Title: Bridging the gender funding gap: do female entrepreneurs have equal access to venture capital?

Authors: Elmar Lins; Eva Lutz

Addresses: Riesner Endowed Professorship in Entrepreneurship/Entrepreneurial Finance, Heinrich Heine University Düsseldorf, Universitätsstraße 1, D-40225 Düsseldorf, Germany ' Riesner Endowed Professorship in Entrepreneurship/Entrepreneurial Finance, Heinrich Heine University Düsseldorf, Universitätsstraße 1, D-40225 Düsseldorf, Germany

Abstract: In this study, we examine whether access to venture capital for female entrepreneurs is more constrained than for their male counterparts, taking into account their educational background and innovativeness. We use an econometric approach to analyse gender differences in gaining access to external equity capital, based on data of 3,137 German new ventures founded between 2005 and 2009. Our results emphasise a gender gap with respect to external equity funding. We find that female entrepreneurs receive less venture capital than male entrepreneurs do. This effect is particularly strong in the case of entrepreneurs with university degrees and entrepreneurial projects with high research and development activity.

Keywords: gender gap; funding gap; entrepreneurship; female entrepreneurs; male entrepreneurs; venture capital; equity capital; external equity funding; women entrepreneurs; equal access; econometrics; university deducation; higher education; entrepreneurial projects; research and development; R&D activity.

DOI: 10.1504/IJESB.2016.073993

International Journal of Entrepreneurship and Small Business, 2016 Vol.27 No.2/3, pp.347 - 365

Available online: 26 Dec 2015 *

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