Women on the edge of a breakthrough? A stereotype threat theory of women's angel investing

Richard T. Harrison, Tiago Botelho, Colin M. Mason

Research output: Contribution to journalArticlepeer-review

9 Citations (Scopus)
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The extent to which women participate in the angel investment market has become an important topic of research and policy interest. Based on UK survey data, we demonstrate that there are systematic but not unequivocal differences between women and men investors on a number of key investor and investment characteristics. We also report indicative evidence that members of women-only networks do differ from women who join mixed networks. Drawing on these results, we develop a stereotype threat theory perspective on women’s angel investing which highlights the cues, consequences, outcomes and responses to stereotype threat. Specifically, we theorise that stereotype threat influences women’s widely reported lower participation in the angel investment market. In addition, stereotype threat theory helps explain both women’s overall active involvement in the angel investment market and their participation in women-only investor networks. We conclude that there is a case for women-only angel networks and training programmes to mitigate the performance and participation consequences of stereotype threat.

Original languageEnglish
Pages (from-to)768-797
Number of pages30
JournalInternational Small Business Journal
Issue number8
Early online date9 Jul 2020
Publication statusPublished - 1 Dec 2020


  • angel investing
  • competition
  • gender
  • performance
  • risk
  • stereotype threat

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