Gender Stereotypes and Entrepreneur Financing
研究发现法国初创企业早期股权融资存在显著性别差距，尤其在男性主导行业中，80%的差距无法由企业家和初创企业特征解释，而风险投资支持的女性创办企业在这些行业表现更优。
Abstract I document a significant gender gap in entrepreneurs’ access to early-stage equity financing. Using unique administrative data on French startups, I show that this gap is particularly pronounced in male-dominated sectors. Controlling for a comprehensive set of entrepreneur and startup characteristics—including demographics, backgrounds, and motivations—accounts for 42% of the average gender gap. However, in male-dominated sectors, 80% of the gap remains unexplained. Growth-oriented female entrepreneurs rely more heavily on bank loans, substituting equity with debt. Finally, VC-backed female-founded startups outperform their male counterparts in male-dominated sectors. These findings suggest that context-dependent stereotypes influence equity financing decisions.