Araştırma Makalesi
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Gender-Based Discrimination in Business Loan Markets

Yıl 2019, Cilt: 13 Sayı: 19, 1893 - 1913, 30.09.2019
https://doi.org/10.26466/opus.549034

Öz

The aim of this paper
is to examine the existence of discrimination against female owned sole
proprietorship firms in loan markets based on firm level cross country evidence
from EBRD countries. We examine discrimination in credit markets via
probability of a firm getting loan. In order to measure the discrimination we
also take into account the firms those are discouraged from borrowing as
dependent variable in addition to firms with female top managers. The results
of the probit analyses indicate higher mean values of rejection rates for
female firm owners’ credit applications, however this difference is not statistically
significant. As we control for the firm and country level differences in the
multivariate analysis, the significance of financial discrimination against
female owned firms mostly disappears. Additionally the innovative firms with
higher numbers of full time workers, and the firms with lower unpaid debts are
more likely to receive credits from financial institutions. Moreover the
probability of a firm having a rejected credit application is lower in
countries with higher gross domestic product per capita.

Kaynakça

  • Alesina, A., Lotti, F. and 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. and Iacovone, L. (2013). Access to finance in sub-saharan Africa: Is there a gender gap?. World Development, 47, 102–120.
  • Barber, B.M. and Odean, T., (2001). Boys will be boys: Gender, overconfidence, and common stock investment. The Quarterly Journal of Economics, 116(1), 261– 292.
  • Beck, T.H.L., Behr, P. and Guttler, A., (2009). Gender and banking: Are women better loan officers?. Discussion Paper 2009-63, Tilburg University, Center for Economic Research.
  • Becker, G. S., (1957). The economics of discrimination. Chicago: University of Chicago Press.
  • Bellucci, A., Borisov, A.V.and Zazzaro, A., (2009). Does gender matter in bank-firm relationships? Evidence from small business lending. Mo.Fi.R. Working Papers 31, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
  • Berkovec, J.A., Canner, G.B., Gabriel, S.A. and Hannan, T. H., (1998). Discrimination, competition, and loan performance in FHA mortgage lending. The Review of Economics and Statistics, 80(2), 241-250.
  • Carter, S. and Rosa, P., (1998). The financing of male- and female-owned businesses. Entrepreneurship and Regional Development, 10(3), 225–242.
  • Cavalluzzo, K., Cavalluzzo, L.and Wolken, J.D., (2002). Competition, small business financing, and discrimination: Evidence from a new survey. Journal of Business, 75, 641-79.
  • Croson, R.and Gneezy, U., (2009). Gender differences in preferences. Journal of Economic Literature, 47(2), 448–474.
  • Han, S., (2011). Creditor learning and discrimination in lending. Journal of Financial Services Research, 40, 1-27.
  • Haines, G.H., Orser, B.J. and 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. and Rand, J. (2014). The myth of female credit discrimination in african manufacturing. The Journal of Development Studies, 50(1), 81-96.
  • Jianakoplos, N.A. and 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.
  • Ladd, H.F., (1998). Evidence on discrimination in credit markets. Journal of Economic Perspectives, 12, 41-62.Munnell, A.H., Browne, L.E., McEneaey, J. and Tootell, G.M.B., (1996). Mortgage lending in Boston: Interpreting HMDA data. American Economic Review, 86, 25-53.
  • Muravyev, A., Talavera, O. and Schäfer, D., (2009). Entrepreneurs’ gender and financial constraints: Evidence from international data. Journal of Comparative Economics, 37, 270–286.
  • Petersen, M.A.and Rajan, R. G., (1995). The effect of credit market competition on lending relationships. The Quarterly Journal of Economics, 110(2), 407-443.
  • Powell, M. and 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., and Brachinger, H.W., (1999). Financial decision-making: Are women really more risk-averse?. The American Economic Review, 89(2), 381-385.
  • Watson, J. and Robinson, S., (2003). Adjusting for risk in comparing the performances of male- and female-controlled SMEs. Journal of Business Venturing, 18(6), 773-788.

Ticari Krediler Piyasasında Cinsiyet Ayrımcılığı

Yıl 2019, Cilt: 13 Sayı: 19, 1893 - 1913, 30.09.2019
https://doi.org/10.26466/opus.549034

Öz

Bu makalenin amacı,
EBRD ülkelerinden toplanan firma düzeyinde verilere dayanarak, tek bir kadın
girişimciye ait firmaların kredi piyasasında ayrımcılığa uğrayıp uğramadığını
araştırmaktır. Kredi piyasasında kadın girişimcilerin maruz kaldığı ayrımcılığı
bir firmanın kredi alma olasılığı ile ölçüyoruz. Ayrımcılığı ölçmek için
bağımlı değişken olarak ayrıca firmanın kredi başvurusuna cesaret edememesi
incelenmiştir. Çalışmanın temel bağımsız değişkeni olarak sadece kadın
girişimcileri ifade eden kukla değişken değil, kadın üst yöneticiye sahip
firmalar da dikkate alınmıştır. Yapılan analizler sonucunda kadın firma
sahiplerine ait kredi başvurularının geri çevrilme oranları daha yüksek olduğu
gözlemlenirken, bu fark istatistiksel olarak çok da anlamlı olmadığı ortaya
çıkmıştır. Çok değişkenli regresyonlar sayesinde firma ve ülke düzeyinde
farklılıkları kontrol ettiğimizde, kadın girişimcilere karşı finansal
ayrımcılığın çoğunlukla ortadan kalktığı gözükmektedir. Bununla beraber tam
zamanlı çalışan sayısının fazla, yenilikçi ve ödenmemiş borçların az olduğu
firmaların finansal kurumlardan borç alma olasılıkları daha yüksektir. Ayrıca
kişi başına düşen gayri safi yurt içi hasılanın yüksek olduğu ülkelerde
firmaların kredi başvurularının daha düşük olasılıklarla reddedildiği gözlemlenmektedir.

Kaynakça

  • Alesina, A., Lotti, F. and 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. and Iacovone, L. (2013). Access to finance in sub-saharan Africa: Is there a gender gap?. World Development, 47, 102–120.
  • Barber, B.M. and Odean, T., (2001). Boys will be boys: Gender, overconfidence, and common stock investment. The Quarterly Journal of Economics, 116(1), 261– 292.
  • Beck, T.H.L., Behr, P. and Guttler, A., (2009). Gender and banking: Are women better loan officers?. Discussion Paper 2009-63, Tilburg University, Center for Economic Research.
  • Becker, G. S., (1957). The economics of discrimination. Chicago: University of Chicago Press.
  • Bellucci, A., Borisov, A.V.and Zazzaro, A., (2009). Does gender matter in bank-firm relationships? Evidence from small business lending. Mo.Fi.R. Working Papers 31, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
  • Berkovec, J.A., Canner, G.B., Gabriel, S.A. and Hannan, T. H., (1998). Discrimination, competition, and loan performance in FHA mortgage lending. The Review of Economics and Statistics, 80(2), 241-250.
  • Carter, S. and Rosa, P., (1998). The financing of male- and female-owned businesses. Entrepreneurship and Regional Development, 10(3), 225–242.
  • Cavalluzzo, K., Cavalluzzo, L.and Wolken, J.D., (2002). Competition, small business financing, and discrimination: Evidence from a new survey. Journal of Business, 75, 641-79.
  • Croson, R.and Gneezy, U., (2009). Gender differences in preferences. Journal of Economic Literature, 47(2), 448–474.
  • Han, S., (2011). Creditor learning and discrimination in lending. Journal of Financial Services Research, 40, 1-27.
  • Haines, G.H., Orser, B.J. and 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. and Rand, J. (2014). The myth of female credit discrimination in african manufacturing. The Journal of Development Studies, 50(1), 81-96.
  • Jianakoplos, N.A. and 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.
  • Ladd, H.F., (1998). Evidence on discrimination in credit markets. Journal of Economic Perspectives, 12, 41-62.Munnell, A.H., Browne, L.E., McEneaey, J. and Tootell, G.M.B., (1996). Mortgage lending in Boston: Interpreting HMDA data. American Economic Review, 86, 25-53.
  • Muravyev, A., Talavera, O. and Schäfer, D., (2009). Entrepreneurs’ gender and financial constraints: Evidence from international data. Journal of Comparative Economics, 37, 270–286.
  • Petersen, M.A.and Rajan, R. G., (1995). The effect of credit market competition on lending relationships. The Quarterly Journal of Economics, 110(2), 407-443.
  • Powell, M. and 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., and Brachinger, H.W., (1999). Financial decision-making: Are women really more risk-averse?. The American Economic Review, 89(2), 381-385.
  • Watson, J. and Robinson, S., (2003). Adjusting for risk in comparing the performances of male- and female-controlled SMEs. Journal of Business Venturing, 18(6), 773-788.
Toplam 21 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Bölüm Makaleler
Yazarlar

Elmas Yaldız Hanedar 0000-0002-2996-3498

Yayımlanma Tarihi 30 Eylül 2019
Kabul Tarihi 12 Eylül 2019
Yayımlandığı Sayı Yıl 2019 Cilt: 13 Sayı: 19

Kaynak Göster

APA Yaldız Hanedar, E. (2019). Gender-Based Discrimination in Business Loan Markets. OPUS International Journal of Society Researches, 13(19), 1893-1913. https://doi.org/10.26466/opus.549034