The Influence of Founder CEO’s Human Capital Resources on the Relationship Between Workforce Gender Diversity and Venture Firm Performance

Integrating the categorization-elaboration model (CEM), resource complementarity, and human capital perspectives, we investigate whether the founder CEO’s human capital resources can influence the effect of workforce gender diversity, an untapped strategic resource, on venture firm performance. Our main focus lies on knowledge- and technology-intensive venture firms, and we propose that both workforce gender diversity and the CEO’s human capital resources jointly influence venture firm performance. We identify the specific functional impacts of the founder CEO's human capital, encompassing entrepreneurial experience, human resource (HR) management experience, and same-industry experience. Analyzing 1413 venture firms utilizing multilevel analysis (random coefficient modeling), we find that gender diversity does not significantly affect venture firm performance. Nevertheless, the founder CEO’s entrepreneurial experience exerts a positive impact on the interplay between gender diversity and venture firm performance. These findings underscore the strategic role of the founder CEO’s human capital resources in moderating the effects of gender diversity, making significant contributions to the diversity and strategic human capital resource literature.