Risk-taking in Impact Investing: The Role of Gender and Experience

25 Pages Posted: 11 Jan 2021

See all articles by Luisa Alemany

Luisa Alemany

London Business School

Mariarosa Scarlata

University of Bergamo

Andrew Zacharakis

Chair in Entrepreneurship

Date Written: December 16, 2020

Abstract

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

Suggested Citation

Alemany, Luisa and Scarlata, Mariarosa and Zacharakis, Andrew, Risk-taking in Impact Investing: The Role of Gender and Experience (December 16, 2020). Available at SSRN: https://ssrn.com/abstract=3750274 or http://dx.doi.org/10.2139/ssrn.3750274

Luisa Alemany (Contact Author)

London Business School ( email )

Sussex Place
Regent's Park
London, London NW1 4SA
United Kingdom

Mariarosa Scarlata

University of Bergamo ( email )

Salvecchio 19
Bergamo, 24129
Italy

Andrew Zacharakis

Chair in Entrepreneurship

231 Forest Street
Babson Park, MA 02457-0310
United States

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