The Influence of Legal-Managerial Components and Participation of Stakeholders in the Ecotourism Industry on Attracting Business-Angels (Case Study: Kermanshah Province)

The purpose of this study is to investigate the impact of legal management components and participation of stakeholders in the ecotourism industry on attracting business angels in Kermanshah province. This research is based on mixed (qualitative-quantitative) method. The variables of this study are based on the relative consensus of experts and have been extracted using the Delphi technique. In the first part, the sample consists of 25 experts in the field of tourism and academia, and the second part includes the distribution of questionnaires among 100 people working in this field which was selected considering three indices: Entrepreneurs, Executives and Graduates of tourism industry in Iran. Confirmatory factor analysis (CFA) is used to test the model and Structural Equation Modeling (SEM) is used to answer the research questions using SmartPLS version 3 software. According to the results, AVE coefficient for all model constructs with greater than 0.5 and valid convergent validity indicates the impact of managerial-legal components and participation of ecotourism stakeholders on attracting business angels. The path coefficients for each are 0.38 and 0.65, respectively, so management-legal components and stakeholder engagement are effective in attracting capital, expertise and energy from business angels.