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The Gender Gap in Access to Finance: Evidence from the COVID-19 Pandemic

Author

Listed:
  • N. Hewa-Wellalage

    (University of Waikato [Hamilton])

  • S. Boubaker

    (Métis Lab EM Normandie - EM Normandie - École de Management de Normandie = EM Normandie Business School)

  • A.I. Hunjra

    (Ghazi University)

  • P. Verhoeven

    (QUT - Queensland University of Technology [Brisbane])

Abstract

Using gender as a theoretical framework, we analyse the dynamics of debt and equity financing during the COVID-19 pandemic for a cross-country sample of 8,921 private firms. We provide evidence of a slight gender bias in debt financing, with creditors favouring female entrepreneurs when dealing with cash flow problems during the COVID-19 pandemic. We find no evidence of gender bias in equity financing. The results are robust after controlling for a larger number of firm-specific characteristics and selection bias. We challenge the assumption of ``gender-based discrimination'' in the debt market, speculating that in the context of high uncertainty, prototypical forms of femininity may be advantageous as financial institutions seek to hedge their risk by favouring more conservative borrowers. \textcopyright 2021 Elsevier Inc.

Suggested Citation

  • N. Hewa-Wellalage & S. Boubaker & A.I. Hunjra & P. Verhoeven, 2022. "The Gender Gap in Access to Finance: Evidence from the COVID-19 Pandemic," Post-Print hal-04452673, HAL.
    • Handle: RePEc:hal:journl:hal-04452673
    DOI: 10.1016/j.frl.2021.102329
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    Cited by:

    1. Imène Berguiga & Philippe Adair, 2023. "Financial Inclusion and Barriers to Funding Micro-Entrepreneurs in MENA Countries Prior and During the COVID-19 Pandemic," Erudite Working Paper 2023-03, Erudite.
    2. Pandey, Rudresh & He, Xian & Zhang, Dengjun, 2024. "Firms' gender composition, loan collateral, and sustainable finance," Global Finance Journal, Elsevier, vol. 63(C).
    3. David Aristei & Manuela Gallo, 2024. "Green management, access to credit, and firms’ vulnerability to the COVID-19 crisis," Small Business Economics, Springer, vol. 62(1), pages 179-211, January.
    4. Lu, Xuefei & Calabrese, Raffaella, 2023. "The Cohort Shapley value to measure fairness in financing small and medium enterprises in the UK," Finance Research Letters, Elsevier, vol. 58(PC).
    5. Arti Grover & Mariana Viollaz, 2025. "The Gendered Impact of Social Norms on Financial Access and Capital Misallocation," CEDLAS, Working Papers 0352, CEDLAS, Universidad Nacional de La Plata.
    6. Imène Berguiga & Philippe Adair, 2024. "Hurdles to financing micro‐entrepreneurs in MENA countries prior and during COVID‐19," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 53(2), July.
    7. Saibal Ghosh, 2025. "Rebounding from a Pandemic: Access to Credit, Gender, and Productivity of Indian SMEs," The Indian Journal of Labour Economics, Springer;The Indian Society of Labour Economics (ISLE), vol. 68(1), pages 141-161, March.
    8. Kodama, Wataru & Morgan, Peter & Azhgaliyeva, Dina & Trinh, Long & Kim, Kunhyui, 2024. "Family business during the COVID-19 pandemic in Asia: Role of government financial aid and coping strategies," World Development, Elsevier, vol. 182(C).
    9. Bátiz-Zuk Enrique & González-Holden Alexa, 2023. "Identifying Gender Disparities on the Time to Repay Microfinance Group Loans: Evidence from Mexico," Working Papers 2023-07, Banco de México.

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