Women in Entrepreneurship Lit Review

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title = {The {Dilemma} of {Growth}: {Understanding} {Venture} {Size} {Choices} of {Women} {Entrepreneurs}}, volume = {44}, issn = {1540-627X}, shorttitle = {The {Dilemma} of {Growth}}, url = {http://onlinelibrary.wiley.com/doi/10.1111/j.1540-627X.2006.00165.x/abstract}, doi = {10.1111/j.1540-627X.2006.00165.x}, abstract = {In recent years the number of women-owned firms with employees has expanded at three times the rate of all employer firms. Yet women remain underrepresented in their proportion of high-growth firms. A number of plausible explanations exist. To develop richer insights, a two-stage research project was undertaken. A mail survey was sent to a sample of female entrepreneurs to assess motives, obstacles, goals and aspirations, needs, and business identity. Based on the survey results, follow-up, in-depth interviews were conducted with entrepreneurs, selecting equally from modest-growth and high-growth ventures. In terms of quantitative findings, growth orientation was associated with whether a woman was “pushed” or “pulled” into entrepreneurship, was motivated by wealth or achievement factors, had a strong women's identity in the venture, had equity partners, and believed women faced unique selling obstacles. The qualitative research made clear that modest- and high-growth entrepreneurs differ in how they view themselves, their families, their ventures, and the larger environment. The results of both stages suggest that growth is a deliberate choice and that women have a clear sense of the costs and benefits of growth and make careful trade-off decisions.}, language = {en}, number = {2}, urldate = {2017-03-28}, journal = {Journal of Small Business Management}, author = {Morris, Michael H. and Miyasaki, Nola N. and Watters, Craig E. and Coombes, Susan M.}, month = apr, year = {2006}, pages = {221--244}, file = {Full Text PDF:/Users/carlin/Library/Application Support/Zotero/Profiles/c5jhnzb8.default/zotero/storage/BNJ4C7HC/Morris et al. - 2006 - The Dilemma of Growth Understanding Venture Size .pdf:application/pdf;Snapshot:/Users/carlin/Library/Application Support/Zotero/Profiles/c5jhnzb8.default/zotero/storage/MHXNUBKG/Morris et al. - 2006 - The Dilemma of Growth Understanding Venture Size .html:text/html} }


title = {Examining {Venture}-related {Myths} {Concerning} {Women} {Entrepreneurs}}, volume = {9}, copyright = {Copyright Norfolk State University Foundation Aug 2004}, issn = {10849467}, url = {http://search.proquest.com/docview/208428310/abstract/E7779CA6B1314111PQ/1}, abstract = {Despite the increasing number of women who are starting businesses, distinct hurdles exist for them. For instance, there is a lower occurrence of females as business owners and a paucity of academic research on the topic of female entrepreneurs. Another major hurdle is the presence of "derogatory myths" like those specified in the U.S. Diana Project. A random sample of nascent entrepreneurs in Canada is utilized to examine these myths about women entrepreneurs. Although many of the myths were unsubstantiated, the findings show that perhaps women do not have the right educational background to start large businesses and they may be starting businesses unattractive to venture capitalists. These findings are a clear wake-up call for the implementation of new programs and policies to increase the number of females studying computer and engineering sciences and to encourage and nurture a higher incidence of females as lead entrepreneurs. [PUBLICATION ABSTRACT]}, language = {English}, number = {2}, urldate = {2017-03-28}, journal = {Journal of Developmental Entrepreneurship; Norfolk}, author = {Menzies, Teresa V. and Diochon, Monica and Gasse, Yvon}, month = aug, year = {2004}, keywords = {Business And Economics, Education, Entrepreneurs, Gender equity, Studies, Women owned businesses}, pages = {89--107}, file = {Full Text PDF:/Users/carlin/Library/Application Support/Zotero/Profiles/c5jhnzb8.default/zotero/storage/F7FGQ8IA/Menzies et al. - 2004 - Examining Venture-related Myths Concerning Women E.pdf:application/pdf} }


title = {The role of social capital and gender in linking financial suppliers and entrepreneurial firms: {A} framework for future research}, volume = {4}, issn = {1369-1066}, shorttitle = {The role of social capital and gender in linking financial suppliers and entrepreneurial firms}, url = {http://dx.doi.org/10.1080/1369106022000024897}, doi = {10.1080/1369106022000024897}, abstract = {Equity capital fuels growth companies and yields high returns for investors. The process of equity investment and ultimate harvesting of innovative companies has created significant wealth among fund investors, venture capitalists, angels and new entrepreneurs. Extensive research investigates all phases of the venture capital investment process, industry characteristics and returns to investors. Surprisingly absent from current research are studies including women, on both the supply (equity provider) and demand (equity seeker) sides. Women make significant contributions to the US economy in the workforce and as business owners, yet research about women as recipients of equity capital and providers of equity is extremely scarce. This raises a question–are women being left out of the wealth creation process? Our paper addresses this question by exploring women's role in supply and demand of equity capital. We utilize a social capital perspective to develop a conceptual framework and focus our analysis on early stage and angel investment. The paper concludes with directions for future research.}, number = {4}, urldate = {2017-03-28}, journal = {Venture Capital}, author = {Brush, Candida G. and Carter, Nancy M. and Greene, Patricia G. and Hart, Myra M. and Gatewood, Elizabeth}, month = oct, year = {2002}, keywords = {Business Angels, Social Capital, Venture Capital, Venture Capitalists, Women Entrepreneurs}, pages = {305--323}, file = {Snapshot:/Users/carlin/Library/Application Support/Zotero/Profiles/c5jhnzb8.default/zotero/storage/SIT8QJDS/Brush et al. - 2002 - The role of social capital and gender in linking f.html:text/html} }


title = {Management in {Women}-{Owned} {Enterprises}}, volume = {24}, issn = {0047-2778}, url = {https://www.questia.com/library/journal/1G1-4587541/management-in-women-owned-enterprises}, abstract = {MANAGEMENT IN WOMEN-OWNED ENTERPRISES According to recent statistics, women are starting small...}, language = {eng}, urldate = {2017-03-28}, journal = {Journal of Small Business Management}, author = {Chaganti, Radha}, month = oct, year = {1986}, pages = {18}, file = {Snapshot:/Users/carlin/Library/Application Support/Zotero/Profiles/c5jhnzb8.default/zotero/storage/UKSZF5DF/Chaganti - 1986 - Management in Women-Owned Enterprises.html:text/html} }


title = {The use of bootstrapping by women entrepreneurs in positioning for growth}, volume = {8}, issn = {1369-1066}, url = {http://www.tandfonline.com/doi/abs/10.1080/13691060500433975}, doi = {10.1080/13691060500433975}, abstract = {The number of women entrepreneurs is rising rapidly and many are creating substantial businesses. For most women-led ventures, growth is funded by personal investment and debt, although a small percentage draw on private equity investment to fuel high growth. Of those that seek growth, not only do they face higher obstacles in obtaining capital, but little is known about ways they position ventures for growth. This paper addresses the question: ‘How do women develop financing strategies to prove the business concept, meet early stage milestones, and demonstrate to external investors the value and potential of their businesses?’ Data are drawn from phone interviews with 88 US female entrepreneurs seeking an equity investment to grow their businesses. The analysis examines the correspondence between bootstrapping and stage of business development. Results show significant differences in the use of bootstrap options utilized by women-led ventures depending on stage of business development. Companies that have not achieved sales were more likely to emphasize bootstrapping to reduce labour, while those companies with greater sales were more likely to minimize cost of operations. Implications for future research and education are suggested.}, number = {1}, urldate = {2017-03-28}, journal = {Venture Capital}, author = {Brush, Professor Candida G. and Carter, Nancy M. and Gatewood, Elizabeth J. and Greene, Patricia G. and Hart, Myra M.}, month = jan, year = {2006}, keywords = {bootsrapping, growth, private equity, Women entrepreneurs}, pages = {15--31}, file = {Snapshot:/Users/carlin/Library/Application Support/Zotero/Profiles/c5jhnzb8.default/zotero/storage/7EFAH2QI/Brush et al. - 2006 - The use of bootstrapping by women entrepreneurs in.html:text/html} }


title = {The ambitious entrepreneur: {High} growth strategies of women-owned enterprises}, volume = {16}, issn = {0883-9026}, shorttitle = {The ambitious entrepreneur}, url = {http://www.sciencedirect.com/science/article/pii/S0883902699000592}, doi = {10.1016/S0883-9026(99)00059-2}, abstract = {During the last two decades, researchers have sought to develop categories of entrepreneurs and their businesses along a variety of dimensions to better comprehend and analyze the entrepreneurial growth process. Some of this research has focused on differences related to industrial sectors, firm size, the geographical region in which a business is located, the use of high-technology or low-technology, and the life-cycle stage of the firm (i.e., start-up vs. more mature, formalized companies). Researchers have also considered ways in which entrepreneurs can be differentiated from small business managers. One of these classifications is based on the entrepreneur's desire to grow the business rapidly. This is the focus of our study. To date, the media have paid considerable attention to rapidly growing new ventures. However, still lacking are large-scale research studies guided by theory through which we can expand our knowledge of the underlying factors supporting ambitious expansion plans. Some research has identified factors that enhance or reduce the willingness of the entrepreneur to grow the business. Factors include the strategic origin of the business (i.e., the methods and paths through which the firm was founded); previous experience of the founder/owner; and the ability of the entrepreneur to set realistic, measurable goals and to manage conflict effectively. Our study attempted to identify the strategic paths chosen by entrepreneurs and the relation of those paths to the growth orientation of the firm. The entrepreneurs sampled in this study are women entrepreneurs across a wide range of industrial sectors. Recent reviews of entrepreneurship research have suggested the need for more studies comparing high-growth firms with slower-growth firms to better delineate their differences in strategic choices and behaviors. Our study sought to answer the following questions: What characterizes a “high growth-oriented entrepreneur?” Is this distinction associated with specific strategic intentions, prior experience, equity held in previous firms, the type of company structure in place, or success factors the entrepreneur perceives are important to the business? Do “high growth” entrepreneurs show greater entrepreneurial “intensity” (i.e., commitment to the firm's success)? Are they willing to “pay the price” for their own and their firm's success? (i.e., the “opportunity costs” associated with business success and growth). Other relationships under investigation included different patterns of financing the business' start-up and early growth. Do “high-growth” entrepreneurs use unique sources of funding compared with “lower-growth” entrepreneurs? Eight hundred thirty-two entrepreneurs responded to a survey in which they were asked to describe their growth intentions along nineteen strategic dimensions, as well as respond to the foregoing questions. Some of the strategic activity measures included adding a new product or service, expanding operations, selling to a new market, and applying for a loan to expand operations. Actual growth rates based on sales revenues were calculated, and average annualized growth rates of the industrial sectors represented in the sample were obtained. This study showed that high-growth-oriented entrepreneurs were clearly different from low-growth-oriented entrepreneurs along several dimensions. The former were much more likely to select strategies for their firms that permitted greater focus on market expansion and new technologies, to exhibit greater intensity towards business ownership (“my business is the most important activity in my life”), and to be willing to incur greater opportunity costs for the success of their firms (“I would rather own my own business than earn a higher salary while employed by someone else”). The high-growth–oriented entrepreneurs tended to have a more structured approach to organizing their businesses, which suggests a more disciplined perception of managing the firm. In summary, results showed the group of high-growth–oriented entrepreneurs, labeled “ambitious,” as having the following distinctions: strategic intentions that emphasize market growth and technological change, stronger commitment to the success of the business, greater willingness to sacrifice on behalf of the business, earlier planning for the growth of the business, utilization of a team-based form of organization design, concern for reputation and quality, adequate capitalization, strong leadership, and utilization of a wider range of financing sources for the expansion of the venture. The purpose in uncovering these differences is to enable entrepreneurs and researchers to identify more clearly the attributes of rapid-growth ventures and their founders and to move closer to a field-based model of the entrepreneurial growth process which will help delineate the alternative paths to venture growth and organizational change.}, number = {5}, urldate = {2017-03-28}, journal = {Journal of Business Venturing}, author = {Gundry, Lisa K and Welsch, Harold P}, month = sep, year = {2001}, pages = {453--470}, file = {ScienceDirect Full Text PDF:/Users/carlin/Library/Application Support/Zotero/Profiles/c5jhnzb8.default/zotero/storage/98R9EGFM/Gundry and Welsch - 2001 - The ambitious entrepreneur High growth strategies.pdf:application/pdf;ScienceDirect Snapshot:/Users/carlin/Library/Application Support/Zotero/Profiles/c5jhnzb8.default/zotero/storage/5VID9HCF/Gundry and Welsch - 2001 - The ambitious entrepreneur High growth strategies.html:text/html} }


title = {Advancing a {Framework} for {Coherent} {Research} on {Women}'s {Entrepreneurship}}, volume = {31}, issn = {1540-6520}, url = {http://onlinelibrary.wiley.com/doi/10.1111/j.1540-6520.2007.00176.x/abstract}, doi = {10.1111/j.1540-6520.2007.00176.x}, language = {en}, number = {3}, urldate = {2017-03-28}, journal = {Entrepreneurship Theory and Practice}, author = {De Bruin, Anne and Brush, Candida G. and Welter, Friederike}, month = may, year = {2007}, pages = {323--339}, file = {Snapshot:/Users/carlin/Library/Application Support/Zotero/Profiles/c5jhnzb8.default/zotero/storage/HARBD3QD/De Bruin et al. - 2007 - Advancing a Framework for Coherent Research on Wom.html:text/html} }


title = {Exploration of the {Venture} {Capital} {Industry}: {Is} {Gender} an {Issue}?}, shorttitle = {Exploration of the {Venture} {Capital} {Industry}}, url = {http://digitalknowledge.babson.edu/eshppw/17}, journal = {Venture Capital}, author = {Brush, Candida}, month = jan, year = {2001}, file = {Untitled Attachment:/Users/carlin/Library/Application Support/Zotero/Profiles/c5jhnzb8.default/zotero/storage/FBFSEK3R/Brush - 2001 - Exploration of the Venture Capital Industry Is Ge.html:text/html} }


title = {Women entrepreneurs and venture capital: managing the shadow negotiation}, volume = {1}, issn = {1756-6266}, shorttitle = {Women entrepreneurs and venture capital}, url = {http://www.emeraldinsight.com/doi/abs/10.1108/17566260910942345}, doi = {10.1108/17566260910942345}, number = {1}, urldate = {2017-03-28}, journal = {International Journal of Gender and Entrepreneurship}, author = {{Teresa Nelson} and {Sylvia Maxfield} and {Deborah Kolb}}, month = mar, year = {2009}, pages = {57--76}, file = {Snapshot:/Users/carlin/Library/Application Support/Zotero/Profiles/c5jhnzb8.default/zotero/storage/SJKTSKCI/Teresa Nelson et al. - 2009 - Women entrepreneurs and venture capital managing .html:text/html} }


title = {Venture {Capital} and {Underserved} {Communities}}, volume = {45}, issn = {1078-0874}, url = {http://journals.sagepub.com/doi/abs/10.1177/1078087410361574}, doi = {10.1177/1078087410361574}, abstract = {Access to equity capital is critical for the growth of businesses, especially for young companies, which lack the cash flows necessary to repay loans. To meet this need, a thriving venture capital industry has evolved, fostering job creation, economic growth, and innovation in the United States. Not all companies, however, have been equally able to access such investments. Firms owned by women and people of color and those located in rural and distressed urban regions of the country have been underserved by the venture capital industry. This note analyzes the factors responsible for this and proposes policies designed to ensure a more equitable economic landscape.}, language = {en}, number = {6}, urldate = {2017-03-28}, journal = {Urban Affairs Review}, author = {Sass Rubin, Julia}, month = jul, year = {2010}, pages = {821--835}, file = {SAGE PDF Full Text:/Users/carlin/Library/Application Support/Zotero/Profiles/c5jhnzb8.default/zotero/storage/GQM5CSIW/Sass Rubin - 2010 - Venture Capital and Underserved Communities.pdf:application/pdf} }


title = {Entrepreneurial network composition: {An} analysis across venture development stage and gender}, volume = {22}, issn = {0964-9425}, shorttitle = {Entrepreneurial network composition}, url = {http://www.emeraldinsight.com/doi/full/10.1108/09649420710836344}, doi = {10.1108/09649420710836344}, number = {8}, urldate = {2017-03-28}, journal = {Women in Management Review}, author = {{Kim Klyver} and {Siri Terjesen}}, month = nov, year = {2007}, pages = {682--688}, file = {Full Text PDF:/Users/carlin/Library/Application Support/Zotero/Profiles/c5jhnzb8.default/zotero/storage/KUW4S3SB/Kim Klyver and Siri Terjesen - 2007 - Entrepreneurial network composition An analysis a.pdf:application/pdf;Snapshot:/Users/carlin/Library/Application Support/Zotero/Profiles/c5jhnzb8.default/zotero/storage/UIR9JTUZ/Kim Klyver and Siri Terjesen - 2007 - Entrepreneurial network composition An analysis a.html:text/html} }

@article{sila_women_2016, title = {Women on board: {Does} boardroom gender diversity affect firm risk?}, volume = {36}, issn = {0929-1199}, shorttitle = {Women on board}, url = {http://www.sciencedirect.com/science/article/pii/S0929119915001248}, doi = {10.1016/j.jcorpfin.2015.10.003}, abstract = {We investigate the relationship between boardroom gender diversity and firm risk. To identify a causal effect of gender on risk, we use a dynamic model that controls for reverse causality and for gender and risk being influenced by unobservable firm factors. We find no evidence that female boardroom representation influences equity risk. We also show that findings of a negative relationship between the two variables are spurious and driven by unobserved between-firm heterogeneous factors.}, urldate = {2017-03-28}, journal = {Journal of Corporate Finance}, author = {Sila, Vathunyoo and Gonzalez, Angelica and Hagendorff, Jens}, month = feb, year = {2016}, keywords = {Board of directors, Endogeneity, Equity risk, Gender diversity}, pages = {26--53}, file = {ScienceDirect Full Text PDF:/Users/carlin/Library/Application Support/Zotero/Profiles/c5jhnzb8.default/zotero/storage/TVIJSMZQ/Sila et al. - 2016 - Women on board Does boardroom gender diversity af.pdf:application/pdf;ScienceDirect Snapshot:/Users/carlin/Library/Application Support/Zotero/Profiles/c5jhnzb8.default/zotero/storage/463QZXFT/Sila et al. - 2016 - Women on board Does boardroom gender diversity af.html:text/html} }

@misc{noauthor_pg_nodate, type = {Text}, title = {Pg 22 {\textbar} {Corporate} {Governance}}, url = {http://www.catalyst.org/knowledge/topics/corporate-governance}, abstract = {Pg 22 {\textbar} Leadership at the top of corporations shapes companies, communities, and societies. A gender-diverse board of directors and senior leadership team (C-suite) will help corporations lead and manage sustainable, effective business strategies, role model employee opportunities, and enhance their reputation.}, urldate = {2017-03-28}, journal = {Catalyst}, file = {Snapshot:/Users/carlin/Library/Application Support/Zotero/Profiles/c5jhnzb8.default/zotero/storage/5KCNCMT3/Pg 22 Corporate Governance.html:text/html} }

@article{greene_patterns_2001, title = {Patterns of venture capital funding: {Is} gender a factor?}, volume = {3}, issn = {1369-1066}, shorttitle = {Patterns of venture capital funding}, url = {http://dx.doi.org/10.1080/13691060118175}, doi = {10.1080/13691060118175}, abstract = {Since the early 1980s, new ventures with high growth potential and large capital needs have found an ever-increasing pool of venture capital available to support their growth. However, the flow of venture capital investment to women-led businesses remains meager in spite of the fact that in the US and Europe an increasing number of businesses are owned by women. The apparent disparity between potential investment opportunity and actual deals made between venture capital firms and women-led businesses raises the question of whether gender is an issue. The majority of venture capital studies investigate equity funds flows, investor criteria and the nature of the investor-investee relationship. Research on women entrepreneurs focuses on psychological dimensions, business characteristics and performance. Questions about the intersection of gender and venture capital financing are largely unexamined. This exploratory study utilizes longitudinal data to track US venture capital investments by proportion, stage, industry and gender. The descriptive statistics and our analysis of the findings suggest several hypotheses to explain the apparent gender gap.}, number = {1}, urldate = {2017-03-28}, journal = {Venture Capital}, author = {Greene, Patricia G. and Brush, Candida G. and Hart, Myra M. and Saparito, Patrick}, month = jan, year = {2001}, keywords = {Gender, Human Capital, Strategic Choice, Structural Barriers}, pages = {63--83}, file = {Snapshot:/Users/carlin/Library/Application Support/Zotero/Profiles/c5jhnzb8.default/zotero/storage/DPQSX9X2/Greene et al. - 2001 - Patterns of venture capital funding Is gender a f.html:text/html} }

@misc{teare_first_nodate, title = {The first comprehensive study on women in venture capital and their impact on female founders}, url = {http://social.techcrunch.com/2016/04/19/the-first-comprehensive-study-on-women-in-venture-capital/}, abstract = {The CrunchBase Women in Venture report is the third study in our ongoing analysis of women and their participation in the startup ecosystem. This report..}, urldate = {2017-03-28}, journal = {TechCrunch}, author = {Teare, Gené and Desmond, Ned}, file = {Snapshot:/Users/carlin/Library/Application Support/Zotero/Profiles/c5jhnzb8.default/zotero/storage/DN65KRJK/Teare and Desmond - The first comprehensive study on women in venture .html:text/html} }

@book{hart_emergence_2003, title = {The {Emergence} of {Entrepreneurship} {Policy}: {Governance}, {Start}-{Ups}, and {Growth} in the {U}.{S}. {Knowledge} {Economy}}, isbn = {978-1-139-44078-3}, shorttitle = {The {Emergence} of {Entrepreneurship} {Policy}}, abstract = {This volume seeks to catalyze the emergence of a novel field of policy studies: entrepreneurship policy. Practical experience and academic research both point to the central role of entrepreneurs in the process of economic growth and to the importance of public policy in creating the conditions under which entrepreneurial companies can flourish. The contributors, who hail from the disciplines of economics, geography, history, law, management, and political science, seek to crystallize key findings and to stimulate debate about future opportunities for policy-makers and researchers in this area. The chapters include surveys of the economic, social, and cultural contexts for US entrepreneurship policy; assessments of regional efforts to link knowledge producers to new enterprises; explorations of policies that aim to foster entrepreneurship in under-represented communities; detailed analyses of three key industries (biotechnology, e-commerce, and telecommunications); and considerations of challenges in policy implementation.}, language = {en}, publisher = {Cambridge University Press}, author = {Hart, David M.}, month = oct, year = {2003}, note = {Google-Books-ID: 2fo6eEp42J4C}, keywords = {Business \& Economics / Economics / General, Business \& Economics / General, Business \& Economics / Industrial Management, Political Science / General, Political Science / Public Policy / Economic Policy, Social Science / Sociology / General} }

@article{shrader_women_1997, title = {Women {In} {Management} {And} {Firm} {Financial} {Performance}: {An} {Exploratory} {Study}}, volume = {9}, issn = {1045-3695}, shorttitle = {Women {In} {Management} {And} {Firm} {Financial} {Performance}}, url = {http://www.jstor.org/stable/40604152}, abstract = {This study explores relationships of women in management positions with firm financial performance. Utilizing the resource-based theory of competitive advantage, as well as stakeholder and diversity arguments, we hypothesize that firms employing greater percentages of women managers at the general management, top management, and board of director levels will experience relatively better financial performance. Examining data from the Wall Street Journal for 200 large firms, we find positive relationships between the firm's total percentage of women managers and ROS, ROA, ROI, and ROE. High percentages of women top managers and board members did not predict performance.}, number = {3}, urldate = {2017-03-28}, journal = {Journal of Managerial Issues}, author = {Shrader, Charles B. and Blackburn, Virginia B. and Iles, Paul}, year = {1997}, pages = {355--372} }

@techreport{brush_diana_2008, address = {Rochester, NY}, type = {{SSRN} {Scholarly} {Paper}}, title = {The {Diana} {Project}: {Women} {Business} {Owners} and {Equity} {Capital}: {The} {Myths} {Dispelled}}, shorttitle = {The {Diana} {Project}}, url = {https://papers.ssrn.com/abstract=1262312}, abstract = {This report from the Diana Project explores the extent of equity investments in women-owned businesses. Surveyed were 1,700 applicants to the 2000 Springboard f}, number = {ID 1262312}, urldate = {2017-03-28}, institution = {Social Science Research Network}, author = {Brush, Candy and Carter, Nancy M. and Gatewood, Elizabeth J. and Greene, Patricia G. and Hart, Myra}, month = sep, year = {2008}, keywords = {Equity capital, Female entrepreneurs, Female owned businesses, Firm growth, Gender, Venture capital} }

@misc{noauthor_female-founded_nodate, title = {Female-founded, {VC}-funded: {The} numbers behind venture investment in women [datagraphic] {\textbar} {PitchBook} {News}}, shorttitle = {Female-founded, {VC}-funded}, url = {https://pitchbook.com/news/articles/female-founded-vc-funded-the-numbers-behind-venture-investment-in-women-datagraphic}, abstract = {In honor of Women’s History Month, we’re releasing a collection of data on female-founded companies with VC backing.}, urldate = {2017-03-28}, file = {Snapshot:/Users/carlin/Library/Application Support/Zotero/Profiles/c5jhnzb8.default/zotero/storage/VVKVZBFS/Female-founded, VC-funded The numbers behind vent.html:text/html} }

@article{harrison_does_2007, title = {Does {Gender} {Matter}? {Women} {Business} {Angels} and the {Supply} of {Entrepreneurial} {Finance}}, volume = {31}, issn = {1540-6520}, shorttitle = {Does {Gender} {Matter}?}, url = {http://onlinelibrary.wiley.com/doi/10.1111/j.1540-6520.2007.00182.x/abstract}, doi = {10.1111/j.1540-6520.2007.00182.x}, abstract = {There is a substantial literature on the relationship between gender and access to finance. However, most studies have been concerned with access to debt finance. More recently, the focus of this research has broadened to examine women and venture capital. This article extends the focus further by examining the role of women in the business angel market, which is more important than the formal venture capital market in terms of both the number of ventures supported and total capital flows. Based on a detailed analysis of business angels in the U.K., the study concludes that women investors who are active in the market differ from their male counterparts in only limited respects. Future research into women business angels, and the possible existence of gender differences, needs to be based on more fully elaborated standpoint epistemologies that focus on the experience of the woman angel investor per se, and center on the examination of the role of homophily, social capital, networking, and competition in investment behavior.}, language = {en}, number = {3}, urldate = {2017-03-28}, journal = {Entrepreneurship Theory and Practice}, author = {Harrison, Richard T. and Mason, Colin M.}, month = may, year = {2007}, pages = {445--472}, file = {Snapshot:/Users/carlin/Library/Application Support/Zotero/Profiles/c5jhnzb8.default/zotero/storage/QUVINADF/Harrison and Mason - 2007 - Does Gender Matter Women Business Angels and the .html:text/html} }

@techreport{brush_gatekeepers_2004, address = {Rochester, NY}, type = {{SSRN} {Scholarly} {Paper}}, title = {Gatekeepers of {Venture} {Growth}: {A} {Diana} {Project} {Report} on the {Role} and {Participation} of {Women} in the {Venture} {Capital} {Industry}}, shorttitle = {Gatekeepers of {Venture} {Growth}}, url = {https://papers.ssrn.com/abstract=1260385}, abstract = {Women have received a disproportionately low share of available venture capital in the United States. This study provides the first overview of women decision}, number = {ID 1260385}, urldate = {2017-03-28}, institution = {Social Science Research Network}, author = {Brush, Candida G. and Carter, Nancy M. and Gatewood, Elizabeth J. and Greene, Patricia G. and Hart, Myra}, year = {2004}, keywords = {Barriers to growth, Female entrepreneurs, Female owned businesses, Females, Managers, Venture capital, Venture capitalists}, file = {Snapshot:/Users/carlin/Library/Application Support/Zotero/Profiles/c5jhnzb8.default/zotero/storage/XD84WIHI/Brush et al. - 2004 - Gatekeepers of Venture Growth A Diana Project Rep.html:text/html} }

@article{chrisman_comparison_1990, title = {A comparison of assistance needs of male and female pre-venture entrepreneurs}, volume = {5}, issn = {0883-9026}, url = {http://www.sciencedirect.com/science/article/pii/088390269090019P}, doi = {10.1016/0883-9026(90)90019-P}, abstract = {In spite of the proliferation of studies of female entrepreneurs, few researchers have attempted to directly compare female and male entrepreneurs in terms of their problems, the assistance received in addressing these problems, the value of outside consulting services, and the number of startups subsequent to counseling. Such studies are needed, not only to determine if there are differences in the problems male and female entrepreneurs face, but more importantly, to determine if any of these differences affect the successful development of new ventures. The fact that the SBA recently established a special training program for women entrepreneurs funded by a new \$10 million grant, approved by Congress in 1988 (H.R. 5050), makes the issue even more timely and pertinent. To address this issue, this article compares samples of aspiring male and female entrepreneurs who received consulting assistance from a state-level Small Business Development Center (SBDC). The two groups were compared in terms of: (1) the strategic, administrative, and operating assistance received; (2) their evaluation of the value of the consulting services; and (3) their propensity to initiate ventures after receiving SBDC assistance. The study was based on the results of two surveys of the entire population of 457 long-term pre-venture clients that received counseling from one SBDC state system between July 1, 1985, and June 30, 1987. All clients were asked to complete a questionnaire concerning the kinds of assistance sought, the quality of the service received, and whether or not they subsequently went into business. We received 162 (35.4\%) usable responses, of which 94 were from males (58.0\%) and 68 were from females (42.0\%). T-tests and chi-square tests of independence and goodness-of-fit were used to test hypotheses pertaining to the assistance needs of aspiring male and female entrepreneurs. Results indicated that male and female clients of the SBDC are virtually identical in terms of their assistance needs. Females do not appear to need more assistance than males, nor do they appear to require different types of assistance. The virtually identical ratings of service value among males and females also indicates that both genders are equally satisfied with the assistance received. Taken together, these findings suggest that females suffer no significant entrepreneurial disadvantages compared to males. If they had, it would be logical to assume that females, who received the same types and amounts of assistance as males, would find such levels of service inadequate, and consequently, rate it less favorably. Furthermore, the fact that the proportion of female clients was statistically equal to the proportion of net new businesses operated by women refutes the notion that general-assistance programs such as the SBDC are not equally accessible to both genders. The fact that female client start-ups were significantly higher than their proportional representation in the region further supports this conclusion. The primary implication for public policy makers and outside consultants is that little evidence exists to warrant special treatment or special programs for females, especially at a cost of \$10 million. In terms of research implications, our results suggest that it would be better if future studies concentrated on behaviors and strategic factors affecting the performance of new ventures (whether male-or female-owned), rather than merely comparing the characteristics of the entrepreneurs who start them.}, number = {4}, urldate = {2017-03-28}, journal = {Journal of Business Venturing}, author = {Chrisman, James J. and Carsrud, Alan L. and DeCastro, Julio and Herron, Lanny}, month = jul, year = {1990}, pages = {235--248}, file = {ScienceDirect Full Text PDF:/Users/carlin/Library/Application Support/Zotero/Profiles/c5jhnzb8.default/zotero/storage/2KEMBAB6/Chrisman et al. - 1990 - A comparison of assistance needs of male and femal.pdf:application/pdf;ScienceDirect Snapshot:/Users/carlin/Library/Application Support/Zotero/Profiles/c5jhnzb8.default/zotero/storage/9BBM2EQV/Chrisman et al. - 1990 - A comparison of assistance needs of male and femal.html:text/html} }

@article{ahern_changing_2012, title = {The {Changing} of the {Boards}: {The} {Impact} on {Firm} {Valuation} of {Mandated} {Female} {Board} {Representation}}, volume = {127}, issn = {0033-5533}, shorttitle = {The {Changing} of the {Boards}}, url = {https://academic.oup.com/qje/article/127/1/137/1832366/The-Changing-of-the-Boards-The-Impact-on-Firm}, doi = {10.1093/qje/qjr049}, number = {1}, urldate = {2017-03-28}, journal = {The Quarterly Journal of Economics}, author = {Ahern, Kenneth R. and Dittmar, Amy K.}, month = feb, year = {2012}, pages = {137--197} }

data found by other studies

 title={Why Research on Women Entrepreneurs Needs New Directions},
 author={Ahl, Helene},
 journal={Entrepreneurship Theory and Practice}
 abstract={Research articles on women's entrepreneurship reveal, in spite of intentions to the contrary and in spite of inconclusive research results, a tendency to recreate the idea of women as being secondary to men and of women's businesses being of less significance or, at best, as being a complement. Based on a discourse analysis, this article discusses what research practices cause these results. It suggests new research directions that do not reproduce women's subordination but capture more and richer aspects of women's entrepreneurship.},

Has some interesting meta-theories that we could apply to our research of women in entrepreneurship.

 title={Why More Women Are Becoming Entrepreneurs},
 author={Scott, Carole E.},
 journal={Journal of Small Business Management}
 abstract={From 1972 to 1982 the number of self-employed women in the United States increased by 69 percent. This represented a rate of increase five times greater than that for men in the same period. From 1977 to 1980 the proportion of non-farm, sole proprietorships operated by women increased from 22.6 percent to 26.1 percent. In addition, the number of non-farm, sole proprietorships operated by couples soared from 284,405 in 1981 to 440,000 in 1982. To find out why women are turning to entrepreneurship in increasing numbers, two surveys were conducted: one of women entrepreneurs in the state of Georgia, and another of both male and female entrepreneurs in the Atlanta area for purposes of comparison.},

Says number of self employed women skyrocked between 1972-1982 (of course, this could just be because more women were entering the workplace in general during this time).

 title={What the numbers tell: The impact of human, family and financial capital on women and men's entry into entrepreneurship in Turkey},
 author={Cetindamar, Dilek},
 journal={Journal of Entrepreneurship and Regional Development}
 abstract={Entrepreneurship contributes to economic development in countries worldwide. Entrepreneurial activity is beneficial for both men and women, including those in developing countries. However, men and women may not engage in entrepreneurship to the same extent because of differential access to (various forms of) capital. This study examines the relative importance of three types of capital – human, family and financial – in pursuing entrepreneurship. Using data collected in Turkey, we find that regardless of sex, all three forms of capital influence the likelihood of becoming an entrepreneur in varying degrees. Contrary to expectations, the impact of human capital on the likelihood of becoming an entrepreneur is higher for women than men. Data also revealed that family capital facilitates women's entry into entrepreneurship only when family size is very large (i.e. seven or more). No gender differences are observed in the impact of financial capital on the likelihood of becoming an entrepreneur. Findings suggest that to encourage entrepreneurship in Turkey, policy-makers should emphasize access to human and financial capital. Furthermore, findings suggest that women's likelihood of becoming an entrepreneur will be especially encouraged if they have increased access to education, as well as the skills necessary to take advantage of their family capital.},

Unfortunately this study was done in Turkey but they found that "No gender differences are observed in the impact of financial capital on the likelihood of becoming an entrepreneur"

=Research for women on boards specifically

 title={The Changing of the Boards: The Impact on Firm Valuation of Mandated Female Board Representation},
 author={Ahern, Kenneth and Dittmar, Amy},
 journal={The Quarterly Journal of Economics}
 abstract={In 2003, a new law required that 40% of Norwegian firms' directors be women—at the time only 9% of directors were women. We use the prequota cross-sectional variation in female board representation to instrument for exogenous changes to corporate boards following the quota. We find that the constraint imposed by the quota caused a significant drop in the stock price at the announcement of the law and a large decline in Tobin's Q over the following years, consistent with the idea that firms choose boards to maximize value. The quota led to younger and less experienced boards, increases in leverage and acquisitions, and deterioration in operating performance.},

This study from Norway but is interesting still

 title={Women on board: Does boardroom gender diversity affect firm risk?},
 author={Sila, Vathunyoo and Gonzalez, Angelica},
 journal={Journal of Corporate Finance}
 abstract={We investigate the relationship between boardroom gender diversity and firm risk. To identify a causal effect of gender on risk, we use a dynamic model that controls for reverse causality and for gender and risk being influenced by unobservable firm factors. We find no evidence that female boardroom representation influences equity risk. We also show that findings of a negative relationship between the two variables are spurious and driven by unobserved between-firm heterogeneous factors.},
 title={Does female board representation influence firm performance? The Danish evidence},
 author={Rose, Caspar},
 journal={Corporate Governance: An International Review}
 abstract={Board diversity has become a major issue within corporate governance where a number of studies seek to explore the impact of diversity on firm performance. The debate focuses on questions such as whether a corporation’s board should reflect the firm’s stakeholders or be more in line with society in general. This article uses a sample of listed Danish firms during the period of 1998–2001 in a cross sectional analysis. Despite that fact that Denmark has gone very far in the liberalisation of women, Danish board rooms are still to a large extent dominated by men. Contrary to a number of other studies, this article does not find any significant link between firm performance as measured by Tobin’s Q and female board representation. This is also the case for board members’ educational background as well as the proportion of foreigners. It is argued that board members with an unconventional background are socialised unconsciously adopting the ideas of the majority of conventional board members, which entails that a potential performance effect does not materialise.},

Unfortunately is a Danish study. But, Danish board rooms are still to a large extent dominated by men. Contrary to a number of other studies, this article does not find any significant link between firm performance as measured by Tobin’s Q and female board representation.

External factors that could explain the data

 title={The Entrepreneurial Propensity of Women},
 author={Langowitz, Nan and Minniti, Maria},
 journal={Entrepreneurship Theory and Practice}
 abstract={Entrepreneurship is becoming an increasingly important source of employment for women across many countries. The level of female involvement in entrepreneurial activity, however, is still significantly lower than that of men. We take a behavioral economics approach and, using a large sample of individuals in 17 countries, we investigate what variables influence the entrepreneurial propensity of women and whether those variables have a significant correlation with differences across genders. In addition to demographic and economic variables, we include a number of perceptual variables. Our results show that subjective perceptual variables have a crucial influence on the entrepreneurial propensity of women and account for much of the difference in entrepreneurial activity between the sexes. Specifically, we find that women tend to perceive themselves and the entrepreneurial environment in a less favorable light than men across all countries in our sample and regardless of entrepreneurial motivation. Our results suggest that perceptual variables may be significant universal factors influencing entrepreneurial behavior.},

Women tend to perceive themselves and the entrepreneurial environment in a less favorable light than men across all countries in our sample and regardless of entrepreneurial motivation.

 title={Women as Entrepreneurs : A Study of Female Business Owners, Their Motivations, Experiences and Strategies for Success},
 author={Carter, Sara and Cannon, Tom},
 abstract={Intended for business and academic libraries, this book provides case studies of women entrepreneurs. It considers problems which are specific to women in business; these include raising finances, finding clients, and the simultaneous management of domestic commitments, especially childcare.},
 filename={Carter et al (1992) - Women as Entrepreneurs: A Study of Female Business Owners, Their Motivations, Experiences, and Strategies for Success}

This examines reasons women may or may not become business owners.

 title={Do Women Entrepreneurs Require Different Training?},
 author={Birley, Sue, Moss, Caroline, Peter, Saunders},
 journal={American Journal of Small Business},
 abstract={This paper analyzes the characteristics of male and female participants attending pioneering entrepreneurship development programs, which form part of an economic strategy directed at increasing the quality and quantfty of new firms. The participants did not need to have a business plan, finance available or formal education, but must have had a “reasonably feasible idea”. The results show significant differences between the characteristics of the male and female entrepreneurs, and the businesses which they form. .}, 

This discusses the different characteristics of male and female entrepreneurs.

 title={Differences between women and men MBA entrepreneurs: exploring family flexibility and wealth creation as career motivators?},
 author={DeMartino, Richard, Barbato, Robert},
 journal={Journal of Business Venturing},
 abstract={Previous research into gender differences among entrepreneurs has yielded varied explanations as to why female entrepreneurs differ from male entrepreneurs. This study explores motivational differences using a sample of MBA entrepreneurs. This allows comparisons between male and female entrepreneurs, who are similar in terms of business education, educational credentials, and other important variables. Logistic regression is used to measure the relationship between career motivators and gender and between career motivators and gender adjusted for marital status and the presence of dependent children. The study concludes that differences between female and male entrepreneurs become larger if the entrepreneurs are married with dependent children.}

Study found that differences between male/female entrepreneurs largest when they're married with dependent children as opposed to unmarried.

 title={A profile of woman entrepreneurs and enterprises in Poland},
 author={Zapalska, Alina},
 journal={Journal of Small Business Management},
 abstract={A study investigates whether Polish female entrepreneurs possess the characteristics required for effective performance as entrepreneurs. Trait analysis suggests that there are no significant differences between the psychological propensities of successful female and male entrepreneurs. The study also explores the types of businesses started by Polish women, their business objectives, and the relationship between the entrepreneur's background and the entrepreneur's decision to start a new venture.}

This study found that male and female entrepreneurs don't differ too much psychologically (compared to the study cited above).

 title={Are Successful Women Entrepreneurs Different from Men?},
 author={Cohoon, J, Wadhwa, Vivek, Mitchell, Lesa},
 journal={Journal of Small Business Management},
 abstract={Women are one particularly understudied group of entrepreneurs. We know very little about female entrepreneurs, and our ignorance of this important demographic is a serious blind spot in any effort to increase the total number of entrepreneurs participating in our economy. What little we do know suggests that women are not nearly as active in the entrepreneurial space as they could be.

This study attempts to address part of this knowledge gap. This based on data were collected in 2008-2009 from 549 respondents from randomly selected high-tech companies who were invited to participate. It compares the backgrounds, and experiences and motivations of men and women entrepreneurs.

Our findings show that successful women and men entrepreneurs are similar in almost every respect. They had equivalent levels of education (slightly less than half earned graduate degrees), early interest in starting their own business (about half had at least some interest), a strong desire to build wealth or capitalize on a business idea, access to funding, and they largely agreed on the top issues and challenges facing any entrepreneur.

The data also identify some small but potentially informative gender differences among successful entrepreneurs. For instance, motivations for starting a business differed slightly between men and women. The latter were more likely to cite a business partner’s encouragement as a key incentive to take the plunge. Women also were more likely than men to get early funding from their business partners.}


This study found that male and female entrepreneurs don't differ too much psychologically, only minutely in their reasons for starting a business.

Impacts from less women in VC/entrepreneurship fields

 title={Gender differences in entrepreneurship: Equality, diversity and inclusion in times of global crisis},
 author={Pines, Ayala, Lerner, Miri, Schwartz, Dafna},
 journal={Equality, Diversity, and Inclusion: An International Journal},
 abstract={ In 2008, the world had undergone a global economic crisis. Since women always face greater difficulties in obtaining capital than men, the economic crisis had a greater effect on them. The purpose of this paper is to examine the implications of the global crisis for women's entrepreneurship, from the perspective of equality, diversity and inclusion.}

This study found that the rates of women's entrepreneurship are lower than men's. Furthermore, the percent of women entrepreneurs is higher in countries where the general income per capita is small and where women have no other option for making a living.