Gender Gaps in Equity Crowdfunding: Evidence from a Randomized Field Experiment

39 Pages Posted: 1 Nov 2018

See all articles by Sofia Bapna

Sofia Bapna

University of MN, Carlson Schoiol of Management

Martin Ganco

University of Wisconsin - Madison - Department of Management and Human Resources

Date Written: October 9, 2018

Abstract

Previous research shows that traditional equity investors are mostly male, and that they prefer male founders. We seek to understand whether such founder gender preferences extend to the equity crowdfunding context, and if they do, whether they vary by investor gender. Through a randomized field experiment, we find that female investors are significantly less interested, as compared to male investors, in ventures with male founders (-46%), and that female investors are more interested in ventures founded by females. Among male investors, we find no significant founder gender preferences. The study suggests that equity crowdfunding may be a promising venue for female entrepreneurs.

Keywords: new ventures; gender gaps; entrepreneurial finance; crowdfunding; randomized field experiment

Suggested Citation

Bapna, Sofia and Ganco, Martin, Gender Gaps in Equity Crowdfunding: Evidence from a Randomized Field Experiment (October 9, 2018). Available at SSRN: https://ssrn.com/abstract=3263533 or http://dx.doi.org/10.2139/ssrn.3263533

Sofia Bapna (Contact Author)

University of MN, Carlson Schoiol of Management ( email )

19th Avenue South
Minneapolis, MN 55455
United States

Martin Ganco

University of Wisconsin - Madison - Department of Management and Human Resources ( email )

Madison, WI
United States

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