Gender Stereotypes and Entrepreneur Financing

69 Pages Posted: 24 Jan 2019 Last revised: 23 Mar 2020

See all articles by Camille Hebert

Camille Hebert

University of Toronto - Rotman School of Management

Date Written: March 20, 2020


I examine gender differences in external equity financing using administrative data on the population of start-ups in France. Female-founded start-ups are 27% less likely to raise external equity including venture capital. However, the gender funding gap reverses in female-dominated sectors, where female entrepreneurs are more likely to raise funding than male entrepreneurs. Moreover, I show that conditional on being backed with equity, entrepreneurs outperform in gender-incongruent sectors, suggesting that requirements for funding are higher for entrepreneurs that are minority in gender-incongruent sectors. The evidence is consistent with the existence of context-dependent stereotypes among investors.

Keywords: entrepreneurs, venture capital, gender gap, beliefs, stereotypes

JEL Classification: G24, G41, J16

Suggested Citation

Hebert, Camille, Gender Stereotypes and Entrepreneur Financing (March 20, 2020). 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

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Abstract Views
PlumX Metrics