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Gender stereotypes in equity crowdfunding: the effect of gender bias on the interpretation of quality signals

Simon Kleinert (s.kleinert@maastrichtuniversity.nl) and Kazem Mochkabadi (mochkabadi@wiwi.uni-wuppertal.de)
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Simon Kleinert: Maastricht University
Kazem Mochkabadi: University of Wuppertal

The Journal of Technology Transfer, 2022, vol. 47, issue 6, No 2, 1640-1661

Abstract: Abstract Equity crowdfunding has the potential to democratize entrepreneurial finance and provide female entrepreneurs with new and equal access to early-stage financing. In this paper, we present first empirical evidence on gender stereotypes in the context of technology ventures in equity crowdfunding. Drawing on signaling and gender role congruity theory, we hypothesize that quality signals have different effects depending on whether they are sent by male or female entrepreneurs. Results taken from a sample of 263 equity crowdfunding campaigns run by technology ventures confirm our hypotheses. In line with gender stereotypes, management experience is beneficial for male entrepreneurs but detrimental for female entrepreneurs. Interestingly, media coverage as a third-party signal has the oppositive effect, being more effective for female entrepreneurs.

Keywords: Equity financing; Gender; Signaling theory; Gender role congruity theory; Equity crowdfunding (search for similar items in EconPapers)
JEL-codes: G23 G30 L26 (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (2)

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DOI: 10.1007/s10961-021-09892-z

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