Abstract

http://ssrn.com/abstract=1400742
 
 

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The Impact of Financial Capital on Business Performance: A Comparison of Women- and Men-Owned Firms


Alicia Robb


University of California, Berkeley - Coleman Fung Institute for Engineering Leadership; Kauffman Foundation; University of Colorado at Boulder; Federal Reserve Banks - Federal Reserve Bank of Atlanta; University of Deusto - Basque Institute of Competitiveness; Marin Economic Consulting

Susan Coleman


University of Hartford - Barney School of Business

May 7, 2009


Abstract:     
This article uses data from the Kauffman Firm Survey to explore, by gender, the relationship of start up capital for new firm performance in terms of assets, revenues, income, employment, and survival. Our results reveal that, consistent with prior research, women-owned firms start with smaller amounts of capital than men-owned firms. Our findings also indicate that women launched their firms with larger amounts of owner-provided equity and dramatically smaller amounts of outsider equity. Finally, our results reveal that, even controlling for firm size and the amount of capital at start-up, women-owned firms still underperformed firms owned by men in measures of size, profitability, employment, and survival over time. This finding suggests that differences in financial capital are just one factor associated with the gender differences in the performance outcomes of new firms.

Number of Pages in PDF File: 28

Keywords: women, financing, startups

JEL Classification: J16, M13

working papers series


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Date posted: May 7, 2009  

Suggested Citation

Robb, Alicia and Coleman, Susan, The Impact of Financial Capital on Business Performance: A Comparison of Women- and Men-Owned Firms (May 7, 2009). Available at SSRN: http://ssrn.com/abstract=1400742 or http://dx.doi.org/10.2139/ssrn.1400742

Contact Information

Alicia Robb (Contact Author)
University of California, Berkeley - Coleman Fung Institute for Engineering Leadership ( email )
130 Blum Hall #5580
Berkeley, CA 94720-5580
United States
Kauffman Foundation ( email )
4801 Rockhill Road
Kansas City, MO 64110-2046
United States
HOME PAGE: http://www.kauffman.org/kfs
University of Colorado at Boulder ( email )
1070 Edinboro Drive
Boulder, CO 80309
United States
Federal Reserve Banks - Federal Reserve Bank of Atlanta
1000 Peachtree Street N.E.
Atlanta, GA 30309-4470
United States
University of Deusto - Basque Institute of Competitiveness
Mundaiz 50
San Sebastián, 20012
Spain
Marin Economic Consulting ( email )
United States
HOME PAGE: http://marin-economic-consulting.com/
Susan Coleman
University of Hartford - Barney School of Business ( email )
200 Bloomfield Ave
West Hartford, CT 06117
United States
(860) 768 4690 (Phone)
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