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Entrepreneurial teams and gender roles: evidence from equity crowdfunding achievement

Author

Listed:
  • Hwei-Lin Chuang

    (Wenzao Ursuline University of Languages)

  • Yang Zhao

    (Nankai University)

  • Tingting Zhu

    (Shandong University)

Abstract

We examine the impact of gender on equity crowdfunding outcomes. Analyzing data from a Chinese equity crowdfunding platform, we find no significant funding difference between female-led and male-led entrepreneurial teams. This suggests that equity crowdfunding can potentially democratize entrepreneurial finance for women in the Chinese market. The gender composition within entrepreneurial teams, however, does affect equity crowdfunding outcomes: mixed-gender teams outperform single-gender teams and teams with an unbalanced gender ratio outperform those with a balanced gender ratio. Specifically, male-dominated teams and female-dominated teams achieve the best funding outcomes. This conclusion remains robust across a series of checks. Notably, the funding benefits associated with gender diversity diminish at higher levels of diversity, indicating a nonlinear relationship between team gender diversity and crowdfunding achievement.

Suggested Citation

  • Hwei-Lin Chuang & Yang Zhao & Tingting Zhu, 2025. "Entrepreneurial teams and gender roles: evidence from equity crowdfunding achievement," Small Business Economics, Springer, vol. 65(1), pages 287-314, June.
    • Handle: RePEc:kap:sbusec:v:65:y:2025:i:1:d:10.1007_s11187-024-00990-4
    DOI: 10.1007/s11187-024-00990-4
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    More about this item

    Keywords

    Digital finance; Equity crowdfunding; Entrepreneurial teams; Gender composition;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups

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