Signals, not sex: Gender-neutral access to equity, debt, and grants in disruptive digital sectors under turbulence

This study addresses a key gap in the entrepreneurial finance and institutional theory literature by examining how signals - resource mobilization and digital affordances not sex, shape access to equity, debt, and grant funding in digitally-driven firms in disruptive industries under turbulence. While prior research has highlighted persistent gender disparities in access to finance, particularly under economic uncertainty, limited attention has been paid to whether such disparities persist in digitally-intensive sectors where digital affordances as well as access to internal assets and liquidity may neutralize traditional gender bias in financing. Drawing on an institutional perspective and digital entrepreneurship theory, we use an original panel dataset of 3034 digitally driven firms across 35 disruptive industries in the United Kingdom during 2015–2019, a period characterized by distinct economic, political, and institutional shocks. We find that gender neutrality persists in access to external finance under different types of macroeconomic shocks. Digital affordances significantly enhance access to equity and grant funding, working capital and tangible assets improve access to both debt and grant funding and intangible assets signal innovation potential during institutional and structural shocks. The study contributes to the field of digital entrepreneurship in turbulent times by demonstrating the differentiated role of resources and digitalization in shaping access to three types of entrepreneurial finance under turbulence in digitally-driven firms. We offer policy and managerial implications for investors, banks, financial institutions and policymakers seeking to support digitally driven firms.