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Founder gender and firm exit routes: The mediating roles of firm size and VC financing.

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Authors: Yavuz, R. Isil1 (AUTHOR) ryavuz@bryant.edu, Kumar, Sonal1 (AUTHOR) skumar6@bryant.edu, Zbib, Leila1 (AUTHOR) lzbib@bryant.edu, Nigro, Peter1 (AUTHOR) pnigro@bryant.edu
Source: Small Business Economics. Jun2025, Vol. 65 Issue 1, p643-666. 24p.
Subject Terms: *Business enterprises, *Businesswomen, *Business size, Feminism, Feminist theory
Abstract: It is well established that founder gender affects starting and managing new ventures, but its impact on firm exits is less understood. Following an in-depth exploration of the gendered experience of entrepreneurship through the lenses of liberal feminist and social feminist theories, this study argues that female entrepreneurs are less likely to achieve positive exits through mergers and acquisitions (M&As) or initial public offerings (IPOs). We analyzed data from 18,495 US ventures and found that firm size fully mediates the negative impact of female founders on IPOs and partially on M&As. Venture capital (VC) financing was also found to be a significant path through which founder gender influences firm size. These findings are robust across different methods and time periods. This research enhances our understanding of how gender influences successful business exits and suggests important theory and policy implications for female entrepreneurship. Plain English Summary: Female entrepreneurs face fewer IPOs and M&As with firm size playing a key role. This study investigates how the gender of startup founders impacts the likelihood of achieving successful business exits through M&As IPOs. By analyzing data from 18,495 US startups, this research reveals that female entrepreneurs are less likely to experience positive exits. However, having a larger firm size can significantly boost the chances of a successful IPO and partially improve the likelihood of an M&A for female-founded companies. Moreover, VC financing is an important path to larger firm size. Thus, targeted support for female entrepreneurs, particularly in growing their businesses in size, could enhance their chances of successful exits, contributing to a more equitable entrepreneurial ecosystem. [ABSTRACT FROM AUTHOR]
Database: Entrepreneurial Studies Source
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  Data: <searchLink fieldCode="JN" term="%22Small+Business+Economics%22">Small Business Economics</searchLink>. Jun2025, Vol. 65 Issue 1, p643-666. 24p.
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  Data: *<searchLink fieldCode="DE" term="%22Business+enterprises%22">Business enterprises</searchLink><br />*<searchLink fieldCode="DE" term="%22Businesswomen%22">Businesswomen</searchLink><br />*<searchLink fieldCode="DE" term="%22Business+size%22">Business size</searchLink><br /><searchLink fieldCode="DE" term="%22Feminism%22">Feminism</searchLink><br /><searchLink fieldCode="DE" term="%22Feminist+theory%22">Feminist theory</searchLink>
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  Data: It is well established that founder gender affects starting and managing new ventures, but its impact on firm exits is less understood. Following an in-depth exploration of the gendered experience of entrepreneurship through the lenses of liberal feminist and social feminist theories, this study argues that female entrepreneurs are less likely to achieve positive exits through mergers and acquisitions (M&As) or initial public offerings (IPOs). We analyzed data from 18,495 US ventures and found that firm size fully mediates the negative impact of female founders on IPOs and partially on M&As. Venture capital (VC) financing was also found to be a significant path through which founder gender influences firm size. These findings are robust across different methods and time periods. This research enhances our understanding of how gender influences successful business exits and suggests important theory and policy implications for female entrepreneurship. Plain English Summary: Female entrepreneurs face fewer IPOs and M&As with firm size playing a key role. This study investigates how the gender of startup founders impacts the likelihood of achieving successful business exits through M&As IPOs. By analyzing data from 18,495 US startups, this research reveals that female entrepreneurs are less likely to experience positive exits. However, having a larger firm size can significantly boost the chances of a successful IPO and partially improve the likelihood of an M&A for female-founded companies. Moreover, VC financing is an important path to larger firm size. Thus, targeted support for female entrepreneurs, particularly in growing their businesses in size, could enhance their chances of successful exits, contributing to a more equitable entrepreneurial ecosystem. [ABSTRACT FROM AUTHOR]
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        Value: 10.1007/s11187-025-01006-5
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      – Code: eng
        Text: English
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        Type: general
      – SubjectFull: Businesswomen
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      – SubjectFull: Business size
        Type: general
      – SubjectFull: Feminism
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      – SubjectFull: Feminist theory
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              M: 06
              Text: Jun2025
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              Y: 2025
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