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Female Leaders and Financial Inclusion: Evidence from Microfinance Institutions

Author

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  • R. Øystein Strøm
  • Bert D’Espallier
  • Roy Mersland

Abstract

We investigate if the CEO’s gender plays a role in microfinance institutions (MFIs) inclusion of poor families into a formal financial relation. Financial inclusion comprises inclusion of the poorest segments of borrowers (the intensive margin), and the number of borrowers (the extensive margin). The data set is a unique global panel of MFIs collected from MFI raters’ reports where about 25% of all MFIs have a female CEO. Using instrumental variables regressions, we find evidence the female CEOs have an impact upon the intensive margin (smaller average loans, more gender bias), but no evidence of greater inclusion on the extensive margin (credit client growth). The results fit theories of women being more benevolent and universalistic than men. We~run robustness tests of our financial inclusion variables and other leadership categories.

Suggested Citation

  • R. Øystein Strøm & Bert D’Espallier & Roy Mersland, 2023. "Female Leaders and Financial Inclusion: Evidence from Microfinance Institutions," Review of Corporate Finance, now publishers, vol. 3(1-2), pages 69-97, May.
    • Handle: RePEc:now:jnlrcf:114.00000036
    DOI: 10.1561/114.00000036
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    Cited by:

    1. Zamore, Stephen, 2018. "Should microfinance institutions diversify or focus? A global analysis," Research in International Business and Finance, Elsevier, vol. 46(C), pages 105-119.
    2. Peterson Ozili, 2025. "Financial inclusion in banking: A literature review and future research directions," Modern Finance, Modern Finance Institute, vol. 3(1), pages 91-109.

    More about this item

    Keywords

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    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • M12 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Personnel Management; Executives; Executive Compensation
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility

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