Gender Gaps in Venture Capital Performance 期刊名称: Journal of Financial and Quantitative Analysis
作者: Paul A. Gompers,Vladimir Mukharlyamov,Emily Weisburst,Yuhai Xuan
年份: 2021年
摘要: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 uful in ameliorating the female performance gap.
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