Abstract
Female entrepreneurs and CEOs generally face greater challenges in securing funding to exploit entrepreneurial opportunities, yet contextual factors under which such challenges are more likely to arise are less understood. We explore how CEO gender affects IPO underpricing in China. We find that firms led by female CEOs incur greater IPO underpricing, but this effect is moderated by their financial backers. Specifically, the positive relationship between female CEOs and IPO underpricing is attenuated when a newly public firm is backed by venture capitalists, whereas such a relationship is exacerbated when a newly public firm is in part state-owned. Using a dataset of 934 IPOs in China in Small and Medium-Enterprise (SME) and ChinNext stock exchanges between 2009 and 2015, our results corroborate these findings.
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