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Female entrepreneurs and equity crowdfunding in the US: Receiving less when asking for more

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  • Geiger, Mark
  • Oranburg, Seth C.

Abstract

In this paper, we explore the relationship between gender and funding raised through equity crowdfunding. Using data collected from the population of US equity crowdfunding campaigns, we find that campaigns receive significantly less funding when the primary signatory is female. Furthermore, we explore interactions between gender and a campaign's funding target. The results suggest that campaigns raise significantly less funding, as the target amount increases, when the primary signatory is female. These results are the first to suggest a relationship between gender and funding among the population of US equity crowdfunding campaigns. Implications and future directions are discussed.

Suggested Citation

  • Geiger, Mark & Oranburg, Seth C., 2018. "Female entrepreneurs and equity crowdfunding in the US: Receiving less when asking for more," Journal of Business Venturing Insights, Elsevier, vol. 10(C), pages 1-1.
    • Handle: RePEc:eee:jobuve:v:10:y:2018:i:c:11
    DOI: 10.1016/j.jbvi.2018.e00099
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    Cited by:

    1. Jörg Prokop & Dandan Wang, 2022. "Is there a gender gap in equity-based crowdfunding?," Small Business Economics, Springer, vol. 59(3), pages 1219-1244, October.
    2. Li, Yuanqing & Sui, Sui & Wu, Sibin, 2022. "The effect of gender fit on crowdfunding success," Journal of Business Venturing Insights, Elsevier, vol. 18(C).
    3. Rosado-Cubero, Ana & Hernández, Adolfo & Jiménez, Francisco José Blanco & Freire-Rubio, Teresa, 2024. "Does gender affect entrepreneurship? Evidence from Spanish and Argentinian business incubators," Journal of Business Research, Elsevier, vol. 170(C).
    4. Goran Calic & Moren Lévesque & Anton Shevchenko, 2024. "On why women-owned businesses take more time to secure microloans," Small Business Economics, Springer, vol. 63(3), pages 917-938, October.
    5. John Donovan, 2021. "Financial Reporting and Entrepreneurial Finance: Evidence from Equity Crowdfunding," Management Science, INFORMS, vol. 67(11), pages 7214-7237, November.
    6. Lin, Tse-Chun & Pursiainen, Vesa, 2022. "Regional social capital and moral hazard in crowdfunding," Journal of Business Venturing, Elsevier, vol. 37(4).
    7. Williamson, Amanda J. & Short, Jeremy C. & Wolfe, Marcus T., 2021. "Standing out in crowdfunded microfinance: A topic modeling approach examining campaign distinctiveness and prosocial performance," Journal of Business Venturing Insights, Elsevier, vol. 16(C).
    8. Yang Zhao & Xuemei Xie & Liuyong Yang, 0. "Female entrepreneurs and equity crowdfunding: the consequential roles of lead investors and venture stages," International Entrepreneurship and Management Journal, Springer, vol. 0, pages 1-29.
    9. De Crescenzo, Veronica & Ribeiro-Soriano, Domingo Enrique & Covin, Jeffrey G., 2020. "Exploring the viability of equity crowdfunding as a fundraising instrument: A configurational analysis of contingency factors that lead to crowdfunding success and failure," Journal of Business Research, Elsevier, vol. 115(C), pages 348-356.
    10. kartikaputri, arella, 2020. "Kegunaan Crowdfunding," OSF Preprints yh6nb, Center for Open Science.
    11. Faten Ben Slimane & Antoine Rousseau, 2020. "Crowdlending Campaigns for Renewable Energy: Success Factors," Post-Print hal-02371926, HAL.
    12. Francis Lwesya & Adam Beni Swebe Mwakalobo, 2023. "Frontiers in microfinance research for small and medium enterprises (SMEs) and microfinance institutions (MFIs): a bibliometric analysis," Future Business Journal, Springer, vol. 9(1), pages 1-18, December.
    13. Boudreau, Kevin J. & Jeppesen, Lars Bo & Reichstein, Toke & Rullani, Francesco, 2021. "Crowdfunding as Donations to Entrepreneurial Firms," Research Policy, Elsevier, vol. 50(7).
    14. Wise, Sean & Yeganegi, Sepideh & Laplume, André O., 2022. "Startup team ethnic diversity and investment capital raised," Journal of Business Venturing Insights, Elsevier, vol. 17(C).
    15. Chaim Letwin & Michael P. Ciuchta & Michael Johnson & Regan Stevenson & Cameron Ford, 2024. "Passion and attractiveness on display: an examination of gender bias in crowdfunding," Small Business Economics, Springer, vol. 63(1), pages 165-192, June.
    16. Simon Kleinert & Kazem Mochkabadi, 2022. "Gender stereotypes in equity crowdfunding: the effect of gender bias on the interpretation of quality signals," The Journal of Technology Transfer, Springer, vol. 47(6), pages 1640-1661, December.
    17. Geiger, Mark, 2020. "A meta-analysis of the gender gap(s) in venture funding: Funder- and entrepreneur-driven perspectives," Journal of Business Venturing Insights, Elsevier, vol. 13(C).
    18. Yang Zhao & Xuemei Xie & Liuyong Yang, 2021. "Female entrepreneurs and equity crowdfunding: the consequential roles of lead investors and venture stages," International Entrepreneurship and Management Journal, Springer, vol. 17(3), pages 1183-1211, September.
    19. Veena L. Brown & Erica E. Harris, 2023. "The Association of Female Leaders with Donations and Operating Margin in Nonprofit Organizations," Journal of Business Ethics, Springer, vol. 185(1), pages 223-243, June.
    20. Zaggl, Michael A. & Block, Joern, 2019. "Do small funding amounts lead to reverse herding? A field experiment in reward-based crowdfunding," Journal of Business Venturing Insights, Elsevier, vol. 12(C).
    21. Pankaj C. Patel & Marcus T. Wolfe & Andrew S. Manikas, 2021. "Logic is (Somewhat) Overrated: Image-Based Versus Concept-Based Rhetoric in Crowdfunding Narratives," Entrepreneurship Theory and Practice, , vol. 45(3), pages 600-625, May.
    22. Hassna, Ghazwan, 2022. "Crowdfund smart, not hard – Understanding the role of online funding communities in crowdfunding success," Journal of Business Venturing Insights, Elsevier, vol. 18(C).
    23. Andrea Caputo & Elisa Schiocchet & Ciro Troise, 2022. "Sustainable business models as successful drivers in equity crowdfunding," Business Strategy and the Environment, Wiley Blackwell, vol. 31(7), pages 3509-3522, November.
    24. Kukk, Mari-Liis, 2022. "Predicting business failure after crowdfunding success: Are platforms the unsung heroes?," Journal of Business Venturing Insights, Elsevier, vol. 17(C).

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