Gender match and negotiation: evidence from angel investment on Shark Tank

Michael Jetter and Kieran Stockley ()
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Kieran Stockley: University of Western Australia

Empirical Economics, 2023, vol. 64, issue 4, No 14, 1947-1977

Abstract: Abstract Using comprehensive data of 4893 interactions from the popular television show Shark Tank, we test whether gender match with entrepreneurs correlates with investors’ likelihood to extend funding offers. We find female investors are 35% more likely to engage with female (rather than male) entrepreneurs, while less systematic gender preferences emerge for male investors. Heterogeneity analyses suggest this result remains exclusive to non-male-dominated product categories, lending support to the industry representation hypothesis. We also find it is exclusive to ventures with lower asking valuations. Estimates are robust to the inclusion of a comprehensive set of control variables (such as asking valuation, investor-, and season-fixed effects) and a range of alternative specifications.

Keywords: Gender interaction effects; Gender differences; Angel investment; Venture capital financing; Field data; High stakes bargaining (search for similar items in EconPapers)
JEL-codes: D91 G11 G24 G41 J16 (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (1)

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DOI: 10.1007/s00181-022-02305-6

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