Gender Diversity, Role Congruity and the Success of VC Investments
Abstract
Building upon the gender role congruity theory, in this paper, we propose that the association between gender diversity and venture performance changes when roles played by individuals are not coherent with the gender-derived expectations of their ascribed social group. We test our theory in the context of early stage financing, investigating how gender diversity between entrepreneurs and VC managers influences the investment performance of VC-backed firms. Our sample consists of 5800 VC managers, who invested in 5075 different ventures in the period 2000–2019 and of 16,713 venture founders. We find that gender diversity is associated with better performance only when a female entrepreneur is matched to a male VC manager. Our analysis sheds light on the presence of several factors that moderate the observed association, related to the VC’s ability to provide value-added services to the invested ventures.
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Biographies
Vincenzo Butticè is assistant professor at the School of Management of Politecnico di Milano. His main research intrests are in the area of entrepreneurial finance and sustainble finance. Annalisa Croce is Associate professor at Politecnico di Milano, where she teaches Accounting and Corporate Finance and Business Data Analytics at undergraduate level. She has served as Associate Editor of Journal of Small Business Management, she currently is a member of the Editorial Board of Venture Capital: An entrepreneurship Journal and she is a member of the board of review of Journal of Business Venturing. She has contributed articles to international refereed journals, such as Research Policy, Journal of Business Venturing, Journal of Corporate Finance, British Journal of Management, Small Business Economics, International Small Business Journal, Journal of Small Business Management among others. She is Director of EMBA Part Time at MIP, Politecnico di Milano and Member of the Scientific Committee of the Observatory on Climate Finance.
Annalisa Croce (PhD) is a co-founder and director of Bureau of Entrepreneurial Finance. She has been visiting scholar at Boston College and visiting professor at the Universidad Complutense de Madrid. She is a member of the European Science Foundation (ESF) College of Expert Reviewers and College of Review Panel. She has worked as research member on projects funded by the European Commission, the European Investment Bank and the Italian Government. In particular, she participated to the FP7 VICO research project on “Financing entrepreneurial ventures in Europe: Impact on innovation, employment growth, and competitiveness” and to the FP 7 RISIS project on “Research infrastructure for research and innovation policy studies”.Her research activity has concerned several major research areas, spanning topics that include corporate and entrepreneurial finance, social impact finance and finance for innovation. She has studied these topics mainly empirically, making use of a wide range of empirical methodologies. She is author of more than 35 publications in international scientific journals, among which the Journal of Business Venturing, Research Policy, Entrepreneurship Theory and Practice, Journal of Corporate Finance, Small Business Economics and Journal of Product Innovation Management among others. She‘s author of 3 publications ranked in the Financial Times FT50 list.
Elisa Ughetto is an Associate Professor at Politecnico di Torino, where she teaches Accounting and Corporate Finance and Entrepreneurial Finance- She is co-founder and director of Bureau of Entrepreneurial Finance (https://bef-research.com/). She has served as Associate Editor of Journal of Small Business Management and Journal of the International Council for Small Business. She is a member of the Editorial Board of Small Business Economics, Management Decision, Venture Capital: An entrepreneurship Journal. She is research associate at BRICK, Collegio Carlo Alberto. She is scientific advisor for the Observatory of Climate Finance, Politecnico di Milano. She is a member of the Scientific Committee of Social Impact Agenda per l’Italia. She has been visiting scholar at the European Investment Fund and at the Washington University in St. Louis, visiting professor at the University of Augsburg and at Universite de Lyon Jean Moulin. She is a member of the European Science Foundation (ESF) College of Expert Reviewers and College of Review Panel. She has worked as principal investigator and research member on projects funded by the European Commission, the European Investment Bank, the Italian Government and the Bank of Italy. She is currently the PI of the EIBURS grant funded by the European Investment Bank. Her current research interests are in the area of entrepreneurial finance, finance for innovation and social impact finance. She has contributed to more than 50 articles to international refereed journals, such as Research Policy, Entrepreneurship Theory and Practice, Cambridge Journal of Economics, Journal of Corporate Finance, Journal of Banking and Finance, British Journal of Management, Industrial and Corporate Change, Technovation, Small Business Economics, International Small Business Journal, Journal of Economic Surveys, Journal of Small Business Management, Journal of Business Research among others. She’s author of 5 publications ranked in the Financial Times FT50 list.
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Article first published online: May 11, 2022
Issue published: September 2023
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