Gender Gaps in Equity Crowdfunding: Evidence from a Randomized Field Experiment
Gender Gaps in Equity Crowdfunding: Evidence from a Randomized Field Experiment
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股权众筹中的性别差距：来自随机现场实验的证据
DOI：
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发表时间：
2020
期刊：
影响因子：
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通讯作者：
Martin Ganco
中科院分区：
文献类型：
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作者：
Sofia Bapna;Martin Ganco
尽管之前对传统股权融资的研究表明，男性创始人更受青睐，但在低风险众筹（例如基于奖励的众筹）中出现的证据表明，女性企业家可能更具优势，尤其是在女性投资者面前。我们试图研究高风险股权众筹（包括传统股权融资和低风险众筹）的投资者对男性和女性创始人的反应是否不同。具体来说，我们考察了创始人的性别偏好（如果存在的话）是否会因性别和投资者的经验而有所不同。通过一项随机实地实验，我们发现经验不足的女性投资者对女性创始人的企业的兴趣（138%）明显高于男性创始人的企业；然而，我们并没有在经验丰富的女性投资者中观察到创始人的性别偏好。对于男性投资者，我们没有观察到基于创始人性别或投资者经验的兴趣差异。因此，我们证实，在股权众筹背景下，传统股权融资中观察到的性别差距得到了改善。此外，我们确定了在早期涉及低风险众筹的工作中报告的女性创始人偏好的边界条件。在高风险众筹中，投资者经验作为一种偶然性，降低了女性投资者对女性创始人的偏好，这可能是因为随着投资者经验的增加，激进主义同质性的影响越来越弱，对启发式的依赖也越来越低。这篇论文被Sridhar Tayur接受，创业与创新。
Although prior research in traditional equity financing shows that male founders are preferred, emerging evidence in low-stakes crowdfunding (e.g., rewards-based crowdfunding) indicates that female entrepreneurs may have an advantage, particularly with female investors. We seek to examine whether investors in high-stakes equity crowdfunding, which includes elements from both traditional equity financing and low-stakes crowdfunding, respond differently to male and female founders. Specifically, we examine whether founder gender preferences, if they exist, vary based on the gender and the experience of the investor. Through a randomized field experiment, we find that inexperienced female investors are significantly more interested (138%) in ventures with female founders than those with male founders; however, we do not observe founder gender preferences among experienced female investors. For male investors, we do not observe differences in interest based on founder gender or investor experience. Thus, we confirm that the gender gaps observed in traditional equity financing are ameliorated in the equity crowdfunding context. Furthermore, we identify a boundary condition to the preference for female founders reported in earlier work involving low-stakes crowdfunding. In high-stakes crowdfunding, investor experience serves as a contingency that reduces female investors’ preference for female founders, potentially because of the weakening effects of activism homophily and the lower reliance on heuristics as investor experience increases. This paper was accepted by Sridhar Tayur, entrepreneurship and innovation.