difficult investment climate in the Philippines, business angels developed co-investing networks, undertook in-depth due diligence, and played an active monitoring role after investing. In general, business angels investing in the Philippines reported positive returns on their investments.TOPICS: Private equity, emerging, analysis of individual factors/risk premia, quantitative methods ER -