Female Entrepreneurs and Equity Crowdfunding in the US: Receiving Less When Asking for More
10 Journal of Business Venturing Insights (October 2018).
24 Pages Posted: 23 Oct 2018
Date Written: October 9, 2018
In this paper, we explore the relationship between gender and funding raised through equity crowdfunding. Using data collected from the population of US equity crowdfunding campaigns, we find that campaigns receive significantly less funding when the primary signatory is female. Furthermore, we explore interactions between gender and a campaign's funding target. The results suggest that campaigns raise significantly less funding, as the target amount increases, when the primary signatory is female. These results are the first to suggest a relationship between gender and funding among the population of US equity crowdfunding campaigns. Implications and future directions are discussed.
Keywords: gender, crowdfunding, equity crowdfunding, homophily, startups, entrepreneurship, corporate finance
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