Academic Staff Member and Doctoral Student

Clemens Müller
University of Mannheim
Fakultät für Betriebswirtschaftslehre
L9, 1–2 – Room O 220
68161 Mannheim
Consultation hour(s):
by appointment
  • Short CV

    • 11/2018 – 8/2020 Academic staff member at the Chair of Prof. Dr. Erik Theissen
    • Since 9/2017 Doctoral student at Graduate School of Economics and Social Sciences
    • 2014 – 2017 Master in Management Mannheim
  • Research Interests

    • Entrepreneurial Finance
    • Innovation and Competition
  • Research Projects

    Angels and Demons: The Negative Effect of Employees' Angel Investments on Corporate Innovation

    Link to Paper, Abstract:

    A firm's economic value of patents decreases by 3.3% – 5% when its employees are investing their personal wealth in start-ups. We refer to such angel investors employed at public corporations as angel employees. We establish causality with matching and instrumental variable regressions, which rely on quasi-exogenous competition in the early-stage financing market. The negative relationship is stronger for angel employees in innovation-related roles, if the linked start-ups are more time consuming, and for exploratory patents. Start-ups financed by angel employees are more likely to successfully exit. Our results indicate that angel employees divert time and effort from their employers to their personal start-up investments. Overall, we highlight unexplored negative effects of angel investors in our economy.