ACCESS TO FINANCE IN FIRMS WITH FEMALE PARTICIPATION IN OWNERSHIP: FIRM LEVEL EVIDENCE FOR TURKEY
Year 2017,
, 591 - 602, 01.08.2017
Nurullah Gür
Elmas Yaldız Hanedar
,
Önder Avni Hanedar
Abstract
Women may face discrimination in access to finance, as in all areas of the economy. This paper tests whether firms with female participation in ownership face discrimination in access to finance. To test whether there is gender discrimination in access to finance in Turkey, this paper uses firm level data set from the latest version of Business Environment and Enterprise Performance Survey. Logit and Probit models are used for the econometric analysis. Empirical results show that there is no robust relationship between the dummy variable for female participation in ownership and proxies for access to finance. These results indicate that firms with female participation in ownership do not face systematic discrimination in access to finance in Turkey, as compared to other firms
References
- Adaçay, R. F. (2014). Toplumsal cinsiyet ve kalkınma. Bursa: Ekin Kitabevi.
- Alesina, A., Lotti, F., & Mistrulli, E. (2013). Do women pay more for credit? Evidence from Italy. Journal of the European Economic Association, 11(1), 45-66.
- Aterido, R., Beck, T., & Iacovone, L. (2013) Access to Finance in Sub-Saharan Africa: Is there a gender gap?. World Development, 47, 102–120.
- Beck, T., Demirgüç Kunt, A. S., & Maksimovic, V. (2005). Financial and legal constraints to growth: Does firm size matter?. Journal of Finance, 60(1), 137-177.
- Beck, T. H. L., Behr, P., & Guttler, A. (2013). Gender and banking: Are women better loan officer. Review of Finance, 17(4), 1279-1321.
- Becker, G. S. (1957). The Economics of discrimination. Chicago: University of Chicago Press.
- Bellucci, A., Borisov, A.V., & Zazzaro, A. (2009). Does gender matter in bank-firm relationships? Evidence from small business lending. Mo.Fi.R. Working Papers 31, Univ. Politecnica Marche.
- Berkovec, J. A., Canner, G. B., Gabriel, S. A., & Hannan, T. H. (1998). Discrimination, competition and loan performance in FHA mortgage lending. Review of Economics and Statistics, 80(2), 241-250.
- Carter, S., & Rosa, P. (1998). The financing of male- and female-owned businesses. Entrepreneurship and Regional Development, 10(3), 225–242.
- Cavalluzzo, K. S., & Cavalluzzo, L. C. (1998). Market structure and discrimination: The case of small businesses. Journal of Money, Credit and Banking, 30(4), 771-792.
- Cavalluzzo, K., Cavalluzzo, L., & Wolken, J. D. (2002). Competition, small business financing and discrimination: Evidence from a new survey. Journal of Business, 75(4), 641-79.
- Croson, R., & Gneezy, U. (2009). Gender differences in preferences. Journal of Economic Literature, 47(2), 448–474.
- D’Espallier, B., Guérin, I., & Mersland, R. (2011). Women and repayment in micro finance: A global analysis. World Development, 39(5), 758-772.
- Duflo, E. (2012). Women empowerment and economic development. Journal of Economic Literature, 50(4), 1051-1079.
- Dünya Gazetesi (2014). Kadın Girişimci Sayısı İlk Kez 100 Bini Aştı 7 Aralık 2014. Erişim Tarihi: 18.01.2017, http://www.dunya.com/ekonomi/kadin-girisimci-sayisi-ilk-kez- 100-bini-asti-haberi-265070.
- Gorodnichenko, Y., & Schnitzer, M. (2013). Financial constraints and innovation: Why poor countries don’t catch up. Journal of the European Economic Association, 11(5), 1115- 1152.
- Gur, N. (2012). Financial constraints, quality of institutions and firm size: What do perceptions tell us?. Eurasian Economic Review, 2(2), 17-36.
- Haines, G. H., Orser, B. J., & Riding, A. L. (1999). Myths and realities: An empirical study of banks and the gender of small business clients. Canadian Journal of Administrative Sciences, 16(4), 291–307.
- Hansen, H., & Rand, J. (2014). The myth of female credit discrimination in African manufacturing, The Journal of Development Studies, 50(1), 81-96.
- Jianakoplos, N. A., & Bernasek, A. (1998). Are women more risk averse?. Economic Inquiry, 36(4), 620–630.
- Kim, G. O. (2006). Do equally owned small businesses have equal access to credit?. Small Business Economics, 27(5), 369-386.
- Krishnan, K., Nandy, D., & Puri, M. (2015). Does financing spur small business productivity? Evidence from a natural experiment. Review of Financial Studies, 28(6), 1768-1809.
- Ladd, H. F. (1998). Evidence on discrimination in mortgage lending. Journal of Economic Perspectives, 12(2), 41-62.
- Minetti, R., & Zhu, S. C. (2011). Credit constraints and firm export: Microeconomic evidence from Italy. Journal of International Economics, 83(2), 109-125.
- Muravyev, A., Talavera, O., & Schäfer, D. (2009). Entrepreneurs’ gender and financial constraints: Evidence from international data. Journal of Comparative Economics, 37(2), 270–286.
- Powell, M., & Ansic, D. (1997). Gender differences in risk behavior in financial decision- making: An experimental analysis. Journal of Economic Psychology, 18(6), 605-628.
- Schubert, R., Brown, M., Gysler, M., & Brachinger, H. W. (1999). Financial decision making: Are women really more risk-averse?. American Economic Review, 89(2), 381-385.
- WEF (2016). The global gender gap report 2016. Geneva: World Economy Forum.
- Wooldridge, J. M. (2012). Introductory econometrics: A modern approach. Mason, OH: South- Western Cengage Learning.
KADIN ORTAKLI ŞİRKETLERDE DIŞ FİNANSMANA ERİŞİM: TÜRKİYE İÇİN FİRMA DÜZEYİNDE BİR BULGU
Year 2017,
, 591 - 602, 01.08.2017
Nurullah Gür
Elmas Yaldız Hanedar
,
Önder Avni Hanedar
Abstract
Kadınlar, ekonominin her alanında olduğu gibi dış finansmana erişim konusunda da ayrımcılığa maruz kalabilmektedir. Bu çalışma Türkiye’de kadın ortaklı şirketlerin diğer şirketlere göre dış finansmana erişimde ayrımcılığa maruz kalıp kalmadığını test etmektir. Türkiye’de dış finansman erişim konusunda cinsiyet ayrımcılığının olup olmadığını test etmek için “İş Ortamı ve İşletme Performansı Araştırması”nın son versiyonunda yer alan firma bazlı veri seti kullanılmaktadır. Ekonometrik analiz için Logit ve Probit modelleri kullanılmaktadır. Ampirik sonuçlar, kadın ortak için kullanılan kukla değişken ile dış finansmana erişim göstergeleri arasında tutarlı bir ilişkinin olmadığını göstermektedir. Bu sonuçlar, Türkiye’de kadın ortağa sahip firmaların diğer firmalara göre dış finansmana erişimde sistematik bir ayrımcılığa maruz kalmadığına işaret etmektedir.
References
- Adaçay, R. F. (2014). Toplumsal cinsiyet ve kalkınma. Bursa: Ekin Kitabevi.
- Alesina, A., Lotti, F., & Mistrulli, E. (2013). Do women pay more for credit? Evidence from Italy. Journal of the European Economic Association, 11(1), 45-66.
- Aterido, R., Beck, T., & Iacovone, L. (2013) Access to Finance in Sub-Saharan Africa: Is there a gender gap?. World Development, 47, 102–120.
- Beck, T., Demirgüç Kunt, A. S., & Maksimovic, V. (2005). Financial and legal constraints to growth: Does firm size matter?. Journal of Finance, 60(1), 137-177.
- Beck, T. H. L., Behr, P., & Guttler, A. (2013). Gender and banking: Are women better loan officer. Review of Finance, 17(4), 1279-1321.
- Becker, G. S. (1957). The Economics of discrimination. Chicago: University of Chicago Press.
- Bellucci, A., Borisov, A.V., & Zazzaro, A. (2009). Does gender matter in bank-firm relationships? Evidence from small business lending. Mo.Fi.R. Working Papers 31, Univ. Politecnica Marche.
- Berkovec, J. A., Canner, G. B., Gabriel, S. A., & Hannan, T. H. (1998). Discrimination, competition and loan performance in FHA mortgage lending. Review of Economics and Statistics, 80(2), 241-250.
- Carter, S., & Rosa, P. (1998). The financing of male- and female-owned businesses. Entrepreneurship and Regional Development, 10(3), 225–242.
- Cavalluzzo, K. S., & Cavalluzzo, L. C. (1998). Market structure and discrimination: The case of small businesses. Journal of Money, Credit and Banking, 30(4), 771-792.
- Cavalluzzo, K., Cavalluzzo, L., & Wolken, J. D. (2002). Competition, small business financing and discrimination: Evidence from a new survey. Journal of Business, 75(4), 641-79.
- Croson, R., & Gneezy, U. (2009). Gender differences in preferences. Journal of Economic Literature, 47(2), 448–474.
- D’Espallier, B., Guérin, I., & Mersland, R. (2011). Women and repayment in micro finance: A global analysis. World Development, 39(5), 758-772.
- Duflo, E. (2012). Women empowerment and economic development. Journal of Economic Literature, 50(4), 1051-1079.
- Dünya Gazetesi (2014). Kadın Girişimci Sayısı İlk Kez 100 Bini Aştı 7 Aralık 2014. Erişim Tarihi: 18.01.2017, http://www.dunya.com/ekonomi/kadin-girisimci-sayisi-ilk-kez- 100-bini-asti-haberi-265070.
- Gorodnichenko, Y., & Schnitzer, M. (2013). Financial constraints and innovation: Why poor countries don’t catch up. Journal of the European Economic Association, 11(5), 1115- 1152.
- Gur, N. (2012). Financial constraints, quality of institutions and firm size: What do perceptions tell us?. Eurasian Economic Review, 2(2), 17-36.
- Haines, G. H., Orser, B. J., & Riding, A. L. (1999). Myths and realities: An empirical study of banks and the gender of small business clients. Canadian Journal of Administrative Sciences, 16(4), 291–307.
- Hansen, H., & Rand, J. (2014). The myth of female credit discrimination in African manufacturing, The Journal of Development Studies, 50(1), 81-96.
- Jianakoplos, N. A., & Bernasek, A. (1998). Are women more risk averse?. Economic Inquiry, 36(4), 620–630.
- Kim, G. O. (2006). Do equally owned small businesses have equal access to credit?. Small Business Economics, 27(5), 369-386.
- Krishnan, K., Nandy, D., & Puri, M. (2015). Does financing spur small business productivity? Evidence from a natural experiment. Review of Financial Studies, 28(6), 1768-1809.
- Ladd, H. F. (1998). Evidence on discrimination in mortgage lending. Journal of Economic Perspectives, 12(2), 41-62.
- Minetti, R., & Zhu, S. C. (2011). Credit constraints and firm export: Microeconomic evidence from Italy. Journal of International Economics, 83(2), 109-125.
- Muravyev, A., Talavera, O., & Schäfer, D. (2009). Entrepreneurs’ gender and financial constraints: Evidence from international data. Journal of Comparative Economics, 37(2), 270–286.
- Powell, M., & Ansic, D. (1997). Gender differences in risk behavior in financial decision- making: An experimental analysis. Journal of Economic Psychology, 18(6), 605-628.
- Schubert, R., Brown, M., Gysler, M., & Brachinger, H. W. (1999). Financial decision making: Are women really more risk-averse?. American Economic Review, 89(2), 381-385.
- WEF (2016). The global gender gap report 2016. Geneva: World Economy Forum.
- Wooldridge, J. M. (2012). Introductory econometrics: A modern approach. Mason, OH: South- Western Cengage Learning.