When context shapes gender diversity: women in management and the performance of academic spin-offs and innovative startups

Purpose This paper investigates how women’s involvement in management affects firm financial performance in two distinct entrepreneurial contexts: academic spin-offs (ASOs) and innovative startups not anchored to universities. Design/methodology/approach Drawing on upper echelons theory and the literature on academic entrepreneurship, we develop hypotheses on the role of female managers in shaping firm outcomes. We test them on a large panel dataset of 1,581 ASOs (10,386 firm-year observations) and 2,980 innovative startups (19,272 firm-year observations). Findings Our findings reveal a negative effect of women on ASOs' financial performance, while the relationship is positive, when significant, in innovative startups. This evidence highlights the role of context in shaping the gender diversity-performance link, and it suggests that university affiliation may dampen the benefits of diversity that are more likely to emerge in more flexible environments. Practical implications Gender diversity in management is not automatically beneficial. Its effects depend on context, organizational culture and support. Effective inclusion policies and leadership pathways for women can transform diversity from a symbolic measure into a strategic resource driving innovation, decision-making and firm growth. Social implications Inclusive, diverse management teams generate social value by enabling all voices to influence decisions, enhancing fairness and innovation. Such practices help dismantle systemic inequalities, promote equal opportunities and provide role models, supporting cultural and institutional change toward broader gender equality in academia and entrepreneurship. Originality/value This paper contributes to both gender and entrepreneurship research by showing how the institutional embeddedness of ASOs conditions the growth performance effects of female management, in contrast to the more flexible environment of innovative startups.