Funding decisions and entrepreneurial team diversity: A field study

Vogel, Rick; Puhan, Tatjana Xenia; Shehu, Edlira; Kliger, Doron; Beese, Henning

doi:10.1016/j.jebo.2014.02.021

Cited by 37 publications

(19 citation statements)

References 27 publications

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“…Evidence was also found that there is no gender disparity in the likelihood of a campaign being financed by a greater number of investors. These results confirm previous studies on gender diversity in entrepreneurial teams, according to which mixed teams have better chances of securing investment capital (Vogel et al, 2014). Furthermore, the results are in line with recent works showing that in a crowdfunding context, female entrepreneurs might have a funding advantage (Carmon, 2017;Greenberg and Mollick, 2017;Johnson et al, 2018).…”

Section: Discussionsupporting

confidence: 91%

In women, we trust! Exploring the sea change in investors’ perceptions in equity crowdfunding

Cicchiello

Kazemikhasragh

Monferrà

2021

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Purpose Women’s entrepreneurial activity can significantly impact economic and social development globally, particularly in developing countries. The significant challenges entrepreneurial women face draw the attention of researchers and policymakers. This paper aims to analyse the impact of gender disparity on the likelihood of obtaining equity financing through crowdfunding. The equity crowdfunding industry was selected because it is a non-traditional financial market where gender bias may act differently for women. Design/methodology/approach To investigate the relationship between gender and equity financing through crowdfunding, this paper applies ordinary least squares regression. The analysis is based on a unique data set of 492 equity crowdfunding campaigns launched between 2013 and 2017 on all existing platforms in Brazil, Chile and Mexico. Findings The analysis reveals that the involvement of at least one woman on the board of firms seeking equity financing increases campaign success rates in terms of the investors’ average pledge, the target amount reached at the end of the campaign and the percentage raised at the end of the campaign exceeding the initial fundraising goal. Altogether, this suggests that equity crowdfunding campaigns should be based on gender equality in the firms’ boards. The research finds evidence that there is no gender disparity in the likelihood of a campaign being financed by a greater number of investors. Practical implications These findings have implications for Latin American female entrepreneurs when selecting funding sources and policymakers when defining political actions to remove the barriers at the root of this historic inequality in female entrepreneurs’ access to finance. Originality/value To the best of the authors’ knowledge, this document analyses the gender disparity in the Latin American equity crowdfunding market, shedding light on women’s access to crowdfunding financing for the first time.

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Section: Discussionsupporting

confidence: 91%

In women, we trust! Exploring the sea change in investors’ perceptions in equity crowdfunding

Cicchiello

Kazemikhasragh

Monferrà

2021

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“…They perceive themselves as A STRATEGIC APPROACH TO ORGANISATIONAL ENTREPRENEURSHIP entrepreneurial and dynamic. Our study complements the results reported in other research (Vogel, Puhan, Shehuc, Kliger, and Beesee 2014;Foo et al 2005). Thus, we found evidence of statistically significant differences between these two groups of respondents, confirming Hypothesis H4.…”

Section: Findings and Discussionsupporting

confidence: 92%

A strategic approach to organisational entrepreneurship: Employees’ awareness of entrepreneurial strategy

2019

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The purpose of the paper is to explore employees? awareness of the entrepreneurial strategy in an organisation. We argue that employee awareness of the clarity and flexibility of entrepreneurial strategy differs depending on gender, age, seniority, education, and working experience. We provide a theoretical overview explaining the interaction between performance-oriented strategic management and entrepreneurship, based on organisational innovation. Our study delineates the specifics of a strategic approach to organisational-level entrepreneurship, explaining in depth the integration of entrepreneurship and strategy. The data was collected from a total of 39 managers and 50 employees holding non-managerial positions in 19 Serbian companies. The results of the analysis show a statistically significant difference in employees? awareness of the clarity and flexibility of entrepreneurial strategy, depending on gender, level of education, and seniority. The research presents empirically and theoretically substantiated evidence regarding the necessity to make entrepreneurial strategy an integral part of corporate strategy and to make employees aware of the relevance of strategy in achieving long-term competitive advantage. Based on these considerations the results are critically evaluated their implications and limitations are discussed, and avenues for further research are recommended.

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“…Interestingly, the number of founders (#founders) shows a significant positive effect (5% level in models 1 to 5 and 10% level in model 6) throughout all models. The positive impact of the number of founders on the predicted probability to become a unicorn hints on the widely stressed argument that a higher diversity within founding teams leads to higher performance (Beckman et al 2007;Vogel et al 2014).…”

Section: Logit Modelmentioning

confidence: 99%

Unicorns—what drives multibillion-dollar valuations?

Bock

Hackober

2020

Bus Res

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The number of ventures with a market value of one billion USD or more has considerably increased during the last decade. Driven by new technologies and business models, these ventures became an integral part of our daily life. Particularly, the number of unicorns based in China and other regions outside the US raised during recent years whereas the phenomenon was initially limited to the US region. Existing research has mainly focused on descriptive approaches to examine the rise of these ventures but lacks knowledge on the drivers of this phenomenon. We address these research gaps and investigate the underlying factors that foster the emergence of such high-valued ventures. Our results present several economic environmental as well as investor-related factors that impact the likelihood for a venture to achieve a market valuation of more than one billion USD. Subsequently, we derive theoretical and practical implications that may foster the future emergence of new high-valued ventures, covering regulatory, investor-and venturespecific aspects.

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Funding decisions and entrepreneurial team diversity: A field study

Cited by 37 publications

References 27 publications

In women, we trust! Exploring the sea change in investors’ perceptions in equity crowdfunding

In women, we trust! Exploring the sea change in investors’ perceptions in equity crowdfunding

A strategic approach to organisational entrepreneurship: Employees’ awareness of entrepreneurial strategy

Unicorns—what drives multibillion-dollar valuations?

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