The gender gap in the first deal: Equity split among founding teams
利用日本初创企业的调查数据，研究发现女性创始人CEO平均比男性少持有12个百分点的股权，且这一差距在女性CEO与男性成员组成的团队中更为显著，但仅存在于年长一代或性别不平等严重的地区。
We investigate the gender gap in equity splits among members of founding teams using proprietary survey data on Japanese startups. The results reveal that, on average, female founder chief executive officers (CEOs) own 12 percentage points less equity than male founder CEOs. The gender equity gap is more pronounced in founding teams in which the founder CEO is a woman and the other founding members are men. However, the results vary depending on the founding teams’ characteristics. Notably, the gender equity gap is observed only in teams with individuals belonging to older generations and in teams from regions (prefectures) with great gender inequality. The findings indicate that gender norms influence the gender equity gap.