And the children shall lead: Gender diversity and performance in venture capital

• 成果类型: Article
• 署名作者: Calder-Wang, Sophie; Gompers, Paul A.
• 署名单位: University of Pennsylvania; Harvard University; National Bureau of Economic Research
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2020.06.026
• 发表日期: 2021
• 页码: 1-22
• 关键词: venture capital; GENDER DIVERSITY

摘要

Given overall lack of gender diversity in the venture capital and entrepreneurship industry shown in Calder-Wang and Gompers (2017) we ask: What promotes greater gender diversity in hiring? Does diversity lead to better firm performance and higher investment returns? In this paper, using a unique dataset of the gender of venture capital partners' children, we find strong evidence that when partners have more daughters, the propensity to hire female partners increases. Moreover, our instrumental variable results suggest that increased gender diversity improves deal and fund performance. Lastly, the effects are primarily driven by the gender of senior partners' children. (c) 2021 Elsevier B.V. All rights reserved.