Female leadership and borrowing constraints: Evidence from an emerging economy

Anh Tuan Bui, Cuong Nguyen, Thu Phuong Pham () and Tung Phung

International Review of Financial Analysis, 2022, vol. 81, issue C

Abstract: This study investigates the differences in credit access between male-managed and female-managed firms using two Enterprise Censuses in Vietnam. Our findings reveal that women-managed firms are less likely to borrow from commercial banks than their male counterparts, even when controlling for other determinants such as CEO education and experience, firm size, and ownership. No difference in credit access is documented for firms borrowing from non-commercial banks. Once we control for firm characteristics and CEO demographic factors, approved loan size is higher for firms managed by female CEOs regardless of the borrowing source. Using decomposition analysis, we find firm size contributes most in explaining the difference in credit access between female and male-managed companies.

Keywords: CEO gender; Credit access; Vietnam (search for similar items in EconPapers)
JEL-codes: J16 J54 L25 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finana:v:81:y:2022:i:c:s1057521918304319

DOI: 10.1016/j.irfa.2019.01.012

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