2021/01/05 by Paul A. Gompers, Vladimir Mukharlyamov, Emily Weisburst +1 · 51 citations
Business, Management and Accounting · #Business #Capital (architecture) #Corporate Finance and Governance #Demographic economics #Economics #Entrepreneurship #Entrepreneurship Studies and Influences #Female entrepreneurs #Finance #Gender gap #Geography #Investment (military) #Labour economics #Monetary economics #Political science #Portfolio #Private Equity and Venture Capital #Sample (material) #Social venture capital #Venture capital
paper · doi:10.1017/s0022109020000988
published in Journal of Financial and Quantitative Analysis 57(2), 485-513 (Cambridge University Press)
openalex publication_date 2021/01/05 · openalex created_date 2025/10/10 · openalex updated_date 2026/07/29
Abstract We explore gender differences in performance in a comprehensive sample of venture capital investments in the United States. Investments by female venture capital investors have significantly lower success rates than investments by their male colleagues when controlling for personal characteristics, including employment and educational history, and portfolio companies’ characteristics. The gender differences in investment outcomes are not due to female investors being less skilled but, rather, are largely attributable to female investors receiving less benefit from the track records of their colleagues. Performance differences disappear in older, larger firms and firms with other female investors. This supports the view that formal feedback mechanisms and hierarchies are potentially useful in ameliorating the female performance gap.