Risk-taking in Impact Investing: The Role of Gender and Experience
25 Pages Posted: 11 Jan 2021
Date Written: December 16, 2020
Relying on gender role congruity theory, this paper investigates the relationship between the gender of the top management team of venture philanthropy (VP) firms and their risk-taking orientation. Our research also assesses if and how experience moderates this relationship. Using a combination of survey data to capture the VP firm’s risk orientation, and biographical data to identify managers’ gender and experience, we find that only gender affects the risk-taking orientation in these firms. Yet, this is in an opposite direction than what theorized, whereby teams with a higher proportion of women have a higher risk-taking profile. This suggests the existence of a gender bind dilemma in VP.
Keywords: venture philanthropy, risk-taking, gender, impact investing, human capital
JEL Classification: G24, M13
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