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

Antonella Francesca Cicchiello*, Amirreza Kazemikhasragh, Stefano Monferra'

*Autore corrispondente per questo lavoro

Risultato della ricerca: Contributo in rivistaArticolo in rivistapeer review


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.
Lingua originaleEnglish
pagine (da-a)930-951
Numero di pagine22
RivistaGender in Management
Stato di pubblicazionePubblicato - 2021


  • Entrepreneurial finance
  • Equity crowdfunding
  • Gender disparity
  • Signalling theory


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