Gender Gap in Business Angel Financing

IF 2 4区管理学 Q3 BUSINESS

Entrepreneurship Research Journal Pub Date : 2024-05-22 DOI:10.1515/erj-2023-0246

Andrea Bellucci, G. Gucciardi, Rossella Locatelli, Cristiana-Maria Schena

引用次数: 0

Abstract

This study explores the impact of gender on entrepreneurial finance, analyzing both the supply and demand sides of early-stage equity financing through Business Angel (BA) investments. The research investigates the probability of men and women-owned businesses securing BA investments and assesses whether the gender of BA investors influences financial transaction magnitudes, potentially disadvantaging women-owned businesses. Additionally, the study explores the intersection between the gender of BA investors and investees to test for the presence of any potential heterogenous behaviors in terms of average invested amounts by men (women) Business Angels towards women-(men-) owned target companies. Results reveal that women entrepreneurs receive less equity financing than men, with a lower probability of securing larger investments from men BAs. Notably, this bias is absent when women BAs invest in men-owned businesses. These patterns persist regardless of information availability and consideration of unobservable factors, suggesting a connection between this disadvantage and taste-based prejudice among men BAs.

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商业天使融资中的性别差距

本研究探讨了性别对创业融资的影响，分析了通过商业天使（BA）投资进行早期股权融资的供需双方。研究调查了男性和女性拥有的企业获得 BA 投资的概率，并评估了 BA 投资者的性别是否会影响金融交易的规模，从而可能对女性拥有的企业不利。此外，该研究还探讨了商业天使投资人和被投资人性别之间的交集，以检验在男性（女性）商业天使对女性（男性）拥有的目标公司的平均投资金额方面是否存在任何潜在的异质行为。结果显示，女性创业者获得的股权融资少于男性，从男性商业天使获得较大投资的概率也较低。值得注意的是，当女性天使投资人投资于男性拥有的企业时，这种偏见并不存在。无论信息的可获得性如何，也无论是否考虑了不可观测因素，这些模式都会持续存在，这表明这种劣势与男性 BA 基于品味的偏见之间存在联系。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Entrepreneurship Research Journal BUSINESS-

CiteScore

4.50

自引率

21.10%

发文量

期刊介绍： Entrepreneurship Research Journal (ERJ) was launched with an Inaugural Issue in 2011. Professor Ramona Zachary at Baruch College and Professor Chandra Mishra at Florida Atlantic University introduce a new forum for scholarly discussion on entrepreneurs and their activities, contexts, processes, strategies, and outcomes. Positioned as the premier new research journal within the field of entrepreneurship, ERJ seeks to encourage a scholarly exchange between researchers from any field of study who focus on entrepreneurs, and will include both theoretical and empirical articles, with priority being given to high quality theoretical and empirical papers that have managerial or public policy orientation as well as ramifications for entrepreneurship research overall. Topics: -Research Modeling, Design, and Methods: entrepreneurship theories and conceptualizations, entrepreneurship research methods. -The Individuals-Opportunities-Resources Nexus: nascent entrepreneurs, opportunity recognition, drivers of value creation, and emergence, innovation and technology entrepreneurs, entrepreneurial risk and reward, entrepreneurial cognition and behavior. -Inclusive of Near Environments: family entrepreneurship, networks, teams and alliances, venture capital and angel investor groups, entrepreneurial communities, hubs, clusters and public policy, social entrepreneurship. -Distinct Entrepreneurial Stage or Setting: entrepreneurial growth and strategy, boards, governance and leadership, corporate entrepreneurship, international and emerging market entrepreneurship.

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