An exploratory analysis of equally male/female-owned firm performance in the United States

Purpose – Equally male/female-owned businesses have been a part of the United States (US) economy and provide a platform for female entrepreneurs, yet these businesses have been understudied in today’s literature. This study examines trends in the performance of equally male/female-owned firms and compares them to female-owned and male-owned businesses. In addition, through social role theory, factors beyond gender are discussed to explain the potential differences in firm performance among various firm ownership groups. Design/methodology/approach – This study uses eight years of US Census data to analyze annual trends and average firm performance for equally male/female-owned, female-owned, and male-owned firms. A one-way analysis of variance (ANOVA) is used to compare the means of the firm performance variables by each ownership group, followed by Tukey’s Honest Significant Difference (HSD) test to assess the significance of differences. Findings – The findings reveal that equally male/female-owned firms perform similarly to female-owned firms, both of which significantly underperform in sales, productivity, and pay when compared to male-owned businesses. This interesting outcome indicates that the presence of a male co-owner does not automatically translate to an increased firm performance and that factors beyond gender influence the trajectory of these businesses. Additionally, the large presence of family-owned firms within the sample of equally male/female-owned firms sheds new insight into family business literature and helps explain the comparable performance patterns with those of female-owned firms. More specifically, both ownership groups, equally male/female-owned and female-owned firms, likely prioritize nonfinancial goals, such as family and work-life integration, potentially at the expense of firm performance. Originality/value – This study is one of few to date that investigates a third firm ownership category in the US market, the equally male/female-owned firms, and compares them based on average performance to two previously studied groups, male-owned and female-owned firms. This article contributes to the body of knowledge by providing insight into the performance of equally male/female-owned businesses through the underpinnings of social role theory, as well as important implications for gender, female entrepreneurship, equal ownership, and family business policy and practice. © 2025 Emerald Publishing Limited