Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/287193 
Erscheinungsjahr: 
2021
Quellenangabe: 
[Journal:] Small Business Economics [ISSN:] 1573-0913 [Volume:] 59 [Issue:] 3 [Publisher:] Springer US [Place:] New York, NY [Year:] 2021 [Pages:] 1219-1244
Verlag: 
Springer US, New York, NY
Zusammenfassung: 
Compared to their male peers, female entrepreneurs tend to face greater obstacles in raising venture funding from business angels, venture capitalists, and financial institutions. In this paper, we investigate whether this gender gap also exists in equity crowdfunding. Based on data from the German equity crowdfunding market, we find that ventures with and without female managing directors are equally successful in raising capital when launching their first equity crowdfunding campaign. In contrast, the former are significantly less successful than their peers in seasoned equity crowdfunding campaigns, and this disparity cannot be fully explained by differences in other venture-related or entrepreneur-related characteristics. However, we also find that the gender gap in seasoned offerings narrows if female entrepreneurs set more ambitious funding thresholds. Overall, our results indicate that pitching their equity crowdfunding campaigns in a more promotion-oriented way is a sensible strategy for female entrepreneurs to improve funding success.
Schlagwörter: 
Crowdinvesting
Entrepreneur
Equity-based crowdfunding
Female entrepreneur
Gender gap
Venture financing
JEL: 
G32
J16
O16
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Dokumentart: 
Article
Dokumentversion: 
Published Version

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