Board Gender Quotas and Female Borrowing: Evidence from Loan-Level Data

Fabrizio Core, Angelo D'Andrea, Tim Eisert and Daniel Urban

No 21602, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: We examine credit allocation following Italy's 2012 board-gender-quota reform. Combining Credit Registry data with information on firm ownership and financials, as well as administrative bank worker records, we document that female board representation in listed banks increases sharply after the reform. This change leads to higher credit growth and more first-time loan approvals for female-owned firms borrowing from these banks. The effects are supply-driven, concentrated among smaller firms, and mediated by an increase in the promotion of female employees to middle-management positions. We find no deterioration in credit quality but positive real effects for female-owned firms, suggesting a reduction in financial constraints.

JEL-codes: D22 G21 G32 J01 J71 (search for similar items in EconPapers)
Date: 2026-06
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