Abstract
Examining gender differences in business financing reveals important dimensions on which women- and men-owned businesses differ. Although considerable progress has been made in understanding gender differences in mobilizing resources, the role of time in business financing remains an underexplored topic, particularly among marginalized entrepreneurs, where decisions about and outcomes related to time play an important role in business success. Leveraging the literature on gender role congruity and risk preferences along with a sample of nearly 300,000 microloans funded on the kiva.org platform, we explore whether the timespan for women to reach their microloan funding goal differs from that of men and how borrowers’ strategies regarding the size and repayment duration of these microloans influence this gender difference.
Plain English Summary
It takes women longer than it takes men to get the same business loan on kiva.org because (1) women choose bigger loans, (2) women ask for more time to pay back their loans, and (3) because lenders prefer lending to men-owned businesses. Thus, our data suggests that lenders prefer men-owned businesses partially because men make choices about loans that lenders prefer—men choose smaller loans and ask for less time to pay back the same loan.
This is a preview of subscription content, log in via an institution to check access.
Similar content being viewed by others
Notes
For instance, see Allison et al. (2015) who study the effect of Kiva borrowers’ linguistic cues on fundraising outcomes, Anglin et al. (2019) who investigate the role of microfinance institutions in crowdlending performance, or Moss et al. (2015) who study the effect of microlending narratives as signals of Kiva borrowers’ behavioral intentions.
For instance, the equity-based platform AngelLists “is a platform for startups” (https://angel.co/about), while the reward-based platform Kickstarter’s mission “is to bring creative projects to life” (https://www.kickstarter.com/about). For comparison, Kiva’s mission is “to expand financial access to help underserved communities thrive” (https://www.kiva.org/about).
Sometimes portrayed as “the confidence gap” in mainstream media (see, for instance, https://www.theatlantic.com/magazine/archive/2014/05/the-confidence-gap/359815/ and https://www.forbes.com/sites/jackzenger/2018/04/08/the-confidence-gap-in-men-andwomen-why-it-matters-and-how-to-overcome-it/?sh=60baabc3bfa1.
Camerer and Lovallo (1999) make clear that women, in general, are less likely to be overconfident than are men.
References
Adams, R. B., & Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance. Journal of Financial Economics, 94(2), 291–309. https://doi.org/10.1016/j.jfineco.2008.10.007
Agrawal, A., Catalini, C., & Goldfarb, A. (2015). Crowdfunding: Geography, social networks, and the timing of investment decisions. Journal of Economics & Management Strategy, 24(2), 253–274. https://doi.org/10.1111/jems.12093
Alesina, A. F., Lotti, F., & Mistrulli, P. E. (2013). Do women pay more for credit? Evidence from Italy. Journal of the European Economic Association, 11(1), 45–66. https://doi.org/10.1111/j.1542-4774.2012.01100.x
Alfons, A., Ateş, N. Y., & Groenen, P. J. F. (2022). A robust bootstrap test for mediation analysis. Organizational Research Methods, 25(3), 591–617. https://doi.org/10.1177/1094428121999096
Allison, T. H., Davis, B. C., Short, J. C., & Webb, J. W. (2015). Crowdfunding in a prosocial microlending environment: Examining the role of intrinsic versus extrinsic cues. Entrepreneurship Theory and Practice, 39(1), 53–73. https://doi.org/10.1111/etap.12108
Anglin, A. H., Short, J. C., Ketchen, D. J., Allison, T. H., & McKenny, A. F. (2020). Third-party signals in crowdfunded microfinance: The role of microfinance institutions. Entrepreneurship Theory and Practice, 44(4), 623–644. https://doi.org/10.1177/1042258719839709
Armendáriz, B., & Morduch, J. (2010). The economics of microfinance. MIT press.
Balachandra, L., Briggs, T., Eddleston, K., & Brush, C. (2019). Don’t pitch like a girl!: How gender stereotypes influence investor decisions. Entrepreneurship Theory and Practice, 43(1), 116–137. https://doi.org/10.1177/1042258717728028
Barasinska, N., & Schäfer, D. (2014). Is crowdfunding different? Evidence on the relation between gender and funding success from a German peer-to-peer lending platform. German Economic Review, 15(4), 436–452. https://doi.org/10.1111/geer.12052
Baron, R. M., & Kenny, D. A. (1986). The moderator–mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. Journal of Personality and Social Psychology, 51(6), 1173.
Becker-Blease, J. R., & Sohl, J. E. (2007). Do women-owned businesses have equal access to angel capital? Journal of Business Venturing, 22(4), 503–521. https://doi.org/10.1016/j.jbusvent.2006.06.003
Bhuiyan, M. F., & Ivlevs, A. (2019). Micro-entrepreneurship and subjective well-being: Evidence from rural Bangladesh. Journal of Business Venturing, 34(4), 625–645. https://doi.org/10.1016/j.jbusvent.2018.09.005
Bigelow, L., Lundmark, L., McLean Parks, J., & Wuebker, R. (2014). Skirting the issues: Experimental evidence of gender bias in IPO prospectus evaluations. Journal of Management, 40(6), 1732–1759. https://doi.org/10.1177/0149206312441624
Boohene, R., Sheridan, A., & Kotey, B. (2008). Gender, personal values, strategies and small business performance: A Ghanaian case study. Equal Opportunities International, 27(3), 237–257. https://doi.org/10.1108/02610150810860075
Borghans, L., Golsteyn, B. H. H., Heckman, J. J., & Meijers, H. (2009). Gender differences in risk aversion and ambiguity aversion. Journal of the European Economic Association, 7(2/3), 649–658. https://doi.org/10.3386/w14713
Brieger, S. A., Bäro, A., Criaco, G., & Terjesen, S. A. (2021). Entrepreneurs’ age, institutions, and social value creation goals: A multi-country study. Small Business Economics, 57(1), 425–453. https://doi.org/10.1007/s11187-020-00317-z
Brush, C., Carter, N. M., Gatewood, E. J., Greene, P. G., & Hart, M. (2008). The Diana project: Women business owners and equity capital: The myths dispelled (SSRN Scholarly Paper 1262312). https://doi.org/10.2139/ssrn.1262312
Bullough, A., & Renko, M. (2016). A different frame of reference: Entrepreneurship and gender differences in the perception of danger. Academy of Management Discoveries, 3(1), 21–41.
Bullough, A., Renko, M., & Abdelzaher, D. (2017). Women’s business ownership: Operating within the context of institutional and in-group collectivism. Journal of Management, 43(7), 2037–2064. https://doi.org/10.1177/0149206314561302
Buttner, E. H., & Rosen, B. (1988). Bank loan officers’ perceptions of the characteristics of men, women, and successful entrepreneurs. Journal of Business Venturing, 3(3), 249–258.
Byrnes, J. P., Miller, D. C., & Schafer, W. D. (1999). Gender differences in risk taking: A meta-analysis. Psychological Bulletin, 125(3), 367–383. https://doi.org/10.1037/0033-2909.125.3.367
Calic, G., & Mosakowski, E. (2016). Kicking off social entrepreneurship: How a sustainability orientation influences crowdfunding success. Journal of Management Studies, 53(5), 738–767. https://doi.org/10.1111/joms.12201
Calic, G. (2018). Crowdfunding. In The SAGE Encyclopedia of the Internet (1–3, pp. 112–114). SAGE Publications, Inc. https://doi.org/10.4135/9781473960367
Caliendo, M., Fossen, F. M., & Kritikos, A. S. (2009). Risk attitudes of nascent entrepreneurs–New evidence from an experimentally validated survey. Small Business Economics, 32(2), 153–167. https://doi.org/10.1007/s11187-007-9078-6
Caliendo, M., Fossen, F., & Kritikos, A. (2010). The impact of risk attitudes on entrepreneurial survival. Journal of Economic Behavior & Organization, 76(1), 45–63. https://doi.org/10.1016/j.jebo.2010.02.012
Caliendo, M., Fossen, F. M., Kritikos, A., & Wetter, M. (2015). The gender gap in entrepreneurship: Not just a matter of personality. Cesifo Economic Studies, 61(1), 202–238. https://doi.org/10.1093/cesifo/ifu023
Camerer, C., & Lovallo, D. (1999). Overconfidence and excess entry: An experimental approach. American Economic Review, 89(1), 306–318. https://doi.org/10.1257/aer.89.1.306
Canfield, C. E. (2018). Determinants of default in p2p lending: The Mexican case. Independent Journal of Management & Production, 9(1). https://doi.org/10.14807/ijmp.v9i1.537
Carter, S., Shaw, E., Lam, W., & Wilson, F. (2007). Gender, entrepreneurship, and bank lending: The criteria and processes used by bank loan officers in assessing applications. Entrepreneurship Theory and Practice, 31(3), 427–444. https://doi.org/10.1111/j.1540-6520.2007.00181.x
Charness, G., & Gneezy, U. (2012). Strong evidence for gender differences in risk taking. Journal of Economic Behavior & Organization, 83(1), 50–58. https://doi.org/10.1016/j.jebo.2011.06.007
Chen, H., Miao, J., & Wang, N. (2010). Entrepreneurial finance and nondiversifiable risk. The Review of Financial Studies, 23(12), 4348–4388. https://doi.org/10.1093/rfs/hhq122
Clough, D. R., Fang, T. P., Vissa, B., & Wu, A. (2019). Turning lead into gold: How do entrepreneurs mobilize resources to exploit opportunities? Academy of Management Annals, 13(1), 240–271. https://doi.org/10.5465/annals.2016.0132
Coleman, S., & Robb, A. (2012). Gender-based firm performance differences in the United States: Examining the roles of financial capital and motivations. In Global Women’s Entrepreneurship Research: Diverse Settings, Questions, and Approaches (Karen Hughes and Jennifer Jennings, pp. 75–94). Edward Elgar.
Constantinidis, C., Cornet, A., & Asandei, S. (2006). Financing of women-owned ventures: The impact of gender and other owner -and firm-related variables. Venture Capital, 8(2), 133–157.
Conyon, M. J., & He, L. (2017). Firm performance and boardroom gender diversity: A quantile regression approach. Journal of Business Research, 79, 198–211. https://doi.org/10.1016/j.jbusres.2017.02.006
Conyon, M. J., & Mallin, C. (1997). Women in the boardroom: Evidence from large UK companies. Corporate Governance: An International Review, 5(3), 112–117. https://doi.org/10.1111/1467-8683.00051
Cruz Rambaud, S., López Pascual, J., Moro-Visconti, R., & Santandreu, E. M. (2022). Should gender be a determinant factor for granting crowdfunded microloans? Humanities and Social Sciences Communications, 9(1). https://doi.org/10.1057/s41599-022-01475-z
Cuervo-Cazurra, A., & Annique Un, C. (2010). Why some firms never invest in formal R&D. Strategic Management Journal, 31(7), 759–779. https://doi.org/10.1002/smj.836
Cumming, D., Meoli, M., & Vismara, S. (2019). Does equity crowdfunding democratize entrepreneurial finance? Small Business Economics, 56, 533–552.
D’Espallier, B., Guérin, I., & Mersland, R. (2011). Women and repayment in microfinance: A global analysis. World Development, 39(5), 758–772. https://doi.org/10.1016/j.worlddev.2010.10.008
D’Espallier, B., Hudon, M., & Szafarz, A. (2013). Unsubsidized microfinance institutions. Economics Letters, 120(2), 174–176. https://doi.org/10.1016/j.econlet.2013.04.021
Darnihamedani, P., & Terjesen, S. (2022). Male and female entrepreneurs’ employment growth ambitions: The contingent role of regulatory efficiency. Small Business Economics, 58(1), 185–204. https://doi.org/10.1007/s11187-020-00405-0
Drover, W., Busenitz, L., Matusik, S., Townsend, D., Anglin, A., & Dushnitsky, G. (2017). A review and road map of entrepreneurial equity financing research: Venture capital, corporate venture capital, angel investment, crowdfunding, and accelerators. Journal of Management, 43(6), 1820–1853. https://doi.org/10.1177/0149206317690584
Dushnitsky, G., & Fitza, M. A. (2018). Are we missing the platforms for the crowd? Comparing investment drivers across multiple crowdfunding platforms. Journal of Business Venturing Insights, 10, e00100. https://doi.org/10.1016/j.jbvi.2018.e00100
Eagly, A. H., & Karau, S. J. (2002). Role congruity theory of prejudice toward female leaders. Psychological Review, 109(3), 573–598. https://doi.org/10.1037/0033-295X.109.3.573
Eagly, A. H. (2004). Prejudice: Toward a more inclusive understanding. In The social psychology of group identity and social conflict: Theory, application, and practice (pp. 45–64). American Psychological Association. https://doi.org/10.1037/10683-003
Eddleston, K. A., Ladge, J. J., Mitteness, C., & Balachandra, L. (2016). Do you see what i see? Signaling effects of gender and firm characteristics on financing entrepreneurial ventures. Entrepreneurship Theory and Practice, 40(3), 489–514. https://doi.org/10.1111/etap.12117
Elam, A., & Terjesen, S. (2010). Gendered institutions and cross-national patterns of business creation for men and women. The European Journal of Development Research, 22(3), 331–348. https://doi.org/10.1057/ejdr.2010.19
Fan, W., & White, M. J. (2003). Personal bankruptcy and the level of entrepreneurial activity. The Journal of Law and Economics, 46(2), 543–567. https://doi.org/10.1086/382602
Fay, M., & Williams, L. (1993). Gender bias and the availability of business loans. Journal of Business Venturing, 8(4), 363–376. https://doi.org/10.1016/0883-9026(93)90005-P
Forbes, D. P. (2005). Are some entrepreneurs more overconfident than others? Journal of Business Venturing, 20(5), 623–640. https://doi.org/10.1016/j.jbusvent.2004.05.001
Fox, J., & Monette, G. (1992). Generalized collinearity diagnostics. Journal of the American Statistical Association, 87(417), 178–183. https://doi.org/10.1080/01621459.1992.10475190
Gafni, H., Marom, D., & Sade, O. (2019). Are the life and death of an early-stage venture indeed in the power of the tongue? Lessons from online crowdfunding pitches. Strategic Entrepreneurship Journal, 13(1), 3–23. https://doi.org/10.1002/sej.1293
Gafni, H., Hudon, M., & Périlleux, A. (2021a). Business or basic needs? The impact of loan purpose on social crowdfunding platforms. Journal of Business Ethics, 173(4), 777–793. https://doi.org/10.1007/s10551-020-04530-4
Gafni, H., Marom, D., Robb, A., & Sade, O. (2021b). Gender dynamics in crowdfunding (Kickstarter): Evidence on entrepreneurs, backers, and taste-based discrimination*. Review of Finance, 25(2), 235–274. https://doi.org/10.1093/rof/rfaa041
Geiger, M., & Oranburg, S. C. (2018). Female entrepreneurs and equity crowdfunding in the US: Receiving less when asking for more. Journal of Business Venturing Insights, 10, e00099. https://doi.org/10.1016/j.jbvi.2018.e00099
Greenberg, J., & Mollick, E. (2017). Activist choice homophily and the crowdfunding of female founders. Administrative Science Quarterly, 62(2), 341–374. https://doi.org/10.1177/0001839216678847
Grossman, E. B., Yli-Renko, H., & Janakiraman, R. (2012). Resource search, interpersonal similarity, and network tie valuation in nascent entrepreneurs’ emerging networks. Journal of Management, 38(6), 1760–1787. https://doi.org/10.1177/0149206310383693
Gupta, V. K., Turban, D. B., Wasti, S. A., & Sikdar, A. (2009). The role of gender stereotypes in perceptions of entrepreneurs and intentions to become an entrepreneur. Entrepreneurship Theory and Practice, 33(2), 397–417. https://doi.org/10.1111/j.1540-6520.2009.00296.x
Heaton, J. B. (2019). Managerial optimism: New observations on the unifying theory. European Financial Management, 25(5), 1150–1167. https://doi.org/10.1111/eufm.12218
Heller, L. R., & Badding, K. D. (2012). For compassion or money? The factors influencing the funding of micro loans. The Journal of Socio-Economics, 41(6), 831–835. https://doi.org/10.1016/j.socec.2012.08.005
Hemmathagama, A. (2018). New regulations for microfinance: Mangala. http://www.ft.lk/top-story/New-regulations-for-microfinance--Mangala/26-656770. Accessed 9 Oct 2023.
Henrich, J., Heine, S. J., & Norenzayan, A. (2010). The weirdest people in the world? Behavioral and Brain Sciences, 33(2–3), 61–83. https://doi.org/10.1017/S0140525X0999152X
Herranz, N., Krasa, S., & Villamil, A. P. (2015). Entrepreneurs, risk aversion, and dynamic firms. Journal of Political Economy, 123(5), 1133–1176. https://doi.org/10.1086/682678
Hervé, F., Manthé, E., Sannajust, A., & Schwienbacher, A. (2019). Determinants of individual investment decisions in investment-based crowdfunding. Journal of Business Finance & Accounting, 46(5–6), 762–783. https://doi.org/10.1111/jbfa.12372
Hoskisson, R. E., Chirico, F., Zyung, J., & Gambeta, E. (2017). Managerial risk taking: A multitheoretical review and future research agenda. Journal of Management, 43(1), 137–169. https://doi.org/10.1177/0149206316671583
Jennings, J. E., & Brush, C. G. (2013). Research on women entrepreneurs: challenges to (and from) the broader entrepreneurship literature? The Academy of Management Annals, 7(1), 663–715. https://doi.org/10.1080/19416520.2013.782190
Jennings, J. E., Rahman, Z., & Dempsey, D. (2021). Questioning portrayals of ‘female underconfidence’ in entrepreneurship. Academy of Management Proceedings, 2021(1), 14243. https://doi.org/10.5465/AMBPP.2021.14243abstract
Jenq, C., Pan, J., & Theseira, W. (2015). Beauty, weight, and skin color in charitable giving. Journal of Economic Behavior & Organization, 119, 234–253. https://doi.org/10.1016/j.jebo.2015.06.004
Jianakoplos, N. A., & Bernasek, A. (1998). Are women more risk averse? Economic Inquiry, 36(4), 620–630. https://doi.org/10.1111/j.1465-7295.1998.tb01740.x
Johnson, M. A., Stevenson, R. M., & Letwin, C. R. (2018). A woman’s place is in the… startup! Crowdfunder judgments, implicit bias, and the stereotype content model. Journal of Business Venturing, 33(6), 813–831. https://doi.org/10.1016/j.jbusvent.2018.04.003
Kanze, D., Huang, L., Conley, M. A., & Higgins, E. T. (2018). We ask men to win and women not to lose: Closing the gender gap in startup funding. Academy of Management Journal, 61(2), 586–614. https://doi.org/10.5465/amj.2016.1215
Kiva. (2020). Loans that change lives. https://www.kiva.org/. Accessed 9 Oct 2023.
Kotha, S., Shin, S. J., & Fisher, G. (2022). Time to unicorn status: An exploratory examination of new ventures with extreme valuations. Strategic Entrepreneurship Journal, 16(3), 460–490. https://doi.org/10.1002/sej.1439
Kuppuswamy, V., & Mollick, E. R. (2016). Second thoughts about second acts: Gender differences in serial founding rates (SSRN Scholarly Paper 2752689). https://doi.org/10.2139/ssrn.2752689
Labie, M., & Mersland, R. (2011). Corporate governance challenges in microfinance: Issues for boards and investors. In Corporate governance in development: The experiences of Brazil, Chile, India, and South Africa (pp. 40–64). OECD Publishing.
Lambrecht, B. M. (2017). Real options in finance. Journal of Banking & Finance, 81, 166–171. https://doi.org/10.1016/j.jbankfin.2017.03.006
Latham, S. F., & Braun, M. R. (2008). The performance implications of financial slack during economic recession and recovery: Observations from the software industry (2001–2003). Journal of Managerial Issues, 20(1), 30–50.
Laverty, K. J. (1996). Economic “short-termism”: The debate, the unresolved issues, and the implications for management practice and research. Academy of Management Review, 21(3), 825–860. https://doi.org/10.5465/amr.1996.9702100316
Lévesque, M., & Stephan, U. (2020). It’s time we talk about time in entrepreneurship. Entrepreneurship Theory and Practice, 44(2), 163–184. https://doi.org/10.1177/1042258719839711
Lin, X., Li, X., & Zheng, Z. (2017). Evaluating borrower’s default risk in peer-to-peer lending: Evidence from a lending platform in China. Applied Economics, 49(35), 3538–3545. https://doi.org/10.1080/00036846.2016.1262526
Ly, P., & Mason, G. (2012). Competition between microfinance NGOs: Evidence from Kiva. World Development, 40(3), 643–655. https://doi.org/10.1016/j.worlddev.2011.09.009
MacKinnon, D. P., Warsi, G., & Dwyer, J. H. (1995). A simulation study of mediated effect measures. Multivariate Behavioral Research, 30(1), 41–62. https://doi.org/10.1207/s15327906mbr3001_3
Madill, J. J., Riding, A. L., & Haines, G. H. (2006). Women entrepreneurs: Debt financing and banking relationships. Journal of Small Business & Entrepreneurship, 19(2), 121–142. https://doi.org/10.1080/08276331.2006.10593363
Malmström, M., Johansson, J., & Wincent, J. (2017). Gender stereotypes and venture support decisions: How governmental venture capitalists socially construct entrepreneurs’ potential. Entrepreneurship Theory and Practice, 41(5), 833–860. https://doi.org/10.1111/etap.12275
Mohammadi, A., & Shafi, K. (2018). Gender differences in the contribution patterns of equity-crowdfunding investors. Small Business Economics, 50(2), 275–287. https://doi.org/10.1007/s11187-016-9825-7
Mollick, E. (2014). The dynamics of crowdfunding: An exploratory study. Journal of Business Venturing, 29(1), 1–16. https://doi.org/10.1016/j.jbusvent.2013.06.005
Moss, T. W., Renko, M., Block, E., & Meyskens, M. (2018). Funding the story of hybrid ventures: Crowdfunder lending preferences and linguistic hybridity. Journal of Business Venturing, 33(5), 643–659. https://doi.org/10.1016/j.jbusvent.2017.12.004
Muravyev, A., Talavera, O., & Schäfer, D. (2009). Entrepreneurs’ gender and financial constraints: Evidence from international data. Journal of Comparative Economics, 37(2), 270–286. https://doi.org/10.1016/j.jce.2008.12.001
Murphy, P. J., Kickul, J., Barbosa, S. D., & Titus, L. (2007). Expert capital and perceived legitimacy: Female-run entrepreneurial venture signalling and performance. The International Journal of Entrepreneurship and Innovation, 8(2), 127–138. https://doi.org/10.5367/000000007780808002
Murray, A., Kotha, S., & Fisher, G. (2020). Community-based resource mobilization: How entrepreneurs acquire resources from distributed non-professionals via crowdfunding. Organization Science, 31(4), 960–989. https://doi.org/10.1287/orsc.2019.1339
Ngah-Kiing Lim, E., Das, S. S., & Das, A. (2009). Diversification strategy, capital structure, and the Asian financial crisis (1997–1998): Evidence from Singapore firms. Strategic Management Journal, 30(6), 577–594. https://doi.org/10.1002/smj.752
Nitani, M., Riding, A., & Orser, B. (2020). Self-employment, gender, financial knowledge, and high-cost borrowing. Journal of Small Business Management, 58(4), 669–706. https://doi.org/10.1080/00472778.2019.1659685
Orser, B. J., Riding, A. L., & Manley, K. (2006). Women entrepreneurs and financial capital. Entrepreneurship Theory and Practice, 30(5), 643–665. https://doi.org/10.1111/j.1540-6520.2006.00140.x
Parhankangas, A., Renko, M., & McWilliams, A. (2019). He says, she says: The impact of gender-specific linguistic style on crowdfunding outcomes. Academy of Management Proceedings, 2019(1), 12932. https://doi.org/10.5465/AMBPP.2019.12932abstract
Pope, D. G., & Sydnor, J. R. (2011). What’s in a picture?: Evidence of discrimination from Prosper.com. Journal of Human Resources, 46(1), 53–92. https://doi.org/10.3368/jhr.46.1.53
Powell, G. N., Anthony Butterfield, D., & Parent, J. D. (2002). Gender and managerial stereotypes: Have the times changed? Journal of Management, 28(2), 177–193. https://doi.org/10.1016/S0149-2063(01)00136-2
Quigley, N. R., & Patel, P. C. (2022). Reexamining the gender gap in microlending funding decisions: The role of borrower culture. Small Business Economics, 59(4), 1661–1685. https://doi.org/10.1007/s11187-021-00593-3
Robb, A. M., & Coleman, S. (2010). Financing strategies of new technology-based firms: A comparison of women-and men-owned firms. Journal of Technology Management & Innovation, 5(1), 30–50. https://doi.org/10.4067/S0718-27242010000100003
Rosseel, Y. (2012). lavaan: An R package for structural equation modeling. Journal of Statistical Software, 48, 1–36. https://doi.org/10.18637/jss.v048.i02
Rossi, S. P. S., Schwaiger, M. S., & Winkler, G. (2009). How loan portfolio diversification affects risk, efficiency and capitalization: A managerial behavior model for Austrian banks. Journal of Banking & Finance, 33(12), 2218–2226. https://doi.org/10.1016/j.jbankfin.2009.05.022
Sapienza, P., Zingales, L., & Maestripieri, D. (2009). Gender differences in financial risk aversion and career choices are affected by testosterone. Proceedings of the National Academy of Sciences, 106(36), 15268–15273. https://doi.org/10.1073/pnas.0907352106
Sarin, R., & Wieland, A. (2016). Risk aversion for decisions under uncertainty: Are there gender differences? Journal of Behavioral and Experimental Economics, 60, 1–8. https://doi.org/10.1016/j.socec.2015.10.007
Schwienbacher, A. (2018). Entrepreneurial risk-taking in crowdfunding campaigns. Small Business Economics, 51(4), 843–859. https://doi.org/10.1007/s11187-017-9965-4
Servon, L. J., & Doshna, J. P. (2000). Microenterprise and the economic development toolkit: A small part of the big picture. Journal of Developmental Entrepreneurship, 5(3), 183–208. ProQuest One Business.
Shah, H., & Saurabh, P. (2015). Women entrepreneurs in developing nations: Growth and replication strategies and their impact on poverty alleviation. Technology Innovation Management Review, 5(8), 34–51. https://doi.org/10.22215/timreview/921
Srikanth, K., Harvey, S., & Peterson, R. (2016). A dynamic perspective on diverse teams: Moving from the dual-process model to a dynamic coordination-based model of diverse team performance. The Academy of Management Annals, 10(1), 453–493. https://psycnet.apa.org/doi/10.1080/19416520.2016.1120973
Stefani, M. L., & Vacca, V. P. (2013). Credit Access for Female Firms: Evidence from a Survey on European SMEs. https://doi.org/10.2139/ssrn.2297789
Terjesen, S., Hessels, J., & Li, D. (2016). Comparative international entrepreneurship: A review and research agenda. Journal of Management, 42(1), 299–344. https://doi.org/10.1177/0149206313486259
Thaler, R. H. (1991). Some empirical evidence on dynamic inconsistency. Quasi Rational Economics, 1, 127–136. https://doi.org/10.1016/0165-1765(81)90067-7
The Economist. (2019). Microfinance is driving many Sri Lankan borrowers to despair. The Economist. https://www.economist.com/finance-and-economics/2019/08/15/microfinance-is-driving-many-sri-lankan-borrowers-to-despair. Accessed 9 Oct 2023.
Uzuegbunam, A. O., & Uzuegbunam, I. (2018). Arm’s-length or give-and-take? Gender differences in the relational orientation of new ventures in Sub-Saharan Africa. Strategic Entrepreneurship Journal, 12(4), 522–541. https://doi.org/10.1002/sej.1301
Verheul, I., & Thurik, R. (2001). Start-up capital: “Does gender matter?” Small Business Economics, 16(4), 329–346. https://doi.org/10.1023/A:1011178629240
Vismara, S. (2016). Equity retention and social network theory in equity crowdfunding. Small Business Economics, 46(4), 579–590. https://doi.org/10.1007/s11187-016-9710-4
Vismara, S., Benaroio, D., & Carne, F. (2017). Gender in entrepreneurial finance: Matching investors and entrepreneurs in equity crowdfunding. In Gender and entrepreneurial activity (Albert N. Link). Edward Elgar Publishing. https://doi.org/10.4337/9781785364747.00015
Wang, M., Rieger, M. O., & Hens, T. (2016). How time preferences differ: Evidence from 53 countries. Journal of Economic Psychology, 52, 115–135. https://doi.org/10.1016/j.joep.2015.12.001
Watson, J., & Robinson, S. (2003). Adjusting for risk in comparing the performances of male- and female-controlled SMEs. Journal of Business Venturing, 18(6), 773–788. https://doi.org/10.1016/S0883-9026(02)00128-3
Welter, F., Baker, T., & Wirsching, K. (2019). Three waves and counting: The rising tide of contextualization in entrepreneurship research. Small Business Economics, 52(2), 319–330. https://doi.org/10.1007/s11187-018-0094-5
Wood, M. S., Bakker, R. M., & Fisher, G. (2021). Back to the future: A time-calibrated theory of entrepreneurial action. Academy of Management Review, 46(1), 147–171. https://doi.org/10.5465/amr.2018.0060
Wu, Z., & Chua, J. H. (2012). Second–order gender effects: The case of U.S. small business borrowing cost. Entrepreneurship Theory and Practice, 36(3), 443–463. https://doi.org/10.1111/j.1540-6520.2012.00503.x
Wu, A., Calic, G., & Basadur, M. (2022). 4 types of innovators every organization needs. Harvard Business Review. https://hbr.org/2022/10/4-types-of-innovators-every-organization-needs. Accessed 9 Oct 2023.
Yang, T., & Aldrich, H. E. (2012). Out of sight but not out of mind: Why failure to account for left truncation biases research on failure rates. Journal of Business Venturing, 27(4), 477–492. https://doi.org/10.1016/j.jbusvent.2012.01.001
Yang, T., & del Carmen Triana, M. (2019). Set up to fail: Explaining when women-led businesses are more likely to fail. Journal of Management, 45(3), 926–954. https://doi.org/10.1177/0149206316685856
Yu, J., & Chen, S. (2016). Gender moderates firms’ innovation performance and entrepreneurs’ self-efficacy and risk propensity. Social Behavior and Personality, 44(4), 679–691. https://doi.org/10.2224/sbp.2016.44.4.679
Yunus, M. (2003). Banker to the poor: Micro-lending and the battle against world poverty (2003. Corr. 2nd Printing ed. edition). Public Affairs.
Zhang, J., Soh, P., & Wong, P. (2010). Entrepreneurial resource acquisition through indirect ties: Compensatory effects of prior knowledge. Journal of Management, 36(2), 511–536. https://doi.org/10.1177/0149206308329963
Zhao, H., Seibert, S. E., & Lumpkin, G. T. (2010). The relationship of personality to entrepreneurial intentions and performance: A meta-analytic review. Journal of Management, 36(2), 381–404. https://doi.org/10.1177/0149206309335187
Funding
We are grateful to the Canada for a Discovery Grant (430-2017-00610) and to the Chartered Professional Accountants (CPA) of Ontario Chair in International Entrepreneurship for financial support.
Author information
Authors and Affiliations
Corresponding author
Ethics declarations
Conflict of interest
The authors declare no competing interests.
Additional information
Publisher's Note
Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.
Rights and permissions
Springer Nature or its licensor (e.g. a society or other partner) holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law.
About this article
Cite this article
Calic, G., Lévesque, M. & Shevchenko, A. On why women-owned businesses take more time to secure microloans. Small Bus Econ (2023). https://doi.org/10.1007/s11187-023-00851-6
Accepted:
Published:
DOI: https://doi.org/10.1007/s11187-023-00851-6