IDEAS home Printed from https://ideas.repec.org/a/gam/jadmsc/v15y2025i9p366-d1750177.html

Does It Matter? Experimental Evidence on the (Signaling) Effect of Gender-Specific Accelerator Programs on Access to Angel Capital

Author

Listed:
  • Elfi M. Lange

    (Entrepreneurship and Business Taxation, TU Bergakademie Freiberg, 09599 Freiberg, Germany)

  • Isabel Schulze

    (Entrepreneurship and Business Taxation, TU Bergakademie Freiberg, 09599 Freiberg, Germany
    Start-up Initiative, Max-Planck-Förderstiftung, 80639 München, Germany)

  • Karina Sopp

    (Entrepreneurship and Business Taxation, TU Bergakademie Freiberg, 09599 Freiberg, Germany)

Abstract

Despite the acknowledged importance of capital for start-up success, gender disparities persist when trying to raise funds from external sources, including angel investors, venture capitalists, and financial institutions. Many studies have shown that gender stereotypes are harmful and prevent women from gaining access to resources, e.g., capital, distorting their start-up valuations, and influencing the resulting financing decisions. In recent years, gender-specific support measures have emerged that attempt to overcome gender inequalities in early-stage entrepreneurship, including gender-specific accelerator programs. However, there remains a lack of research on the effects of these gender-specific support programs. This study therefore investigates the influence of participating in gender-specific accelerator programs on access to angel capital, as a highly relevant source for the early financing of (women-founded) start-ups, considering signaling theory and its influence by the role congruity theory in an entrepreneurial context. A laboratory experiment involving 227 participants was conducted to explore these dynamics, reflecting perceptions of signals for angel investors. Overall, the findings suggest that gender-specific accelerator programs may positively influence perceived investment decisions by enhancing perceived team competence. Furthermore, investor gender moderates the perception of team competence. The signaling effect that (gender-specific) accelerators have on angel investors does not appear to be as great for men investors as it is for women investors. The findings contribute to signaling theory by understanding the impact of participation in (gender-specific) accelerator programs on the investment decision of angel investors while advocating for more inclusive approaches to fostering diversity and inclusivity within the start-up ecosystem.

Suggested Citation

  • Elfi M. Lange & Isabel Schulze & Karina Sopp, 2025. "Does It Matter? Experimental Evidence on the (Signaling) Effect of Gender-Specific Accelerator Programs on Access to Angel Capital," Administrative Sciences, MDPI, vol. 15(9), pages 1-38, September.
    • Handle: RePEc:gam:jadmsc:v:15:y:2025:i:9:p:366-:d:1750177
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2076-3387/15/9/366/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2076-3387/15/9/366/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Michael Jetter & Kieran Stockley, 2023. "Gender match and negotiation: evidence from angel investment on Shark Tank," Empirical Economics, Springer, vol. 64(4), pages 1947-1977, April.
    2. John Stayton & Vincent Mangematin, 2019. "Seed accelerators and the speed of new venture creation," The Journal of Technology Transfer, Springer, vol. 44(4), pages 1163-1187, August.
    3. Rudy Aernoudt & Amparo De San José, 2020. "A gender financing gap: fake news or evidence?," Venture Capital, Taylor & Francis Journals, vol. 22(2), pages 127-134, June.
    4. Thomas Lans & Wim Hulsink & Herman Baert & Martin Mulder, 2008. "Entrepreneurship Education And Training In A Small Business Context: Insights From The Competence-Based Approach," Journal of Enterprising Culture (JEC), World Scientific Publishing Co. Pte. Ltd., vol. 16(04), pages 363-383.
    5. Ko, Eun-Jeong & McKelvie, Alexander, 2018. "Signaling for more money: The roles of founders' human capital and investor prominence in resource acquisition across different stages of firm development," Journal of Business Venturing, Elsevier, vol. 33(4), pages 438-454.
    6. Mojca Svetek, 2022. "Signaling in the context of early-stage equity financing: review and directions," Venture Capital, Taylor & Francis Journals, vol. 24(1), pages 71-104, January.
    7. Colin Clark, 2008. "The impact of entrepreneurs' oral ‘pitch’ presentation skills on business angels' initial screening investment decisions," Venture Capital, Taylor & Francis Journals, vol. 10(3), pages 257-279, April.
    8. Sharon Poczter & Melanie Shapsis, 2018. "Gender disparity in angel financing," Small Business Economics, Springer, vol. 51(1), pages 31-55, June.
    9. Yin-Chi Liao, 2021. "Gender and quality signals: How does gender influence the effectiveness of signals in crowdfunding?," Journal of Small Business Management, Taylor & Francis Journals, vol. 59(S1), pages 153-192, August.
    10. Grable, John & Lytton, Ruth H., 1999. "Financial risk tolerance revisited: the development of a risk assessment instrument," Financial Services Review, Elsevier, vol. 8(3), pages 163-181.
    11. Martin, Bruce C. & McNally, Jeffrey J. & Kay, Michael J., 2013. "Examining the formation of human capital in entrepreneurship: A meta-analysis of entrepreneurship education outcomes," Journal of Business Venturing, Elsevier, vol. 28(2), pages 211-224.
    12. Cohen, Susan & Fehder, Daniel C. & Hochberg, Yael V. & Murray, Fiona, 2019. "The design of startup accelerators," Research Policy, Elsevier, vol. 48(7), pages 1781-1797.
    13. Tetsuya Kirihata, 2022. "Contribution of business angel investments: evidence from Estonia," Journal of Capital Markets Studies, Emerald Group Publishing Limited, vol. 6(3), pages 287-303, November.
    14. Kim, Jin-Hyuk & Wagman, Liad, 2014. "Portfolio size and information disclosure: An analysis of startup accelerators," Journal of Corporate Finance, Elsevier, vol. 29(C), pages 520-534.
    15. Stephen, Roper & Jonathan M., Scott, 2009. "Perceived financial barriers and the start-up decision: An econometric analysis of gender differences using GEM data," MPRA Paper 23342, University Library of Munich, Germany.
    16. John Perry & Masud Chand & Kirk Ring, 2015. "Cultural influences in the decision to invest in new ventures: an exploratory study," Venture Capital, Taylor & Francis Journals, vol. 17(3), pages 237-262, July.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Mojca Svetek, 2023. "The Role of Entrepreneurs’ Perceived Competence and Cooperativeness in Early-Stage Financing," Entrepreneurship Theory and Practice, , vol. 47(6), pages 2047-2076, November.
    2. Berna Beyhan & Derya Fındık, 2022. "Selection of Sustainability Startups for Acceleration: How Prior Access to Financing and Team Features Influence Accelerators’ Selection Decisions," Sustainability, MDPI, vol. 14(4), pages 1-23, February.
    3. Shahid, Pirzada Syed Rizwan, 2023. "Founder's Human Capital and the Entrepreneurial Process Duration," OSF Preprints yf6mg, Center for Open Science.
    4. Bhattacharyya, Jagriti & Subrahmanya, M.H. Bala, 2024. "Determinants of a digital start-up's access to VC financing in India: A signaling theory perspective," Technological Forecasting and Social Change, Elsevier, vol. 207(C).
    5. Michał Bańka & Mariusz Salwin & Roman Tylżanowski & Ireneusz Miciuła & Monika Sychowicz & Norbert Chmiel & Adrian Kopytowski, 2023. "Start-Up Accelerators and Their Impact on Entrepreneurship and Social Responsibility of the Manager," Sustainability, MDPI, vol. 15(11), pages 1-32, May.
    6. Brian J. Bergman & Jeffery S. McMullen, 2022. "Helping Entrepreneurs Help Themselves: A Review and Relational Research Agenda on Entrepreneurial Support Organizations," Entrepreneurship Theory and Practice, , vol. 46(3), pages 688-728, May.
    7. Syeda Tayyaba Ijaz, 2024. "Impression management strategies, entrepreneurial reputation, and financial resource acquisition: an empirical study in entrepreneurship," Journal of Global Entrepreneurship Research, Springer;UNESCO Chair in Entrepreneurship, vol. 14(1), pages 1-11, December.
    8. Nicola Del Sarto & Giulio Ferrigno & Vinit Parida & Alberto Minin, 2023. "Do start-ups benefit from coworking spaces? An empirical analysis of accelerators’ programs," Review of Managerial Science, Springer, vol. 17(7), pages 2471-2502, October.
    9. McSweeney, Jordan J. & McSweeney, Kevin T. & Allison, Thomas H. & Anglin, Aaron H., 2025. "The entrepreneurial pitching process: A systematic review using topic modeling and future research agenda," Journal of Business Venturing, Elsevier, vol. 40(5).
    10. Bańka Michał & Salwin Mariusz & Waszkiewicz Aneta Ewa & Rychlik Szymon & Kukurba Maria, 2022. "Startup Accelerators," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 58(1), pages 80-118, March.
    11. Emil Lucian Crișan & Irina Iulia Salanță & Ioana Natalia Beleiu & Ovidiu Niculae Bordean & Raluca Bunduchi, 2021. "A systematic literature review on accelerators," The Journal of Technology Transfer, Springer, vol. 46(1), pages 62-89, February.
    12. Emma Galli & Danilo V. Mascia & Stefania P. S. Rossi, 2020. "Bank credit constraints for women‐led SMEs: Self‐restraint or lender bias?," European Financial Management, European Financial Management Association, vol. 26(4), pages 1147-1188, September.
    13. Tanweer, Syeda Zainab & Shah, Muhammad Saud & Nabi, Agha Ammad & Mukhi, Aftab Ali & Ahad, Muhammad, 2023. "Accelerating Growth: Unleashing the Power of Accelerator Programs as Strategic Investments for Startups in Pakistan," MPRA Paper 117474, University Library of Munich, Germany, revised 28 May 2023.
    14. Fink, Alexander A. & Klöckner, Maximilian & Räder, Tobias & Wagner, Stephan M., 2022. "Supply chain management accelerators: Types, objectives, and key design features," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 164(C).
    15. Antretter, Torben & Lekkas, Henrik Wesemann & Djokovic, Djordje & Souitaris, Vangelis & Wincent, Joakim, 2025. "Not what you expected to see? Obesity stereotypes, expectancy violations, and angel investment decisions," Journal of Business Venturing, Elsevier, vol. 40(5).
    16. Navid Mohammadi & Shaghayegh Sakhteh, 2023. "Start-up accelerator value chain: a systematic literature review," Management Review Quarterly, Springer, vol. 73(2), pages 661-694, June.
    17. Livia Boerner & Thomas Fritz & Bernd Frick, 2025. "Investing in people, not in products: how age, gender, ethnicity, and attractiveness of entrepreneurial teams influence the decision-making of angel investors in Germany," Journal of Business Economics, Springer, vol. 95(1), pages 37-74, January.
    18. Jean-Michel Dalle & Matthijs Besten & Jeremie Morfin, 2025. "Accelerator-mediated access to investors among early-stage start-ups," Annals of Operations Research, Springer, vol. 348(3), pages 1925-1952, May.
    19. Maria McDonagh & Tansy Ryan & Aisling Moran & Lisa Ryan, 2024. "A qualitative investigation into perceived barriers experienced by European female agri-food entrepreneurs," Journal of Global Entrepreneurship Research, Springer;UNESCO Chair in Entrepreneurship, vol. 14(1), pages 1-11, December.
    20. Merguei, Nitzan, 2022. "Venturing out: Designing effective pre-acceleration programs," Technovation, Elsevier, vol. 116(C).

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jadmsc:v:15:y:2025:i:9:p:366-:d:1750177. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.