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VCs, Founders, and the Performance Gender Gap

Finance Down Under 2017 Building on the Best from the Cellars of Finance

60 Pages Posted: 1 Oct 2016 Last revised: 23 Jan 2019

See all articles by Sahil Raina

Sahil Raina

Alberta School of Business, University of Alberta

Date Written: January 20, 2019

Abstract

VC-financed startups led by women perform worse than startups led by men. Do VCs influ- ence this performance gap? To answer this question, I compare the gender gap in performance between startups initially financed by syndicates led by VCs with only male GPs and startups financed by syndicates led by VCs with female GPs. I find a much larger performance gap among startups financed by syndicates with only male lead GPs. I show this disparity is driven by differences in VCs’ ability to evaluate female-led startups. These findings imply that VCs contributed to the performance gender gap in startups.

Keywords: venture capital, gender, entrepreneurship, performance

JEL Classification: G24, J16, G32

Suggested Citation

Raina, Sahil, VCs, Founders, and the Performance Gender Gap (January 20, 2019). Finance Down Under 2017 Building on the Best from the Cellars of Finance. Available at SSRN: https://ssrn.com/abstract=2846047 or http://dx.doi.org/10.2139/ssrn.2846047

Sahil Raina (Contact Author)

Alberta School of Business, University of Alberta ( email )

2-32B Business Building
Edmonton, Alberta T6G 2R6
Canada

HOME PAGE: http://sites.ualberta.ca/~sraina/

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