Gender and Entrepreneurial Performance: Evidence From Danish Firms

Abstract

This study investigates gender differences in the performance of entrepreneurial firms in Denmark. While such differences are often assumed, with female-led firms frequently perceived as underperforming their male-led counterparts, the extent and causes of these disparities remain debated. Using comprehensive firm-level data, it compares female- and male-led firms in terms of profitability, financial risk behavior, and industry concentration. The analysis reveals that female-led firms differ from male-led firms in terms of size, sectoral distribution, and financial strategy. However, once firm characteristics are accounted for, no significant performance gap is observed. These findings suggest that observed differences are more likely driven by structural barriers and unequal access to opportunities than by differences in capability or ambition. The study contributes to the literature by providing empirical evidence on gendered entrepreneurship in a country with well-established economic and gender equity infrastructures