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Gender, Credit, and Firm Outcomes


  • Manthos D. Delis

    (Montpellier Business School)

  • Iftekhar Hasan

    (Fordham University - Gabelli School of Business; Bank of Finland)

  • Maria Iosifidi

    (University of Surrey - Surrey Business School)

  • Steven Ongena

    (University of Zurich - Department of Banking and Finance; Swiss Finance Institute; KU Leuven; Centre for Economic Policy Research (CEPR))


Small and micro enterprises are usually majority owned by entrepreneurs. Using a unique sample of loan applications from such firms, we study the role of owners’ gender in the credit decision of banks and the post-credit decision firm outcomes. We find that, ceteris paribus, female entrepreneurs are more prudent loan applicants, with both the probabilities to apply for credit and of firm default after the loan origination being smaller. However, the relatively more aggressive behavior of male applicants pays off in terms of higher average firm performance after the loan origination.

Suggested Citation

  • Manthos D. Delis & Iftekhar Hasan & Maria Iosifidi & Steven Ongena, 2019. "Gender, Credit, and Firm Outcomes," Swiss Finance Institute Research Paper Series 19-70, Swiss Finance Institute.
  • Handle: RePEc:chf:rpseri:rp1970

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    More about this item


    Gender; Loan applications; Bank’s credit decision; Firm profitability and default;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination

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