How gender biases drive venture capital decision-making: exploring the gender funding gap

2020 ◽  
Vol 35 (3) ◽  
pp. 261-273 ◽  
Author(s):  
Lakshmi Balachandra
Keyword(s):  
Decision Making ◽  
Venture Capital ◽  
Gender Gap ◽  
Women Entrepreneurs ◽  
Early Stage ◽  
Investment Decision ◽  
Content Type ◽  
Gender Biases ◽  
And Gender ◽  
The University

Purpose Men founders raise almost 50× more venture capital (VC) than women. As 93 per cent of VCs are men, because of the significant gender imbalance in gatekeepers and investment decision-makers for early-stage capital, there may be critical outcomes for women entrepreneurs who are being caused from men having overweighed in decision-making roles. Outcomes include biases against women by VCs that prevent their ventures from being considered for funding from the pitch as well as obtaining opportunities to pitch VCs in consideration for funding from biases in the evaluations of the businesses themselves. Design/methodology/approach This paper is a consolidation of several studies the author has conducted in VC decision-making and gender bias to understand the drivers of the enormous gender gap in VC funding. The author presented it as a talk at the University of Regina and was asked to submit a paper about it here. Findings The findings reveal how the 93 per cent male context of the VC industry is in itself a significant cause of the gender gap in funding. If there were more women VCs, more women entrepreneurs would be funded. Originality/value The author showcases how the gender gap in decision-making roles in VC has important implications for women entrepreneurs to obtain funding.

Kenneth Fisher’s heuristics

2016 ◽  
Vol 8 (2) ◽  
pp. 130-148
Author(s):  
Carlo Massironi ◽  
Giusy Chesini
Keyword(s):  
Decision Making ◽  
Conceptual Analysis ◽  
Investment Decision ◽  
Real Life ◽  
Human Action ◽  
Theory Of Knowledge ◽  
Constructivist Theory ◽  
Individual Investors ◽  
Content Type ◽  
Radical Constructivist

Purpose The authors are interested in building descriptive – real life – models of successful investors’ investment reasoning and decision-making. Models designed to be useful for trying to replicate and evolve their reasoning and decision-making. The purpose of this paper, a case study, is to take the substantial material – on innovating the investing tools – published in four books (2006/2012, 2010, 2011, 2015) by a US stock investor named Kenneth Fisher (CEO of Fisher Investments, Woodside, California) and sketch Fisher’s investment innovating reasoning model. Design/methodology/approach To sketch Fisher’s investment innovating reasoning model, the authors used the Radical constructivist theory of knowledge, a framework for analyzing human action and reasoning called Symbolic interactionism and a qualitative analytic technique called Conceptual analysis. The authors have done qualitative research applied to the study of investment decision-making of a single professional investor. Findings In the paper, the authors analyzed and described the heuristics used by Fisher to build subsequent generations of investing tools (called by Fisher “Capital Markets Technology”) to try to make better forecasts to beat the stock market. The authors were interested in studying the evolutive dimensions of the tools to make forecasts of a successful investor: the “how to build it” and “how to evolve it” dimension. Originality/value The paper offers an account of Kenneth Fisher’s framework to reason the innovation of investing tools. The authors believe that this paper could be of interest to professional money managers and to all those who are involved in the study and development of the tools of investing. This work is also an example of the use of the Radical constructivist theory of knowledge, the Symbolic interactionist framework and the Conceptual analysis to build descriptive models of investment reasoning of individual investors, models designed to enable the reproduction/approximation of the conceptual operations of the investor.

Gender gap in innovation: an institutionalist explanation

2014 ◽  
Vol 52 (2) ◽  
pp. 410-424 ◽  
Author(s):  
Inmaculada Carrasco
Keyword(s):  
Gender Gap ◽  
Institutional Environment ◽  
Gender Segregation ◽  
Structural Equations ◽  
Family Responsibilities ◽  
Gender Perspective ◽  
Content Type ◽  
Innovation Activities ◽  
Innovative Behaviour ◽  
And Gender

Purpose – The aim of this paper is to contribute to knowledge on innovation from a gender perspective, and to investigate how environment affects the process of innovation by women. Design/methodology/approach – The empirical study uses a Structural Equations Model of a Partial Least Squared (PLS) technique. Data of 40 countries from around the world were collected from 2008. Findings – Institutional environment matters for innovative activity by women. An innovative thinking is required for integrating the gender perspective in innovative milieus in order to enrich, diversify and promote stronger innovation activities, mobilising unexploited opportunities for managers in the business sector, and for policy makers in the public one. Research limitations/implications – A new sex-disaggregated dataset will allow us to enlarge and improve upon this study. A longitudinal study would be extremely useful, but for the moment, there are no available data of this kind. Practical implications – Policies designed to reduce the gap for women in innovation activities have to fight against gender segregation in the job market and gender differences in education and training. They must increase flexibility in the workplace, provide more help to conciliate family and working lives, and reduce the gap in family responsibilities taken on by women. Originality/value – This paper contributes to the cross-over of knowledge between innovation and gender, and reduces the lack of information on how external factors may impact innovative behaviour by gender.

Investor sentiment antecedents

2019 ◽  
Vol 11 (1) ◽  
pp. 36-54 ◽  
Author(s):  
Ranjan Dasgupta ◽  
Rashmi Singh
Keyword(s):  
Decision Making ◽  
Stock Market ◽  
Emerging Market ◽  
Investment Decision ◽  
Investor Sentiment ◽  
Equation Modeling ◽  
Content Type ◽  
Investment Decision Making ◽  
Retail Investors ◽  
Specific Factors

PurposeThe determinants of investor sentiment based on stock market proxies are found in numbers in empirical studies. However, investor sentiment antecedents developed from primary survey measures by constructing an investor sentiment index (ISI) are not done till date. The purpose of this paper is to fill this research gap by first developing an ISI for the Indian retail investors and then examining the investor-specific, stock market-specific, macroeconomic and policy-specific factors’ individual impact on the investor sentiment.Design/methodology/approachFirst, the authors develop the ISI by using the mean scores of six statements as formulated based on popular direct investor sentiment surveys undertaken throughout the world. Then, the authors employ the structural equation modeling approach on the responses of 576 respondents on 40 statements (representing the index and four study hypotheses) collected in 2016 across the country.FindingsThe results show that investor- and stock market-specific factors are the major antecedents of investor sentiment for these investors. However, interestingly macroeconomic fundamentals and policy-specific factors have no role to play in driving their sentiment to invest in the stock market.Practical implicationsThe major implication of the results is that the Indian retail investors are showing a mixed approach of Bayesian and behavioral finance decision making. So, these implications can guide the investment consultants, regulators, other stakeholders in markets and overwhelmingly the retail investors to introspect their investment decision making across time horizons.Originality/valueThe formulation of ISI in an emerging market context and thereafter examining possible antecedents to influence retail investors in their investment decision making are not done till date. So, the study is unique in its research issue and findings and will have significant implication for the retail investors at least in emerging market contexts.

Role of personal values in investment decisions

2016 ◽  
Vol 39 (8) ◽  
pp. 940-964 ◽  
Author(s):  
Otuo Serebour Agyemang ◽  
Abraham Ansong
Keyword(s):  
Decision Making ◽  
Corporate Governance ◽  
Quantitative Methods ◽  
Investment Decision ◽  
Personal Values ◽  
Investment Decisions ◽  
Content Type ◽  
Investment Decision Making ◽  
Recent Emergence ◽  
Decision Making Processes

Purpose This paper aims to examine the role personal values play in investment decision-making processes among Ghanaian shareholders. Design/methodology/approach In consequence of the recent emergence of the issue of corporate governance practices in Ghana, and the kind of the research objective of this paper, a mix of qualitative and quantitative methods was used. These methods were used in two stages. The first stage was qualitative, which purposively selected 20 individual shareholders to solicit their perspectives on how personal values influence investment decisions. Their responses were used to construct the content of this enquiry. The second stage, which was quantitative, used stratified sampling technique to select 503 individual shareholders to confirm the responses obtained from stage one of the enquiry. Findings The findings of the study reveal that individual shareholders in Ghana hold value priorities and that honesty, a comfortable life and family security play a significant role in their lives and their investment decision-making processes, and the kind of companies they choose to invest in. Also, to Ghanaian individual shareholders, there is a clear distinction between a comfortable life and a prosperous life in the sense that they are not incentivized more by the latter but by the former in their investment decisions. Practical implications The results can inform corporate directors and managers what values are considered in investment decisions, and that it is not purely financial. With these results, they can be informed that while some financial values are important, it is just to live a comfortable life and not a prosperous life. This may influence these directors and managers to have a more long-run focus and to have more of a corporate social responsibility (CSR) focus by putting implementable measures in place to tackle corporate responsibility issues and to take up a responsibility for their CSR feat. Also, the results can be used for public policy in that if regulators find out that more CSR-type information is important to investors, they might require additional CSR-type disclosures in financial statements. Originality/value This paper contributes to the knowledge on the stakeholder perspective of corporate governance that individual shareholders’ personal values have influence on their investment decisions and the choice of companies they invest in.

Increasing the flow of Guinness: the role of strategic investment decision-making in organizations

2017 ◽  
Vol 33 (3) ◽  
pp. 19-21
Keyword(s):  
Decision Making ◽  
Design Methodology ◽  
Investment Decision ◽  
Strategic Investment ◽  
Content Type ◽  
Strategic Direction ◽  
Investment Decision Making ◽  
Pertinent Information ◽  
Practical Implications

Purpose This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies. Design/methodology/approach This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context. Findings The decision by Guinness in 1965 to expand into Ghana was based on a robust and experienced strategic investment decision-making process (SIDM). It required the knowledge of past failures and successes to implement those lessons onto a new project. As such, the SIDM process can be seen to be one of the most important in terms of an organizations ability to expand and take advantage of situations. What Alkaraan (2016) demonstrates is the factors that govern the SIDM process, why they are important and how they function within an organization. In doing so, organizations that are struggling to succeed may be able to highlight areas that have previously been ignored, to implement a new strategic direction. Practical implications The paper provides strategic insights and practical thinking that have influenced some of the world’s leading organizations. Originality/value The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.

Why research is needed in women entrepreneurship in India: a viewpoint

2018 ◽  
Vol 45 (7) ◽  
pp. 1042-1057 ◽  
Author(s):  
Sucheta Agarwal ◽  
Usha Lenka
Keyword(s):  
Women Entrepreneurs ◽  
Growth Process ◽  
Uttar Pradesh ◽  
Future Research ◽  
Men And Women ◽  
Women Entrepreneurship ◽  
Content Type ◽  
Gender Biases ◽  
Research Findings ◽  
The Government

Purpose The spirit of entrepreneurship among nationals of a country leads and contributes significantly to the growth process of a country. In this drive, there cannot be gender biases among men and women. The government in India has taken several initiatives to increase the participation of women entrepreneurs and, thus, making a partner to the growth and development process of the country. The initiatives in this direction were taken up through five-year development policy plans commencing from the fifth five-year plan (1974-1978). The focus of five-year plans since then has been reoriented toward women welfare stressing more specifically on women empowerment through women entrepreneurship programs. The purpose of this paper is to appraise the series of development plans and programs initiated for the empowerment of women entrepreneurship in India. Design/methodology/approach The paper is developed based on the concepts, policies and practices being implemented across the regions to promote women entrepreneurs. The methodology adopted to assess and analyze the relevant components very much matches the existing practices. The paper relates the concepts, programs and practices. This study has revealed certain issues based on the available data and information on women entrepreneurship to establish a view and rational as of why research is needed in the area of women entrepreneurship. To support this concept, the study has considered the experiences of two important states of India, namely, Uttar Pradesh and Uttarakhand. Findings The study reveals that Government of India has launched several policies and development programs to infuse the spirit of entrepreneurship among the women groups and thereby not only making them financially self-sustained but also to contribute to the growth process of the economy. However, there remain many gaps in achieving the goals due to the variety of factors. This becomes more significant as the level of women entrepreneurship in India is very low as compared to other economies and also between the men and women entrepreneurs within the country. The study brings out the need and importance for the future research in the area of women entrepreneurship and thereby exploring the areas of concern and bringing out needed improvements to strengthen the women entrepreneurship programs and policies. Originality/value This research provides a future direction to the academicians, researchers and policymakers to provide a framework to reorient the programs and policies for the cause of women entrepreneurship growth in India. The paper very much emphasis that the research findings will have influence on government policies and serve as an effective tool for implementation of state programs meant for woman entrepreneurs more effectively and efficiently. The ultimate impact of research findings will be an economic change in the quality of life of woman enterprise in the society.

Creating space and time for innovation - a methodology for building adaptation design appraisal using physics-based simulation tools and interactive multi-objective optimization

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Sheida Shahi ◽  
Philip Beesley ◽  
Carl Thomas Haas
Keyword(s):  
Decision Making ◽  
Early Stage ◽  
Design Decision ◽  
Stage Design ◽  
Content Type ◽  
Simulation Tools ◽  
Building Adaptation ◽  
Early Stage Design ◽  
Physics Based Simulation ◽  
Practical Implications

PurposeIt is crucial to consider the multitude of possible building adaptation design strategies for improving the existing conditions of building stock as an alternative to demolition.Design/methodology/approachIntegration of physics-based simulation tools and decision-making tools such as Multi-Attribute Utility (MAU) and Interactive Multi-objective Optimization (IMO) in the design process enable optimized design decision-making for high-performing buildings. A methodology is presented for improving building adaptation design decision making, specifically in the early-stage design feasibility analysis. Ten residential building adaptation strategies are selected and applied to one primary building system for eight performance metrics using physics-based simulation tools. These measures include energy use, thermal comfort, daylighting, natural ventilation, systems performance, life cycle, cost-benefit and constructability. The results are processed using MAU and IMO analysis and are validated through sensitivity analysis by testing one design strategy on three building systems.FindingsQuantifiable comparison of building adaptation strategies based on multiple metrics derived from physics-based simulations can assist in the evaluation of overall environmental performance and economic feasibility for building adaptation projects.Research limitations/implicationsThe current methodology presented is limited to the analysis of one decision-maker at a time. It can be improved to include multiple decision-makers and capture varying perspectives to reflect common practices in the industry.Practical implicationsThe methodology presented supports affordable generation and analysis of a large number of design options for early-stage design optimization.Originality/valueGiven the practical implications, more space and time is created for exploration and innovation, resulting in potential for improved benefits.

Decision-making system for higher education university selection: comparison of priorities pre- and post-COVID-19

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Krishnadas Nanath ◽  
Ali Sajjad ◽  
Supriya Kaitheri
Keyword(s):  
Higher Education ◽  
Decision Making ◽  
Higher Education Institutions ◽  
Mode Of Delivery ◽  
Primary Data ◽  
Final Decision ◽  
Content Type ◽  
University Selection ◽  
The University ◽  
The Impact

PurposeUniversity selection in higher education is a complex task for aspirants from a decision-making perspective. This study first aims to understand the essential parameters that affect potential students' choice of higher education institutions. It then aims to explore how these parameters or priorities have changed given the impact of the COVID-19 pandemic. Learning about the differences in priorities for university selection pre- and post-COVID-19 pandemic might help higher education institutions focus on relevant parameters in the post-pandemic era.Design/methodology/approachThis study uses a mixed-method approach, with primary and secondary data (university parameters from the website and LinkedIn Insights). We developed a university selector system by scraping LinkedIn education data of various universities and their alumni records. The final decision-making tool was hosted on the web to collect potential students' responses (primary data). Response data were analyzed via a multicriteria decision-making (MCDM) model. Portal-based data collection was conducted twice to understand the differences in university selection priorities pre- and post-COVID-19 pandemic. A one-way MANOVA was performed to find the differences in priorities related to the university decision-making process pre- and post-COVID-19.FindingsThis study considered eight parameters of the university selection process. MANOVA demonstrated a significant change in decision-making priorities of potential students between the pre- and post-COVID-19 phases. Four out of eight parameters showed significant differences in ranking and priority. Respondents made significant changes in their selection criteria on four parameters: cost (went high), ranking (went low), presence of e-learning mode (went high) and student life (went low).Originality/valueThe current COVID-19 pandemic poses many uncertainties for educational institutions in terms of mode of delivery, student experience, campus life and others. The study sheds light on the differences in priorities resulting from the pandemic. It attempts to show how social priorities change over time and influence the choices students make.

Evaluation of behavioral biases affecting investment decision making of individual equity investors by fuzzy analytic hierarchy process

2019 ◽  
Vol 12 (3) ◽  
pp. 297-314 ◽  
Author(s):  
Jinesh Jain ◽  
Nidhi Walia ◽  
Sanjay Gupta
Keyword(s):  
Decision Making ◽  
Behavioral Finance ◽  
Investment Decision ◽  
Investment Decisions ◽  
Analytic Hierarchy ◽  
Content Type ◽  
Behavioral Biases ◽  
Investment Decision Making ◽  
Overconfidence Bias ◽  
Hierarchy Process

Purpose Research in the area of behavioral finance has demonstrated that investors exhibit irrational behavior while making investment decisions. Investor behavior usually deviates from logic and reason, and consequently, investors exhibit various behavioral biases which impact their investment decisions. The purpose of this paper is to rank the behavioral biases influencing the investment decision making of individual equity investors from the state of Punjab, India. This research would provide valuable insight into the different behavioral biases to investors and other participants of the capital market and help them in improving investment decisions. Design/methodology/approach The research is conducted on the individual equity investors of Punjab, India. Fuzzy analytic hierarchy process was applied to rank the factors influencing the decision making of individual equity investors of Punjab. The primary factors considered for the study are overconfidence bias, representative bias, anchoring bias, availability bias, regret aversion bias, loss aversion bias, mental accounting bias and herding bias. Findings The three most influential criteria were herding bias, loss aversion bias and overconfidence bias. The five most influential sub-criteria were “I readily sell shares that have increased in value (C61),” “News about the company (Newspapers, TV and magazines) affects my investment decision (C84),” “I invest each element of my investment portfolio separately (C71)” and “I usually hold loosing stock for long time, expecting trend reversal (C52).” Research limitations/implications Although sample survey conducted in the present study was based on a limited sample selected from a particular area that truly represented the total population, it is considered as the limitation of this study. Practical implications The outcome of this research provides investors with a better understanding of behavioral biases that influence their decision making. This study provides them a guideline on different behavioral biases that they should consider while making investment decisions. Originality/value The research model is based on the available literature on behavioral finance and the research results and findings would add value to the existing knowledge base.

Gender and water governance in Mexico

2019 ◽  
Vol 30 (4) ◽  
pp. 695-713 ◽  
Author(s):  
Jorge Alejandro Silva Rodríguez de San Miguel
Keyword(s):  
Water Management ◽  
Water Governance ◽  
Mexican Women ◽  
Educational Equality ◽  
Content Type ◽  
Gender Biases ◽  
Mexican State ◽  
Local Actors ◽  
Complicating Factors ◽  
And Gender

Purpose The purpose of this paper is to look at how water management reflects patriarchal considerations or gender biases that inflict a penalty upon Mexican women and enumerates recommendations that can both ameliorate water management across Mexico. Design/methodology/approach Peer-reviewed scholarly materials, carefully vetted for empirical worth, for the clarity and soundness of their research methodologies, and for their capacity to account for confounding or complicating factors, are reviewed. Special attention is given to studies, found in academic databases such as EBSCOHost, conducted in the years 2013–2018. Findings The Mexican state has finally made some progress in recognizing the hurdles women face in attaining educational equality, but there is not yet the universal application and comity that would ensure appropriate levels of representation in all communities. Mexico will have to do more to compel local actors to give greater credence to the voices of women. Research limitations/implications There is a need for further primary research to more comprehensively capture what actions women are taking to carve out a large policy-making space for themselves in a country that has only quite recently begun to realize the contributions women can make to forward-looking water governance policy. Originality/value The uneasy confluence between water governance and gender within the Mexican context is an area of growing concern to those interested in how water management systems and protocols shape broader social justice and equality developments across Mexico.

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