Research

Publications (* Indicates equal authorship)

Do Financial Market Frictions Hurt the Performance of Women-Led Ventures? A Meta-Analytic Investigation (with David G. Ross*), Strategic Management Journal, 45, 507-534, 2024

Abstract: Extant research offers conflicting views about the size and nature of gender-related disparities in venture financing and venture performance. We theorize that gender-related frictions in debt financing, the most common source of capital for new ventures, materially impair the performance of women-led ventures but that these frictions decline with financial development. We find strong support for these predictions in a meta-analysis of 63 primary studies in which we use financial development to instrument for the impact of gender-related financial frictions on venture performance; in fact, in the absence of gender-related financial frictions, ventures led by women would modestly outperform ventures led by men. We also find that gender-related financial frictions are greater for access to, than the terms of, debt financing.

How Knowledge Contexts Influence Entrepreneurial Strategy: Evidence from IPO Firms (with Jarrod H. Humphrey*), Journal of Knolwedge Management Practice, 25, 75-98, 2025

Abstract: Founders inherit valuable expertise from their previous employers, which they subsequently apply in their new ventures. This study examines the differences in strategic leadership and capital allocation between academic and industry spinouts, emphasizing the impact of knowledge context on entrepreneurial strategy. Utilizing hand-collected data on all IPO firms in life sciences and computer programming, we find that academic spinouts are less likely to retain a founder as CEO compared to industry spinouts, and academic spinouts allocate more resources to R&D than industry counterparts. Furthermore, we explore how founder-CEO moderates the relationship between academic spinouts and their resource allocation to R&D.

Working Papers (* Indicates equal authorship)

From Male to Female CEOs: How Boards Adapt Their Monitoring Roles (with Longwang Fu*)
Revise and Resubmit at Academy of Mangement Journal 

How Community Ideology Influences How Much Firms Pollute (with Dawn Chow)
Revise and Resubmit at Journal of Business Ethics 

A Pursuit of Lower-Risk Innovation: Acquisition and the Interdependence between Technological and Makreting Capabilities (with Gwendolyn K. Lee)
Reject and Resubmit at Strategic Management Journal 

What is the Color of Labor Union?  Assessing Environmental Performance of Unionized Facilities (with Narae Lee)
Draft Available Upon Request

Breaking Barriers or Redirecting Ambitions?: A Meta-Analysis of Board Gender Quotas, Women's Entrepreneurship, and the Critical Role of Financial Development (with Hatame Ahmadi and David G. Ross*)
Draft Available Upon Request