Men are from Mars, women are from Venus: on lenders’ stereotypical views and the implications for a firm’s debt

Mariasole Bannò (), Giorgia Maria D’Allura (), Graziano Coller () and Celeste Varum ()
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Mariasole Bannò: University of Brescia
Giorgia Maria D’Allura: University of Catania
Graziano Coller: University of Trento
Celeste Varum: University of Aveiro

Journal of Management & Governance, 2023, vol. 27, issue 2, No 10, 687 pages

Abstract: Abstract Building on social construction theory, this paper investigates how the presence of women on the board may affect access to credit because of lenders’ gender-stereotyped views. In our view this translates into different levels of the firm's bank debt. To evaluate the impact of gender as a social construct, we designed a within-country analysis in Italy by distinguishing between egalitarian and non-egalitarian contexts. To test our hypotheses, we used a sample of 3514 Italian listed and unlisted firms. Results showed a lower level of bank debt for firms with a relevant number of women in the boardroom (i.e., critical mass) if located in a non-egalitarian context. This effect was partially mitigated in firms during a crisis situation. While extant research explains gender-based differences in a firm’s financial structure by a change in inner-board mechanism/dynamics caused by differences in men/women characteristics, we argue that the social construction of gender may also induce lenders in different contexts to view boards with women differently in relation to access to credit.

Keywords: Gender; Board of director; Financial structure; Social construction theory (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/s10997-022-09641-w

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