Decoding Business Angels: A Systematic Dive into Entrepreneurial Finance and the Roadmap Ahead

Abstract: Business angels are widely recognized as a significant source of entrepreneurial finance, particularly for early-stage businesses. However, rigorous investigation on angel investment performance has been limited. Focusing on this issue, we carried out a systematic literature review to provide a complete picture and identify potential areas of inquiry to add to the body of knowledge presently accessible. This study performed a systematic literature review with the help of PRISMA and “R” software, gathering 483 articles from the Scopus databases which are published through 2001-2022, in the areas of Social Sciences, Economics, Econometrics and Finance and Business Management and Accounting. Findings highlighted that only 15 papers have been selected for depth review with PRISMA and findings also focused on descriptive analysis, publication trend, outlet and performance, global citation, leading authors, organisations and countries, most cited country and finally most frequent keywords. This research paper assists academicians, practitioners, future researchers, and other stakeholders by providing new perspectives for future research projects. This study made a contribution to the field by evaluating the current state of the art of research on the utilization and use of business angels in identifying research gaps, and by offering a suggested course of action for future study in the area. Keywords: Angel Investor, Bibliometric Analysis, Business Angels, Descriptive Analysis, Entrepreneurial Finance, PRISMA, Systematic Literature Review