39684772-f479-4117-8297-b2c0edb4ed9520220315103203036naun:naunmdt@crossref.orgMDT DepositInternational Journal of Economics and Statistics2309-068510.46300/9103http://www.naun.org/cms.action?id=5672126202212620221010.46300/9103.2022.10https://npublications.com/journals/economics/2022.phpBusiness Angels – Possible Source of Finance for the Development of the Company in Conditions of Sustainable Development and Corporate Social ResponsibilityRastislavPetrášInstitute of Industrial Engineering, Management and Quality Slovak University of Technology, Faculty of Materials Science and Technology Trnava, SlovakiaJanaŠnircováInstitute of Industrial Engineering, Management and Quality Slovak University of Technology, Faculty of Materials Science and Technology Trnava, SlovakiaThe aim of this paper is to present business angels as possible source of finance for the development of small innovative companies in the conditions of corporate social responsibility (CSR) and sustainable development. In the first part of this paper, we describe concept of corporate social responsibility and emphasize its importance. Later we define who is a business angel and explain why we believe that business angels are suitable type of finance for the development of small innovative socially responsible companies. We give three main arguments in order to support this idea.3152022315202215015324https://npublications.com/journals/economics/2022/a482015-024(2022).pdf10.46300/9103.2022.10.24https://npublications.com/journals/economics/2022/a482015-024(2022).pdfBUSSARD, A. et al. 2005. Spoločensky zodpovedné podnikanie – Prehľad základných princípov a príkladov. Bratislava: Nadácia Integra, 2005. 113 p. ŠMIDA, Ľ.; HRDINOVÁ, G.; SAKÁL, P. Inovatívne spolu-myslenie spoločensky zodpovedného podnikania v podmienkach permanentných zmien. In Výkonnosť organizácie. Prístupy k zvyšovaniu výkonnosti organizácie : Zborník príspevkov z medzinárodnej vedeckej konferencie. Vysoké Tatry 2011. Poprad: Výskumný ústav ekonomiky a manažmentu v Poprade, 2011, p. 263--272. ISBN 978-80-970458-3-8 Vision 2050 – The new agenda for business. [online]. 2010. [cit.2011– 10-09]. available on: http://www.wbcsd.org/web/projects/BZrole/Vision2050- FullReport_Final.pdf http://www.csr-online.cz/page.aspx?oblastiCSR EUROPEAN COMMISSION. SBA for Europe: Report on the results of the open consultation, 2008, European Commission, available on: < http://ec.europa.eu/enterprise/newsroom/cf/_getdocument.cfm?doc_id=4 073> cit. 2.3.2013 REŽŇÁKOVÁ, M.; SVOBODA, P.; POLEDNÁKOVÁ, A. Determinants of Capiatal Structure: Empirical Evidence from Slovakia. Journal of Economics, 2010, roč. 58, no. 3, p.237-250. ISSN: 0013- 3035. BENJAMIN, G., MARGULIS, J. Angel Capital: How to Raise EarlyStage Private Equity Financing. New Jersey : John Wiley & Sons, 2005. 373 p. ISBN 0-471-69063-5. KPAS. 2011. Podnikanie pod krídlami anjela [electronic version]. KPAS, 2011. [cit. 12. 10. 2012]. available on: http://www.podnikajte.sk/Data/881/UserFiles/BusinessAngles/podnikanie-pod-kridlami-anjela.pdf RAMADANI, V. Business Angels – Who They Really Are?. Tetovo: South East European University in Tetovo, 2008. [cit. 2013‐03‐05]. available on: http:// ssrn.com/abstract =13004 22 EBAN: Statistics Compendium, Brussels 2011. [cit. 2013‐02‐15]. available on: http://www.europeinnova.eu/c/document_library/get_file?folderId=132988&name=DLFE12411.pdf 10.7441/joc.2019.02.04MARKOVÁ, V. 2006 Utilizing of Venture Capitall by Small and Medium-sized Enterprises in Slovakia. In: Small and medium sized enterprises in era of globalisation and integration [CD-ROM] Banská Bystrica Faculty of Economic, Matej Bel University, 2006. ISBN 80- 8083-296-X EUROPEAN COMMISSION: Benchmarking business angels, Brussels 2002. [cit. 2013‐02‐15]. available on : http://ec.europa.eu/enterprise/newsroom/cf/_getdocument.cfm?doc_id=1 120 ZINECKER, M.; KOPPITZ, D.; REŽŇÁKOVÁ, M. Informal Venture Capital in the Czech Republic: An Empirical Study. In Mathematical Methods for Infromation Science and Economics. 1. Montreux, Switzerland: WSEAS Press, 2012. p. 261-266. ISBN: 978-1-61804-148- 7. 10.1016/0148-2963(95)00160-3SULLIVAN, M. K., MILLER, A. Segmenting the informal venture capital market: Economic, hedonistic, and altruistic investors. Journal of Business Research, 1996, vol. 36, p. 25 – 35. ISSN 0148-2963. KLANDT, H. a kol. Vademecum für Unternehmensgründer, Business Angels und Netzwerke: Ein Beitrag zum Wissenstransfer zwischen Wissenschaft und Unternehmen. Berlin: Books on Deman, 2001. 240 p. ISBN 978-3831125487.