It is possible that female founders prefer to keep control of the company and continue to grow their business independently (Kanze et al., Indeed, companies with a solid business model and sufficient scale might choose to reinvest the profits in the company, and part of the profits can be distributed to investors as a dividend. Other indicators could include revenue or employment growth for instance. However, these data are not readily available in Crunchbase and particular effort should be undertaken to build such variables, possibly exploiting information contained in companies’ websites. Regressions include the following fixed effects: country, sector, company founding year, funding category.