Gender differences in the contribution patterns of equity-crowdfunding investors

By Ali Mohammadi, Kourosh Shafi. Small Business Economics, 2017

253 citations recorded by the source corpus.

This paper is an exploratory attempt to understand gender-related differences in the behavior of investors in firms seeking equity financing. Using data from the Swedish equity crowdfunding platform FundedByMe, we find that female investors are less likely to invest in the equity of firms that are younger and high tech and have a higher percentage of equity offerings. This pattern seems consistent with a greater risk aversion in female versus male investors. Furthermore, female investors are more likely to invest in projects in which the proportion of male investors is higher.

Subfields: Accounting, Economics and Econometrics, Management Information Systems

View Paper: https://www.semanticscholar.org/paper/bc12f0b2c2261b90657dac56746e0629bd44df66

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Citations in the corpus

Equity Crowdfunding and Governance: Toward an Integrative Model and Research Agenda (2019, unknown): “…crowdfunding research has primarily investigated the factors related to Guenther et al., 2018; Lukkarinen et al., 2016; Mamonov and Malaga, 2018; Mohammadi and Shafi, 2018; Vismara, 2016, 2018; Vulkan et al., 2016) and the funding dynamics on equity crowdfunding platforms (e.g., Hornuf and…”
Which updates during an equity crowdfunding campaign increase crowd participation? (2016, unknown): “…capital; observational learning Agrawal et al. (2015), Vulkan et al. (2016) Number of capital providers + Social capital; observational learning Mohammadi and Shafi (2017) Controme, Ledora, Payme, Protonnet, and Riboxx reached their respective funding limits quickly and subsequently decided…”
Determinants of individual investment decisions in investment-based crowdfunding (2018, unknown): “Mohammadi and Shafi (2018) show that women tend to invest less in younger, high-tech firms with a high percentage of equity offerings. Vismara, Benaroio, and Carne (2017) examine the effect of gender on the interaction between demand and supply of equity capital.”
The evolution and adoption of equity crowdfunding: entrepreneur and investor entry into a new market (2018, background): “There is a rapidly burgeoning literature about ECG, focused on social networks (Vismara 2016); pricing and regulation (Hornuf and Schwienbacher 2016; Hornuf and Neuenkirch 2017) and distance effects (Guenther et al. 2017; Mohammadi and Shafi 2017).”