Gender Stereotypes and Entrepreneur Financing

10th Miami Behavioral Finance Conference

91 Pages Posted: 24 Jan 2019 Last revised: 26 Dec 2023

See all articles by Camille Hebert

Camille Hebert

University of Toronto - Rotman School of Management

Date Written: December 20, 2023


I document a significant gender gap in how entrepreneurs obtain early-stage equity financing. Using administrative data on French startup firms, I show that female entrepreneurs are 22% less likely to use financing with external equity or venture capital. Highly skilled and motivated female entrepreneurs whose firms operate in male-dominated sectors are particularly less likely to obtain such financing, whereas the gender gap closes in female-dominated sectors. Moreover, evidence suggests that female-founded startups outperform when provided with VC. Selection into high-growth entrepreneurship does not explain my findings, suggesting that gender stereotypes are the most likely driver of the equity gender gap.

Keywords: Gender gap, venture capital, stereotypes, startups characteristics, self-selection

JEL Classification: G24, G41, J16, L26

Suggested Citation

Hebert, Camille, Gender Stereotypes and Entrepreneur Financing (December 20, 2023). 10th Miami Behavioral Finance Conference, Available at SSRN: or

Camille Hebert (Contact Author)

University of Toronto - Rotman School of Management ( email )

105 St. George Street
Toronto, Ontario M5S 3E6 M5S1S4

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