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For what they are, not for what they bring: The signaling value of gender for financial resource acquisition in academic spin-offs

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  • Lauto, Giancarlo
  • Salvador, Elisa
  • Visintin, Francesca

Abstract

Due to the novelty of their technology base and the multiple goals pursued by their entrepreneurial teams, academic spin-offs (ASOs) suffer information asymmetries with investors that impair their ability to raise finance. In line with the signaling theory, we expect that observable features of an ASO can mitigate such information asymmetries, especially in conditions of higher uncertainty about the venture. We put forward that a larger share of capital owned by female shareholders adds to such uncertainty due to their outsider condition in academic entrepreneurship and the negative bias of investors against female entrepreneurs.

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  • Lauto, Giancarlo & Salvador, Elisa & Visintin, Francesca, 2022. "For what they are, not for what they bring: The signaling value of gender for financial resource acquisition in academic spin-offs," Research Policy, Elsevier, vol. 51(7).
    • Handle: RePEc:eee:respol:v:51:y:2022:i:7:s0048733322000786
    DOI: 10.1016/j.respol.2022.104554
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