Recent research into the economic performance of women-controlled firms suggests that their
underperformance may not be the result of differences in the managerial ability of women as
compared to men, and that it may in fact be a consequence of differing levels of start-up
resources. Using accounting data, we examine the effects that selected start-up conditions
have had on the observed economic performance of a sample of 4450 Spanish manufacturing
firms. The results, which indicate significant differences in the initial conditions and show
lower levels of assets and employee numbers in women-controlled firms, have implications for
the economic performance of such firms