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Female Leaders and Financial Inclusion: Evidence from Microfinance Institutions

Author

Listed:
  • R. Øystein Strøm
  • Bert D’espallier
  • Roy Mersland

    (UIA - University of Agder)

Abstract

This research advances the hypothesis that female leaderschief executive officers (CEOs), chairs, and directorsof a microfinance institution (MFI) give more priority to the poorest families in loan provision than male leaders do. We differentiate between a depth and a width dimension of financial inclusion. The data set is a unique global panel of MFIs collected from MFI raters' reports. Our sample is also unique in the sense that about one-third of all MFIs have a female CEO. The problem of endogeneity for the female leader is resolved by running Heckman's two-step endogenous dummy variable estimation with an instrument for the female leader. We find evidence of greater depth financial inclusion (smaller average loans, more gender bias) with a female leader but not for width financial inclusion (credit client growth). Female leaders exhibit greater altruism and greater competition avoidance but not greater risk aversion than male peers.

Suggested Citation

  • R. Øystein Strøm & Bert D’espallier & Roy Mersland, 2023. "Female Leaders and Financial Inclusion: Evidence from Microfinance Institutions," Post-Print hal-05221044, HAL.
    • Handle: RePEc:hal:journl:hal-05221044
    DOI: 10.1561/114.00000036
    Note: View the original document on HAL open archive server: https://hal.science/hal-05221044v1
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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
    • 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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