For what they are, not for what they bring: The signaling value of gender for financial resource acquisition in academic spin-offs

Due to the novelty of their technology base and multiple goals pursued by entrepreneurial teams, academic spin-offs (ASOs) suffer information asymmetries with investors that impair ability raise finance. In line signaling theory, we expect observable features an ASO can mitigate such asymmetries, especially in conditions higher uncertainty about venture. We put forward a larger share capital owned female shareholders adds due outsider condition entrepreneurship negative bias against entrepreneurs. Through multi-level Tobit regression on sample Italian ASOs, find amount private investment is negatively associated degree ownership positively parent university full professors. The latter two factors moderate relationship between so it becomes less negative. results provide evidence persisting gender gap finance highlight role universities closing gap.