A study by Dr. Agostino Menna, a lecturer in the College of Education at Niagara University in Ontario, has been accepted for publication in the Journal of Innovation Management.
“Navigating early-stage investment decisions: Unveiling the axiomatic lens of business Angels,” co-authored by Dr. Philip Walsh and Ranjita Singh of Toronto Metropolitan University, examines the influence of values-based decision-making on Angel investors operating in high-risk, early-stage ventures. Grounded in Evolutionary Choice Theory, the study investigates how distinct value types (cognitive, conative, affective, and transrational) and their resultant outcomes shape investment behavior beyond rational and probabilistic models, and introduces a values-centered framework that integrates cognitive, affective, and principled dimensions of investor judgment and action.
“The findings uncover that Angels rely heavily on ‘gut-feel’ judgments driven by conative and transrational values that emphasize instinct, intuition, emotion, and principled considerations,” noted Dr. Menna. “While rational elements such as cognitive consensus contribute to decision-making, affective and trans-rational factors apply stronger influence, suggesting that Angel investing is profoundly fixed in personal values that transcend analytical reasoning.”
