Tackling Gender Bias in Equity Crowdfunding: An Exploratory Study of Investment Behaviour of Latin American Investors

Antonella Francesca Cicchiello*, Amirreza Kazemikhasragh

*Autore corrispondente per questo lavoro

Risultato della ricerca: Contributo in rivistaArticolo in rivistapeer review


Purpose - Belonging to the financial technologies (FinTech) companies, equity-based crowdfunding platforms offer investors the opportunity to become shareholders through the purchase of small equity stakes of new innovative ventures. This paper investigates gender-related differences in the behaviour of investors in firms seeking equity financing in Latin America. Design/methodology/approach - Using a unique database, with combined information from different equity crowdfunding platforms in Brazil, Chile, and Mexico, we study the population of 492 projects between 2013-2017. To analyse the relationship between investors’ gender-related differences and equity crowdfunding investment this paper applies Poisson regression. Findings - Results suggest that the probability that an investor finances a firm is based on gender bias. Investors prefer firms led by entrepreneurs that are similar to them in terms of gender. Furthermore, we find evidence that both female and male investors are risk-averse and are more likely to invest in the equity of firms that are older and offer a higher percentage of equity. However, female investors are associated with firms that are on average older and offer 0.02% more equity. Practical implications – These findings have implications for crowdfunding platforms managers when selecting their target companies and policymakers when defining political actions to promote greater use of equity crowdfunding among female entrepreneurs and decrease barriers hindering women’s access to investment. Originality/value - Unique in its proposition and data usage, this study sheds light on the relationship between investors and entrepreneurs in the Latin American equity crowdfunding market.
Lingua originaleEnglish
pagine (da-a)370-395
Numero di pagine26
RivistaEuropean Business Review
Stato di pubblicazionePubblicato - 2022


  • Equity Crowdfunding
  • Gender Differences
  • Investment Decision
  • Latin America
  • Risk aversion


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