Date of Award
8-2025
Document Type
Dissertation
Degree Name
Doctor of Philosophy (PhD)
Department
Management
Committee Chair/Advisor
Amy Ingram, Ph.D.
Committee Member
Chad Navis, Ph.D.
Committee Member
Matt Hersel, Ph.D.
Committee Member
Diana Hechavarria, Ph.D.
Abstract
Gender disparities in entrepreneurship persist despite increased participation by women entrepreneurs. Traditional research has attributed these disparities to gender differences in risk-taking behavior, with women entrepreneurs typically characterized as more risk-averse. However, recent evidence suggests this oversimplifies a complex phenomenon and may reinforce harmful stereotypes. This study examined the relationships among risk aversion, loss aversion, risk propensity, and venture performance for male and female entrepreneurs, while considering moderating effects of industry gender-type and previous experience.
A quantitative cross-sectional design was employed with 157 entrepreneurs (93 female, 64 male) recruited from entrepreneurial organizations. Risk aversion was measured using the Domain-Specific Risk-Taking (DOSPERT) scale (α = .943), loss aversion using the Loss Aversion Measurement (LAM) scale, and risk propensity using the Risk Propensity Scale (α = .760). Venture performance was assessed through growth metrics and subjective performance measures. Data analysis included independent samples t-tests, correlation analysis, and moderation analysis using interaction terms.
Contrary to hypotheses, no significant gender differences were found in risk aversion (t(155) = -0.478, p = .317, d = -0.078), loss aversion (t(151) = 1.11, p = .865), or risk propensity (t(155) = 0.84, p = .799, d = 0.136). Female entrepreneurs did not demonstrate superior venture performance compared to males (U = 2810, p = .667, d = ‑0.044). Loss aversion did not have a stronger influence on female entrepreneurs’ risk propensity than males’ (β = 0.002, p = .762). Industry gender composition and previous experience did not significantly moderate the relationship between risk propensity and venture performance. However, risk propensity was positively correlated with venture growth intention (r = .341, p < .001) and perceived success (r = -.224, p = .005), regardless of gender.
These findings challenge traditional assumptions about gender differences in entrepreneurial risk-taking, suggesting that male and female entrepreneurs are more similar than different in their risk attitudes and behaviors. The results indicate that gender-based stereotypes about risk aversion may be unfounded and call for more nuanced approaches to understanding entrepreneurial decision-making. Implications include the need for gender-neutral entrepreneurship training programs, unbiased investment evaluation criteria, and support systems based on individual rather than gender-based characteristics. Future research should employ longitudinal designs and explore alternative explanations for persistent gender disparities in entrepreneurial outcomes.
Recommended Citation
McAlister, Kara, "Gender and Entrepreneurial Success: Examining the Relationships Among Risk Aversion, Loss Aversion, Risk Propensity, and Venture Performance" (2025). All Dissertations. 3993.
https://open.clemson.edu/all_dissertations/3993