A comparison of new firm financing by gender: evidence from the Kauffman Firm Survey data

A comparison of new firm financing by gender: evidence from the Kauffman Firm Survey data This study uses data from the new Kauffman Firm Survey to explore gender differences in the use of start-up capital and subsequent financial injections by new firms. We find that, consistent with previous studies, women start their businesses with significantly lower levels of financial capital than men. A new finding from this research is that women go on to raise significantly lower amounts of incremental debt and equity in years two and three. These results hold even controlling for a variety of firm and owner characteristics, including the level of initial start-up capital and firm sales. Our findings also reveal that women rely heavily on personal rather than external sources of debt and equity for both start-up capital as well as follow-on investments. Our findings have implications for further research into gender differences in financing sources and strategies and business outcomes. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Small Business Economics Springer Journals

A comparison of new firm financing by gender: evidence from the Kauffman Firm Survey data

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Springer US
Copyright © 2009 by The Author(s)
Business and Management; Management; Microeconomics; Entrepreneurship; Industrial Organization
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