Gender differences in financial inclusion amongst entrepreneurs in Zimbabwe
Tóm tắt
Using a large sample of micro, small and medium enterprises (MSMEs) data in Zimbabwe, this paper investigates gender gap prevalence in financial inclusion. It further assesses existence of gender heterogeneity in the returns to financial inclusion amongst MSMEs. We construct composite indices that measure the entrepreneurs’ financial inclusion. Using Tobit and OLS regressions, we find statistically weak evidence of female financial exclusion in the formal financial sector after controlling for background characteristics and the industry of the entrepreneurs. On the other hand, female entrepreneurs are no less likely to be financially included in the informal financial markets than their male counterparts. Moreover, financial inclusion in informal financial markets by female entrepreneurs is associated with higher firm performance vis-à-vis their male counterparts.
Tài liệu tham khảo
Akoten, J. E., Sawada, Y., & Otsuka, K. (2006). The determinants of credit access and its impacts on micro and small enterprises: The case of garment producers in kenya. Economic Development and Cultural Change, 4(54), 927–944. doi:10.1086/503585.
Allen, F., Carletti, E., Cull, R., Qian, J., Senbet, L., & Valenzuela, P. (2014). The African Financial Development and Financial Inclusion Gaps. World Bank Group, Policy Research Working Paper No. 7019.
Allen, F., Demirgüç-Kunt, A., Klapper, L., & Peria, M. S. M. (2016). The foundations of financial inclusion: Understanding ownership and use of formal accounts. Journal of Financial Intermediation,. doi:10.1016/j.jfi.2015.12.003.
Aterido, R., Hallward-Driemeier, M., & Pages, C. (2011). Big constraints to small firms’ growth? Business environment and employment growth across firms. Economic Development and Cultural Change, 59(3), 609–647. doi:10.1086/658349.
Banerjee, A. V., & Duflo, E. (2014). Do firms want to borrow more? Testing credit constraints using a directed lending program. Review of Economic Studies, 81(2), 572–607. doi:10.1093/restud/rdt046.
Berge, L. I. O., Bjorvatn, K., Juniwaty, K. S., & Tungodden, B. (2013). Business training in Tanzania: From research-driven experiment to local implementation. Journal of African Economies, 21(5), 808–827. doi:10.1093/iae/ejs016.
Brush, C. G., Carter, N. M., Gatewood, E., Greene, P. G., & Hart, M. (2003). Venture capital access: Is gender an issue? In D. Hart (Ed.), The emergence of entrepreneurship policy: Governance, start-ups and growth in the U.S. knowledge economy (pp. 141–154). London: Cambridge University Press.
Buvinic, M., & Berger, M. (1990). Sex differences in access to a small enterprise development fund in Peru. World Development, 18(5), 695–705. doi:10.1016/0305-750X(90)90018-S.
Cameron, A. C., & Trivedi, P. K. (2005). Microeconometrics: Methods and applications. New York: Cambridge University Press.
Carter, S., & Shaw, E. (2006). Women’s business ownership: Recent research and policy development. London: DTI Small Business Service Research Project.
Coleman, S. (2000). Access to capital and terms of credit: A comparison of men- and women-owned small businesses. Journal of Small Business Management, 38(3), 37–52.
Coleman, S., & Robb, A. (2009). Sources of financing for new technology firms: Evidence from the Kauffman firm survey. Small Business Economics, 33, 397–411. doi:10.1007/s11187-009-9205-7.
Cull, R., Demirgüç-Kunt, A., & Morduch, J. (2007). Financial performance and outreach: A global analysis of leading microbanks. Economic Journal, 117, F107–F133. doi:10.1111/j.1468-0297.2007.02017.x.
Davis, S. E. M., & Long, D. D. (1999). Women entrepreneurs: What do they need? Business and Economic Review, 45(4), 25–26.
de Mel, S., McKenzie, D., & Woodruff, C. (2008). Returns to capital in microenterprises: Evidence from a field experiment. Quarterly Journal of Economics, 123(4), 1329–1372. doi:10.1162/qjec.2008.123.4.1329.
Demirgüç-Kunt, A., Beck, T., & Honohan, P. (2008). Finance for all? Policies and pitfalls in expanding access. Policy Research Report. Washington, DC: The World Bank.
Demirgüç-Kunt, A., & Klapper, L. (2012). Financial inclusion in Africa: An overview. Policy Research Working Paper Series 6088. Washington, DC: The World Bank.
Demirgüç-Kunt, A., Klapper, L., & Singer, D. (2013). Financial inclusion and legal discrimination against women: evidence from developing countries. Policy Research Working Paper Series 6416. Washington, DC: The World Bank.
Demirgüç-Kunt, A., & Maksimovic, V. (1998). Law, finance and firm growth. Journal of Finance, 53(6), 2107–2137. doi:10.1111/0022-1082.00084.
Dupas, P., & Robinson, J. (2013). Savings constraints and microenterprise development: Evidence from a field experiment in Kenya. American Economic Journal: Applied Economics, American Economic Association, 5(1), 163–192. doi:10.1257/app.5.1.163.
Elston, J. A. (2002). An examination of the relationship between firm size, growth and liquidity in the Neuer market, Discussion Paper, Economic Research Center of the Deutsche Bundesbank,1 5/02.
Fafchamps, M. (2004). Market institutions in Sub-Saharan Africa: Theory and evidence. Cambridge, MA: MIT Press.
Fazzari, S., Hubbard, G., & Petersen, B. (1988). Financing constraints and corporate investment. Brookings Papers on Economic Activity, 19, 141–195.
Fletschner, D. (2008). Women’s access to credit: does it matter for household efficiency? American Journal of Agricultural Economics, 90(3), 669–683. doi:10.1111/j.1467-8276.2008.01143.x.
Hansen, H., & Rand, J. (2011). Another Perspective on Gender Specific Access to Credit in Africa. FOI Working Paper No. 14.
Heshmati, A. (2001). On the growth of micro and small firms: Evidence from Sweden. Small Business Economics, 17, 213–228.
Honjo, Y., & Harada, N. (2006). SME policy, financial structure and firm growth: Evidence from Japan. Small Business Economics, 27(4/5), 289–300.
Honohan, P. (2004). Financial development, growth, and poverty: how close are the links? Policy Research Working Paper Series 3203. Washington, DC: The World Bank.
Jennings, J. E., & Brush, C. G. (2013). Research on women entrepreneurs: Challenges to (and from) the broader entrepreneurship literature? The Academy of Management Anals, 7(1), 663–716. doi:10.1080/19416520.2013.782190.
Klinger, B., & Schündeln, M. (2011). Can entrepreneurial activity be taught? Quasi-experimental evidence from Central America. World Development, 39(9), 1592–1610. doi:10.1016/j.worlddev.2011.04.021.
Morduch, J. (1999). The microfinance promise. Journal of Economic Literature, XXXVII, 1569–1614. doi:10.1257/jel.37.4.1569.
Petersen, M. A., & Rajan, R. G. (1994). The benefits of lending relationships: Evidence from small business data. The Journal of Finance, 49(1), 3–37. doi:10.1111/j.1540-6261.1994.tb04418.x.
Pitt, M. M. (2014). Response to the impact of microcredit on the poor in Bangladesh: Revisiting the evidence. Journal of Development Studies, 50(4), 605–610. doi:10.1080/00220388.2013.868141.
Pitt, M., & Khandker, S. R. (1998). The impact of group-based credit programs on poor households in Bangladesh: Does the gender of participants matter? Journal of Political Economy, 106(5), 958–996.
Sirec, K., & Mocnik, D. (2012). Gender specifics in entrepreneurs personal characteristics. Journal for East European Management Studies, 17(1), 11–39.
Stefani, M. L., & Vacca, V. (2013). Credit access for female firms: Evidence from a survey on European SMEs. No: Questioni di Economia e Finanza. 176.
Watson, J., & Robinson, S. (2003). Adjusting for risk in comparing the performances of male- and female-controlled SMEs. Journal of Business Venturing, 18, 773–788. doi:10.1016/S0883-9026(02)00128-3.
Welch, L. C., Welch, D. E., & Hewerdine, L. (2008). Gender and export behaviour: Evidence from women-owned enterprises. Journal of Business Ethics, 83(1), 113–126. doi:10.1007/s10551-007-9652-5.