Do women-owned businesses have equal access to angel capital?

Journal of Business Venturing

Volumn 22, Issue 4, 2007, Pages 503-521

  Becker Blease, John R ^a   Sohl, Jeffrey E ^b  

^a WASHINGTON STATE UNIVERSITY   (United States)

^b UNIVERSITY OF NEW HAMPSHIRE   (United States)

Author keywords

Angel capital; Women business angels; Women entrepreneurs

Indexed keywords

EID: 33947268531     PISSN: 08839026     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jbusvent.2006.06.003     Document Type: Article

References (61)

1. AACSB, 1997. How do international students assess the quality of their MBA program? Are women more satisfied with MBA programs than men? Survey results answer these questions and more. Newline located at http://www.aacsb.edu/Publications.
2. American Association of University Women (AAUW) Educational Foundation report. Women at Work (2004)
3. Aldrich H. Networking among women entrepreneurs. In: Hagan O., Rivchun C., and Sexton D. (Eds). Women-Owned Businesses (1989), Praeger, New York, NY 103-132
4. Bates T. Restricted access to markets characterizes women-owned businesses. Journal of Business Venturing 17 (2002) 313-324
5. Berger A., and Udell G. The economics of small business finance: the roles of private equity and debt markets in the financial growth cycle. Journal of Banking and Finance 22 6-8 (1998) 613-673
6. Bird B. Entrepreneurial Behavior (1989), Scott, Foresman, Glenview, IL
7. Birley S., Moss C., and Saunders P. Do women entrepreneurs require different training?. American Journal of Small Business 12 1 (1987) 27-35
8. Boden Jr. R.J., and Nucci A.R. On the survival prospects of men's and women's new business ventures. Journal of Business Venturing 15 4 (2000) 347-362
9. Brophy D.J. Financing the growth of entrepreneurial firms. In: Sexton D., and Smilor R. (Eds). Entrepreneurship 2000 (1997), Upstart Publishing Company, Chicago, IL 5-27
10. Brush C.G. Research on women business owners: past trends, a new perspective and future directions. Entrepreneurship Theory and Practice 16 (1992) 5-30
11. Brush C.G. Women-owned businesses: obstacles and opportunities. Journal of Developmental Entrepreneurship 2 (1997) 1-24
12. Brush C., and Hisrich R. Antecedent influences on women-owned businesses. Journal of Managerial Psychology 6 2 (1991) 9-16
13. Brush C.G., Carter N.M., Greene P.G., Hart M.M., and Gatewood E. The role of social capital and gender in linking financial suppliers and entrepreneurial firms: a framework for future research. Venture Capital: An International Journal of Entrepreneurial Finance 4 4 (2002) 305-323
14. Brush C., Carter N., Gatewood E., Greene P., and Hart M. Clearing the Hurdles: Women Building High Growth Businesses (2004), FT/Prentice Hall, Upper Saddle River, NJ
15. Brush C., Carter N., Gatewood E., Greene P., and Hart M. Gatekeepers of Venture Growth: A DIANA project on the Role and Participation of Women in the Venture Capital Industry. A Report sponsored by the Kauffman Foundation (2004)
16. Buttner E.H., and Rosen B.H. Bank loan officer's perceptions of characteristics of men, women and successful entrepreneurs. Journal of Business Venturing 3 (1988) 249-258
17. Bygrave W.D. Venture capital returns in the 1980's. In: Sexton D.L., and Kasarda J. (Eds). The State of the Art of Entrepreneurship (1992), PWS Kent, Boston, MA 438-462
18. Bygrave W.D., and Reynolds P.D. Who finances startups in the USA? A comprehensive study of informal investors: 1999-2003. In: Zahra S.A., Brush C.G., Davidsson P., Fiet J., Greene P.G., Harrison R.T., Lerner M., Mason C., Meyer G.D., Sohl J., and Zacharakis A. (Eds). Frontiers of Entrepreneurship Research (2004), Babson College, Wellesley, MA 37-47
19. Carter N.M., and Allen K.R. Size determinants of women-owned businesses: choice or barriers to resources?. Entrepreneurship and Regional Development 9 (1997) 211-220
20. Carter N.M., Brush C.G., Greene P.G., Gatewood E., and Hart J. Women entrepreneurs who break through to equity financing: the influence of human, social and financial capital. Venture Capital: An International Journal of Entrepreneurial Finance 5 1 (2003) 1-28
21. Cassar G. The financing of business start-ups. Journal of Business Venturing 19 2 (2004) 261-284
22. Catalyst. Women and the MBA: Gateway to Opportunity (2000)
23. Center for Venture Research, 2004. The angel investor market in 2003: the angel market rebounds, but a troublesome post seed funding gap deepens. Report posted April 21st on website: http://www.unh.edu/cvr.
24. Cliff J.E. Does one size fit all? Exploring the relationship between attitudes towards growth, gender, and business size. Journal of Business Venturing 13 6 (1998) 523-542
25. Coleman S. Access to capital and terms of credit: a comparison of men and women-owned businesses. Journal of Small Business Management 38 (2000) 37-52
26. Coleman S. Access to debt capital for women- and minority-owned small firms: does educational attainment have an impact?. Journal of Developmental Entrepreneurship 9 (2004) 127-145
27. Fabowale L., Orser B., and Riding A.L. Gender, structural factors, and credit terms between Canadian small businesses and financial institutions. Entrepreneurship Theory and Practice 19 4 (1995) 41-66
28. Fay M., and Williams L. Gender bias and the availability of business loans. Journal of Business Venturing 8 4 (1993) 363-377
29. Fischer E., Reuben R.A., and Dyke L.S. A theoretical overview and extension of research on sex, gender, and entrepreneurship. Journal of Business Venturing 8 3 (1993) 151-168
30. Freear J., and Wetzel W. The investment attitudes, behaviour, and characteristics of high net worth individuals. In: Churchill N.C., Birley S., Bygrave W.D., Muzyka D.F., Wahlbin C., and Wetzel Jr. W.E. (Eds). Frontiers of Entrepreneurship Research (1992), Babson College, Wellesley, MA 374-387
31. Gaston R.J., and Bell S.E. The Informal Supply of Capital. Office of Economic Research (1988), U.S. Small Business Administration, Washington, DC
32. GEM, 2001. In: Reynolds, P. Hay, M. Bygrave, W. Camp, S.M. and Autio, E. (Eds.), GEM Global Entrepreneurship Monitor 2000 Executive Report. Kauffman Center for Entrepreneurial Leadership, London Business School and Babson College, Babson Park.
33. Gilligan C. In a Different Voice: Psychological Theory and Women's Development (1982), Harvard University Press, Cambridge, MA
34. Greene P.G., Brush C.G., Hart M.M., and Saparito P. Patterns of venture capital funding: is gender a factor?. Venture Capital: An International Journal of Entrepreneurial Finance 3 1 (2001) 63-83
35. Gundry L.K., and Welsch H.P. The ambitious entrepreneur: high growth strategies of women-owned enterprises. Journal of Business Venturing 16 (2001) 453-470
36. Harrison R.T., and Mason C.M. Venture capital market complementarities: the links between business angels and venture capital funds in the UK. Venture Capital: An International Journal of Entrepreneurial Finance 2 3 (2000) 223-242
37. Harrison, R.T., Mason, C.M., 2005. Does gender matter? Women business angels and the supply of entrepreneurial finance in the United Kingdom. Working Paper.
38. Liou N., and Aldrich H. Women entrepreneurs: is there a gender-based relational competence?. Paper presented at the American Sociological Association meetings, August, Washington, DC (1995)
39. Mason C.M. Report on Business Angel Investment Activity 1999/2000 (2001), British Venture Capital Association, London
40. Mason C.M., and Harrison R.T. The supply of equity finance in the UK: a strategy for closing the equity gap. Entrepreneurship and Regional Development 4 (1992) 357-380
41. Mason C.M., and Harrison R.T. The informal venture capital market in the UK. In: Hughes A., and Storey D. (Eds). Financing Small Firms (1994), Routledge, London, UK 64-111
42. Mason C.M., and Harrison R.T. Public policy and the development of the informal venture capital market: UK experience and lessons for Europe. In: Cowling K. (Ed). Industrial Policy in Europe (1999), Routledge, London, UK 199-223
43. Mason C.M., and Harrison R.T. Investing in technology ventures: what do business angels look for at the initial screening stage?. In: Reynolds P.D., Autio E., Brush C.G., Bygrave W.D., Manigart S., Sapienza H.J., and Shaver K.G. (Eds). Frontiers of Entrepreneurship Research (2000), Babson College, Babson Park, MA 293-304
44. Menzies T.V., Diochon M., and Gasse Y. Examining venture-related myths concerning women entrepreneurs. Journal of Developmental Entrepreneurship 9 (2004) 89-107
45. McPherson M., Smith-Lovin L., and Cook J. Birds of a feather: homophily in social networks. Annual Review of Sociology 27 (2001) 415-444
46. Moore D.P., and Buttner E.H. Women Entrepreneurs: Moving Beyond the Glass Ceiling (1997), Sage Publications, Thousand Oaks, CA
47. National Foundation for Women Business Owners - NFWBO, 2004. Women-Owned Business in 2004: Trends in the U.S. and 50 States. Report posted on their website www.nfwbo.org.
48. Ou, C., 1987. Holdings of privately-held business assets by American families: findings from the 1983 Consumer Finance Survey. Unpublished report, Office of Economic Research, U.S. Small Business Administration, Washington, DC.
49. Powell G.N. Women and Men in Management (1993), Sage Publications, Newbury Park, CA
50. Riding A., and Swift C. Women business owners and terms of credit: some empirical findings of the Canadian experience. Journal of Business Venturing 5 (1990) 327-340
51. Ruef M., Aldrich H.E., and Carter N.M. The structure of founding teams: homophily, strong ties and isolation among U.S. entrepreneurs. American Sociological Review 68 2 (2003) 195-222
52. Seegull, F., 1998. Female entrepreneurs' access to equity capital. Harvard Business School, working paper.
53. Sohl J. The private equity market in the USA: lessons from volatility. Venture Capital: An International Journal of Entrepreneurial Finance 5 1 (2003) 29-46
54. Sohl J., and Hill L. Women angel investors: an exploratory study. Paper presented at the Second Bi-Annual European Summer University 2004 Conference, University of Twente, Enschede, The Netherlands, September 20-21 (2004)
55. Sohl J., Van Osnabrugge M., and Robinson R. Models of angel investing: portals to the early stage market. In: Reynolds P.D., Autio E., Brush C.G., Bygrave W.D., Manigart S., Sapienza H.J., and Shaver K.G. (Eds). Frontiers of Entrepreneurship Research (2000), Babson College, Babson Park, MA 289
56. Unger R.K., and Crawford M. Commentary: sex and gender - the troubled relationship between terms and concepts. Psychological Science 4 2 (1993) 122-124
57. Van Osnabrugge M. A comparison of business angel and venture capitalist investment procedures: an agency theory-based analysis. Venture Capital: An International Journal of Entrepreneurial Finance 2 2 (1998) 91-110
58. Weiler S., and Bernasek A. Dodging the glass ceiling? Networks and the new wave of women entrepreneurs. The Social Science Journal 38 (2001) 85-103
59. Wellman B., and Frank K. Network capital in a multilevel world: getting support from personal communities. In: Cook L.K., and Burt R.S. (Eds). Social Capital: Theory and Research (2001), Aldine de Gruyter, New York, NY 233-273
60. Wetzel Jr. W.E. Informal risk capital: knowns and unknowns. In: Sexton D.L., and Smilor R.W. (Eds). The Art and Science of Entrepreneurship (1986), Ballinger, Cambridge 85-108
61. Williams J. Psychology of Women: Behavior in a Biosocial Context (1987), W.W. Norton and Company, New York, NY