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

Author

Listed:
  • Core, Fabrizio
  • D'Andrea, Angelo
  • Eisert, Tim
  • Urban, Daniel

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.

Suggested Citation

  • Core, Fabrizio & D'Andrea, Angelo & Eisert, Tim & Urban, Daniel, 2026. "Board Gender Quotas and Female Borrowing: Evidence from Loan-Level Data," CEPR Discussion Papers 21602, Centre for Economic Policy Research.
    • Handle: RePEc:cpr:ceprdp:21602
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    More about this item

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • 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
    • J01 - Labor and Demographic Economics - - General - - - Labor Economics: General
    • J71 - Labor and Demographic Economics - - Labor Discrimination - - - Hiring and Firing

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