Abstract
This paper presents the main findings from an empirical research project, whose aim was to answer the following research questions: (1)Did men and women entrepreneurs ask for new bank loans during the crisis? (2) Did they obtain required bank loans at the same conditions? (3) Which variables, other than gender, influence access to bank credit? Data show that firms were very cautious in access to finance during the crisis and female-led firms asked for bank loans more rarely than male-led ones. Entrepreneurs’ gender, age and education, banking history and industry only slightly affected access to credit during the crisis.
Highlights
In the literature on female entrepreneurship, great attention has been paid to the access to credit, and this issue has been the subject of many studies and empirical investigations
Despite the great amount of available data, there are still no unequivocal or widely accepted explanations, and recent studies present different interpretations to explain the reasons for weaker financial patterns within female-owned businesses and their lower ratios of debt finance
The entrepreneur’s spouse was involved as a guarantor (67%), and occasionally his/her father (17%) or brother. From this point of view there were no significant differences between men and women, and this is in line with the results from other investigations, which show that it isn’t a prerogative for only female entrepreneurs to request the involvement of a spouse or family member (Cesaroni, 2010)
Summary
In the literature on female entrepreneurship, great attention has been paid to the access to credit, and this issue has been the subject of many studies and empirical investigations. Despite the great amount of available data, there are still no unequivocal or widely accepted explanations, and recent studies present different interpretations to explain the reasons for weaker financial patterns within female-owned businesses and their lower ratios of debt finance. This issue has gained new interest as a result of the recent crisis involving several countries, including Italy. Due to a great uncertainty about future economic conditions and a considerable slowdown in sales and production, firms have reduced the demand for loans. Banks faced a liquidity shock following a capital shortage
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