An Examination of Rural and Female-Led Firms: A Resource Approach


  • Marcos Segantini Universidad ORT
  • Lori A. Dickes Clemson University


Previous studies in entrepreneurship research indicate that external funding is critical for entrepreneurial success and that spatial funding inequities between nascent rural and non-rural firms are ever-present. Moreover, women entrepreneurs, rural or otherwise, receive fewer external resources than their male counterparts. To our knowledge there has been no research leveraging the Panel Study of Entrepreneurial Dynamics (PSED), a representative dataset of American individuals trying to create new firms, to better understand differences between rural, non-rural and female-led firms in terms of their ability to stay engaged in the entrepreneurial process and to earn a profit. Using the resource-based theory of the firm, this research will begin to examine some of the critical factors driving rural firm success and rural female-led firm success. We utilize Cox and logistic regression models to analyze the time to quit, time to profit, and the likelihood of firm survival and profit generation for these firms. Results reveal that externally monitored funds are a significant variable for rural firm success in comparison to non-rural firms and appear to be especially important for women-led nascent firms early in the firm gestation process. Future research would benefit from further exploration of funding bias, entrepreneurial motivation and personal characteristics of rural, female-rural and their non-rural counterparts. This research adds to the literature on rural entrepreneurship by using the resource based theory of the firm in conjunction with the PSED database to study the nature of firm success and firm profit for rural and female led rural firms.

Author Biographies

  • Marcos Segantini, Universidad ORT

    Montevideo, Uruguay,

  • Lori A. Dickes, Clemson University

    Barre Hall 2023, Clemson, SC 29631, USA,






How to Cite

An Examination of Rural and Female-Led Firms: A Resource Approach. (2021). Journal of Small Business Strategy (archive Only), 31(4), 20-39.