Entrepreneurial teams and gender roles: evidence from equity crowdfunding achievement

Hwei-Lin Chuang (), Yang Zhao () and Tingting Zhu ()
Additional contact information
Hwei-Lin Chuang: Wenzao Ursuline University of Languages
Yang Zhao: Nankai University
Tingting Zhu: Shandong University

Small Business Economics, 2025, vol. 65, issue 1, No 10, 287-314

Abstract: Abstract We examine the impact of gender on equity crowdfunding outcomes. Analyzing data from a Chinese equity crowdfunding platform, we find no significant funding difference between female-led and male-led entrepreneurial teams. This suggests that equity crowdfunding can potentially democratize entrepreneurial finance for women in the Chinese market. The gender composition within entrepreneurial teams, however, does affect equity crowdfunding outcomes: mixed-gender teams outperform single-gender teams and teams with an unbalanced gender ratio outperform those with a balanced gender ratio. Specifically, male-dominated teams and female-dominated teams achieve the best funding outcomes. This conclusion remains robust across a series of checks. Notably, the funding benefits associated with gender diversity diminish at higher levels of diversity, indicating a nonlinear relationship between team gender diversity and crowdfunding achievement.

Keywords: Digital finance; Equity crowdfunding; Entrepreneurial teams; Gender composition (search for similar items in EconPapers)
JEL-codes: G20 G32 L25 L26 M13 (search for similar items in EconPapers)
Date: 2025
References: Add references at CitEc
Citations:

Downloads: (external link)
http://link.springer.com/10.1007/s11187-024-00990-4 Abstract (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:kap:sbusec:v:65:y:2025:i:1:d:10.1007_s11187-024-00990-4

Ordering information: This journal article can be ordered from
http://www.springer. ... 29/journal/11187/PS2

DOI: 10.1007/s11187-024-00990-4

Access Statistics for this article

Small Business Economics is currently edited by Zoltan J. Acs and David B. Audretsch

More articles in Small Business Economics from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().