Gender Stereotypes and Entrepreneur Financing

• 成果类型: Article
• 署名作者: Hebert, Camille
• 署名单位: University of Toronto
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454; 1465-7368
• DOI: 10.1093/rfs/hhaf049
• 发表日期: 2026-07
• 页码: 1970-2017
• 关键词: G24; G41; J16; L26; gap; DYNAMICS; credit; DISCRIMINATION; performance; COMPETITION; ECONOMICS; banks

摘要

I document a significant gender gap in entrepreneurs' access to early-stage equity financing. Using unique administrative data on French startups, I show that this gap is particularly pronounced in male-dominated sectors. Controlling for a comprehensive set of entrepreneur and startup characteristics-including demographics, backgrounds, and motivations-accounts for 42% of the average gender gap. However, in male-dominated sectors, 80% of the gap remains unexplained. Growth-oriented female entrepreneurs rely more heavily on bank loans, substituting equity with debt. Finally, VC-backed female-founded startups outperform their male counterparts in male-dominated sectors. These findings suggest that context-dependent stereotypes influence equity financing decisions.