93
4, XVIII, 2015
Business Adminis a ion and Managemen
DOI: 10.15240/ ul/001/2015-4-007
In oduc ion
The s udy o he cha ac e is ics o sha eholde s
and manage s and hei e ec on a ious
a iables ela ed o he company, mainly i s
alue, is ex ensi e. Among he mos analyzed
cha ac e is ics a e he sha eholde s uc u e
[84], he composi ion o he boa d o di ec o s
[1], and he combining o he posi ions o CEO
and chai man o he boa d o di ec o s in he
same pe son [10].
One o he cha ac e is ics ha has been he
ocus o inc easing in e es o esea che s is
he p esence o women on co po a e boa ds
o di ec o s ( o a comp ehensi e su ey on
he p esence o women on co po a e boa ds o
di ec o s, see [79]). Howe e , he p esence o
women on he boa d has become an impo an
opic, no only o academic easons bu also o
social easons. In ecen yea s he e has been
p essu e om socie y o include women on he
boa ds o di ec o s. As a consequence, he
a e age numbe o women in boa d ooms has
inc eased in he Eu opean Union om 5% in
2001 o 8.1% in 2007, bu i is s ill a small i gu e.
Focusing on 2007 da a, e en i he gap
has been educed in ecen yea s [36], i gu es
a e la ge o he Uni es S a es (13.6%) and
Canada (11.2%) han o Eu ope. Inside he
Eu opean Union he e a e also impo an
di e ences by coun y. Fo example, Po ugal
is he coun y ha has ewes women on
boa ds wi h only 0.7%. In con as , No way and
Sweden ha e a highe p opo ion, wi h 37%
and 21.3% o emale di ec o s, espec i ely. In
Spain he p esence o women in boa d ooms
(o IBEX-35 index i ms – 35 op companies
in capi aliza ion) is abou 3.1% o all di ec o s,
a i gu e ha is simila o I aly (2.3%) and Japan
(2%) [24].
To co ec his si ua ion se e al s eps ha e
been aken in Spain. In May 2006 he Comisión
Nacional del Me cado de Valo es, CNMV,
(Spanish Secu i ies and Exchange Commission)
passed he Código Uni i cado de Buen Gobie no
(Uni i ed Code o Good Go e nance). In A icle
15, his Code ecommends ha he boa d o
di ec o s e l ec he di e si y o knowledge,
gende and expe ience equi ed o pe o m i s
unc ions wi h e ec i eness, objec i i y and
independence. To achie e his objec i e, he
Code sugges s posi i e disc imina ion in o de
o balance i gu es o men and women on
boa ds.
In Ma ch 2007 he Spanish pa liamen
app o ed he Ley de Igualdad (Gende Equali y
Ac ). On he opic o he boa d o di ec o s,
his law sugges s a leas 40% o di ec o s be
women by 2015, bu his quo a is no manda o y
and me ely a ecommenda ion. Howe e ,
companies ha do no comply wi h his quo a
will be unable o bid o public con ac s. This
law came in o e ec he 24 h o Ma ch, 2007 and
i applies o public and p i a e i ms wi h mo e
han 250 employees.
The equi emen ha 40% o boa d
membe s should be women is an imi a ion o
a No wegian law app o ed in Janua y 2003.
Tha law equi ed he achie emen o he quo a
o 40% emale ep esen a ion on boa ds in i e
yea s. Be ween 2003 and 2008 he pe cen age
quad upled o a alue o 38% [37], and No way
is a he head o Eu opean coun ies o emale
ep esen a ion on boa ds o di ec o s.
All hese ules made in Spain in he
business i eld ha e ocused on la ge
companies. Howe e , mic o-en e p ises and
small en e p ises a e no only mo e nume ous,
bu hey a e also he main engines o economic
g ow h and employmen . In Spain, on 1s
Janua y 2009, 99.88% o i ms we e SMEs
(Cen al Companies Di ec o y).
Ano he aspec ha has a ac ed he
in e es o esea che s in ecen imes is he
p esence o women as CEO [14]. T adi ionally,
his posi ion has been i lled p edominan ly by
men. Howe e , e idence has shown ha i ms
THE INFLUENCE OF GENDER ON FINANCIAL
DECISIONS: EVIDENCE FROM SMALL
START-UP FIRMS IN SPAIN
Ca men Ma ia He nandez-Nicolas,
Juan F ancisco Ma ín-Ugedo, An onio Mínguez-Ve a
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94 2015, XVIII, 4
Ekonomika a managemen
whose CEO is a woman ha e highe le els o
e u ns on a e age [82].
Mo e pa icipa o y managemen s yles
may lead o highe e u ns [5], as women a e
mo e p one o coope a e wi h o he manage s
[38]. Ano he explana ion o highe e u ns o
companies whose CEOs a e women is p o ided
by Moh and Wol am [56]. Acco ding o hese
au ho s, commi men o he i m and employee
sa is ac ion in he wo kplace s ongly in l uences
he pe o mance o a i m. Communica ion wi h
he employees is essen ial o c ea e a posi i e
clima e o us . Acco ding o Moh and Wol am
[56], women a e mo e e ec i e communica o s.
Based on p e ious a gumen s, i would
seem ha he e should be la ge numbe o
women as CEOs. Howe e , esea ch shows
ha e en i he numbe s o men and women
in managemen jobs in gene al a e ela i ely
close, his is no he case o CEOs ([15] and
[18]).
Un il now, mos s udies on his i eld
ha e ocused on analyzing he e ec o
gende di e si y on he pe o mance o la ge
companies [25], [32]. Acco ding o Sol ane
[77], he mo e women a e on he boa d, he
be e is he pe o mance in he company.
O he s udies examined legal en i onmen s,
en i onmen al ac o s and p ocesses ha
in l uence en ep eneu ship among women [12],
[13], [49].
Resea ch on i nancial decisions and hei
ela ionship wi h he gende o manage s is
e y limi ed, especially in he i eld o small
en e p ises. These companies a e especially
in e es ing o he s udy o he con ibu ion o
women as di ec o s, gi en ha hei go e ning
bodies end o be smalle , less s uc u ed
and less complex, so ha each membe has
a g ea e capaci y o in l uence decision-making
[42].
Gende may in l uence he le el o co po a e
deb , as well as i s cos and ma u i y. The e a e
wo main a gumen s why his should be he
case. On he one hand, women o en p e e
o accep lowe le els o isk [23], [76]. On
he o he hand, he e may be disc imina ion
o easons o gende on he pa o he c edi
supply [12], [17].
This s udy has se e al no el ea u es. Fi s ,
he i ms analyzed a e small, unlike he i ms
ha p o ide mos o he p e ious empi ical
e idence. Second, we examine companies
in hei i s yea o li e (s a -up i ms) whe e
he di e ences in p e e ence o i nancing,
disc imina ion on he pa o he supplie s o
unds and di i cul y in accessing i nance may be
mo e e iden . Finally, unlike p e ious pape s,
we discuss h ee a iables ela ing o he
i nancial s uc u e: le el o deb , deb ma u i y
and deb cos . In addi ion, he Spanish ma ke
is gene ally hough o be pa o he con inen al
sys em o ci il law sys em, in con as wi h he
Ame ican ma ke , which p o ides mos o he
a ailable e idence, and belongs o he common
law o Anglo-Saxon sys em. The di e ences
be ween he wo sys ems a e la ge, bu can be
summa ised in h ee poin s: companies in he
Anglo-Saxon sys em end o ha e much mo e
dispe sed sha eholde s uc u es, he e is mo e
in es o p o ec ion and he ex e nal con ol
mechanisms a e ela i ely s ong [46], [47].
Because o hese cha ac e is ics, he s udy o
he composi ion o boa ds o di ec o s may be
mo e ele an in ma ke s like Spain.
The esul s e eal a nega i e in l uence on
i ms’ deb le els o he p esence o women on
he boa ds o as CEO. This nega i e e ec can
also be seen when boa ds a e mo e gende -
di e se. In addi ion, gende di e si y d i es
owa d lowe cos s and highe deb ma u i y.
The e o e, i seems ha isk a e sion on he
pa o women is a be e explana ion o he
esul s han disc imina ion on he supply side.
The es o he pape is s uc u ed as
ollows. The Sec ion One p esen s he heo y
and hypo heses. Sec ion Two desc ibes he
sample, he da a and he me hodology. The
esul s a e p esen ed in Sec ion Th ee. Finally,
we p esen he main conclusions.
1. Theo y and Hypo heses
Financing and capi al s uc u e a e one o he
mos examined opics in he i nancial li e a u e.
In 1958, Modigliani and Mille [54] published
one o he mos in l uen ial pape s in he
i nancial li e a u e whe e hey demons a ed
ha he le e age adop ed by a i m is
i ele an in pe ec capi al ma ke s [56]. A e
his pape , many o he s ha e examined he
in l uence o ax conside a ions [26], [53], [55],
i nancial dis ess [3], [6], [83], and in o ma ion
asymme y and agency cos s [30], [40], [59],
[60]. As a consequence o hese and many o he
pape s, he e exis wo main non-excluding
heo ies ha a emp o explain exis ing i ms’
capi al s uc u es: ade-o heo y and pecking
o de heo y.
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Business Adminis a ion and Managemen
The ade-o heo y conside s ha each i m
has an op imal deb le el ha may be eached
balancing he ad an ages and disad an ages
o ma ke impe ec ions (mainly axes, cos s
o i nancial dis ess, and agency cos s and
in o ma ion asymme y).
Pecking o de heo y was i s modelled
by Mye s and Majlu [60]. Mye s and Majlu
conside ha he empi ical e idence is no
consis en wi h a i nancial policy ha is
de e mined by a ade-o o he ad an ages
and disad an ages o ma ke impe ec ions
[60]. Ra he , companies’ i nancial policies
seem o be be e explained by he beha iou
desc ibed by Donaldson [29]. He es ablishes
a hie a chy desc ibing company p e e ences
o in e nal i nancial sou ces o e ex e nal
i nancial sou ces; in he case o ex e nal
i nancial sou ces, a company p e e s deb i s ,
hen hyb id ins umen s like con e ible bonds,
and i nally equi y issues.
Howe e , ade-o and pecking-o de
a e no he only ele an heo ies ela ed o
capi al s uc u e. Ano he in l uen ial heo y is
he i nancial g ow h cycle heo y [7]. Acco ding
o his heo y, he e a e se e al a iables ha
in l uence he le el o in o ma ion asymme y
in companies, and he age and he size a e
amongs he mos impo an ones.
No mally, olde companies a e conside ed
o ha e lowe le els o in o ma ion asymme y.
This is due o he ac ha olde companies
a e conside ed o be mo e consolida ed and
ex e nal in es o s know abou he company’s
si ua ion [27], [85]. On he o he hand, young
companies, and especially s a -ups, p esen
highe economic g ow h and oppo uni ies. This
could imply new in es men p ojec s and hus
la ge in o ma ion asymme y.
Size may also educe he in o ma ion
asymme y. This is because la ge companies a e
less isky, as hey a e usually mo e di e si i ed
[67], [69], [83]. La ge companies also p oduce
mo e accoun ing and i nancial in o ma ion o
c edi o s and in es o s in gene al [31], so ha i
is less cos ly o con ol hem.
Se e al pape s, among which is he one by
Be ge and Udell [7], es ablish he explana ion
ha companies i nance hemsel es in di e en
ways depending on he phase hey occupy in
hei i nancial g ow h cycle. The main sou ces
o ex e nal i nancing o small s a -up i ms
a e comme cial c edi s and (sho - e m) bank
loans. Some o he empi ical implica ions o he
i nancial g ow h cycle ha e al eady been es ed
in he Spanish ma ke [73].
Se e al pape s ha ollow his line o s udy
conclude ha he size o a company is a ac o
ha in l uences no only on he a ailabili y, bu
also he ma u i y and he cos , o c edi o
companies [65], [66], [74]. Small en e p ises
ha e mo e p oblems secu ing long- e m and
low-cos unds [80]. The p oblems a ising om
he exis ence o asymme y o in o ma ion mean
ha i nancial ins i u ions canno p ope ly assess
hei bo owe s’ in es men p ojec s (ad e se
selec ion p oblem), o con ol hei oppo unis ic
beha iou s (mo al haza d p oblem).
In addi ion, la ge companies may nego ia e
a o able access o a ious ypes o i nancial
sou ces, since hey ha e mo e angible asse s
ha can be used as colla e al [33]. This implies
ha small en e p ises ha e ouble accessing
i nance, and a e consequen ly le wi h he
limi ed choices o sel - i nancing [22], he
in es men o money o he owne s (o amily)
[64], [72], [81] and (sho e m) bo owing.
Focusing on di e si y, g oup di e si y is
de i ned as he a ie y o indi idual a ibu es
wi hin a g oup [8]. Mos a gumen s ela ed o
in o ma ion/decision-making heo ies p edic
a posi i e in l uence o di e si y on g oup
ou comes. Thus, Robinson and Dechan [70]
a gue ha g ea e di e si y in wo king g oups
implies a be e knowledge o he ma ke and
a be e iden i i ca ion wi h cus ome s and
employees, he eby inc easing he company’s
abili y o pene a e ma ke s. Simila ly, he mo e
di e se a g oup is, he mo e di e en iews and
pe spec i es i s membe s will ha e, as well as
mo e al e na i e solu ions o a p oblem, leading
o mo e ealis ic decisions being aken [57].
Howe e , he e a e also a gumen s
ha inc eased di e si y may ha e nega i e
e ec s on g oup ou comes. These a gumen s
come om social iden i i ca ion and social
ca ego iza ion heo ies. Acco ding o hese
heo ies, indi iduals di ide he g oup membe s
in o in-g oups (indi iduals simila o hemsel es)
and ou -g oups (indi iduals dissimila o
hemsel es), ha ing a endency o pe cei e he
o me posi i ely and he la e nega i ely [61].
Gende di e si y is pa o g oup di e si y
and i may also ha e an in l uence on i m
beha iou . As an example, Loden [50] a gues
ha women a e quali a i ely o ien ed while
men a e o ien ed quan i a i ely, an a gumen
which could suppo he belie ha women a e
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96 2015, XVIII, 4
Ekonomika a managemen
mo e success ul in some speci i c asks. Thus,
women di ec o s may exe a posi i e in l uence
on he i m in asks ela ed o co po a e social
esponsibili y and s a egic con ol. In con as ,
he p esence o women on he boa d may ha e
a nega i e in l uence, as hey may ha e ewe
ela ionships wi h boa ds o o he i ms [86], and
a e less likely o ha e business occupa ions
[45].
Wi h ega d o i nancial decisions, he
di e en le el o isk a e sion be ween men
and women may be ex emely impo an . Many
pape s p o ide a gumen s and e idence o
show ha women end o p e e a lowe le el
o isk [76], [41], [11], [23], [63], [20], [75]. As an
example, i seems ha women en ep eneu s
end o un smalle companies and hei i ms
a e mo e concen a ed in he se ice sec o
[20], [44], [51]. They also end o un i ms ha
ha e lowe deb le els, which may be because
hey y o educe he cos s o bank up cy
and a e eluc an o p o ide he necessa y
gua an ees o ob ain a loan [19]. Romani e al.
[71] also i nd ha women in es less money in
hei businesses and expec lowe e u ns han
men.
Howe e , lowe le els o deb in en e p ises
un by women may also be explained by o he
ac o s ela ed o gende such as disc imina ion
on he pa o c edi supplie s [58]. The e is
e idence ha he decisions o he banks abou
loan eques s a e di e en o men and women,
e en when businesses a e simila in e ms o
liquidi y and sol ency. Bu ne and Rosen [16]
ound ha banks pe cei e ha men ha e mo e
p obabili y o business success han women.
O he pape s show ha gende disc imina ion
no only appea s in he i nal decision o g an ing
o c edi bu also h oughou he applica ion
and nego ia ion p ocess, placing women a
a disad an age o discou aging hem du ing
ha p ocess [12], [75].
These a gumen s (g ea e isk a e sion
among women and disc imina ion on he pa
o he supplies o c edi ) may in l uence no
only he le el o deb o i ms, bu also he cos
and ma u i y o deb . Thus, a highe cos o
deb in companies whe e women pa icipa e
in managemen would be a clea sign o
disc imina ion, while a lowe cos could be seen
as e idence ha he pa icipa ion o women in
managemen educes he isk o he company
and hus he cos o i nancing. Simila ly,
a longe e m o ma u i y o deb in companies
managed by women would be a sign o hei
g ea e isk a e sion [62].
Al hough he e a e con l ic ing a gumen s,
based on he discussion in he li e a u e we
p esen h ee hypo heses:
Hypo hesis 1 (H1): Companies un by
women and g oups wi h gende di e si y will
ha e lowe deb le els.
Hypo hesis 2 (H2): Companies un by
women and g oups wi h gende di e si y will
enjoy a lowe cos o deb .
Hypo hesis 3 (H3): Companies un by
women and g oups wi h gende di e si y will
ha e deb ha has longe e ms o ma u i y.
2. Sample, Da a and Me hodology
2.1 Sample
The empi ical s udy is ca ied ou by using he
SABI da abase (The Ibe ian Balance Shee
Analysis Sys em c ea ed by Bu eau Van Dijk).
This da abase p o ides accoun ing in o ma ion
o Spanish and Po uguese companies,
ob ained om he annual published accoun s.
Companies belonging o he i nancial and
insu ance sec o s a e excluded.
The sample includes small i ms, namely
i ms ha ha e no mo e han 50 employees,
an annual u no e no exceeding €50 million,
and o al asse s no exceeding €43 million
( ecommenda ion 2003/361/CE o he Eu opean
Commission, 6 May 2003). The ini ial da abase
was i l e ed o elimina e companies ha had
nega i e equi y and i ms whose o al asse s
o o al liabili ies we e no equal o he sum o
hei componen s. In addi ion, gi en ha ou
pu pose is o analyze he in l uence o gende
in i nancing, we also emo ed i ms con olled
by o he companies om ou sample. The i nal
da a base includes 12,376 s a -up companies,
ounded in 2007, whose i s yea o li e is 2008.
2.2 Da a
The dependen a iables conside ed a e deb
(DEBT), he cos o he deb (COSTD) and he
ma u i y o he deb (MATUR). Fo he model o
deb le el, he dependen a iable is calcula ed
as he a io o deb o o al asse s [74]. The cos
o deb is compu ed as he a io o i nancial
expenses o o al deb . The ma u i y o he deb
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Business Adminis a ion and Managemen
is calcula ed as he a io o long- e m deb o
o al deb [4].
To measu e he p esence o women and
gende di e si y we employ he ollowing
a iables: A dummy a iable, DWOMEN, which
akes he alue 1 when he CEO is a woman
and 0 when i is a man; ADM, compu ed as he
o al numbe o women on he boa d di ided by
he o al numbe o membe s o he boa d. Two
indices a e used o measu e gende di e si y.
On he one hand, he BLAU index is de i ned
as: 
n
ii
P
1
2
1, whe e Pi e e s o he a io o
women on he boa d. The alues o his index
ange be ween 0 and a maximum o 0.5; he
la e occu s when he e is he same pe cen age
o men and women on he boa d. On he o he
hand, he SHANNON index is de i ned as:
P
n
ii
1



1n
Pi
, whe e Pi is es ima ed as in
he BLAU index. The alues o his index ange
be ween 0 and a maximum o 0.69; The la e
co esponds o he g ea es possible di e si y
[35], [78].
The con ol a iables in ela ion o he
deb model a e he ollowing: i ms’ e u ns
on asse s (ROA), measu ed as he ea nings
be o e axes and i nancial expenses di ided by
o al asse s [39]; he i m size (SIZE), calcula ed
as he na u al loga i hm o o al asse s [33]; he
angible asse s a io (FIXED), measu ed as ne
angible asse s di ided by o al asse s [33], [68];
he economic isk (ECRISK), compu ed as he
squa e o he di e ence o he annual e u ns
o a company and he annual p o i abili y o
all businesses, mul iplied by he sign o such
di e ence [34]; and he liquidi y a io (LIQ),
measu ed as he wo king capi al di ided by
o al asse s [2]. In addi ion, we conside deb
ma u i y (MATUR) and deb cos (COSTD)
which a e de i ned abo e.
Thus, o he analysis o he deb le el we
de i ne he ollowing model:
iii MATURGENDEBT  210

iii FIXEDSIZEROA  543


i
ECRISK  6

iii uCOSTDLIQ  87

(1)
whe e i = 1,..., n, deno es he company
and GEN is one o he al e na i e measu es o
gende di e si y de i ned abo e.
The second model examined ocuses
on he cos o deb (COSTD). I includes as
con ol a iables, he i ms’ size (SIZE); he
i ms’ e u ns on asse s (ROA); he g ow h
oppo uni ies (GROWP), compu ed as he
dep ecia ion o asse s di ided by o al asse s
[74]; he deb le el (DEBT); he deb ma u i y
(MATUR); and he sol ency a io (SOLV), which
de e mines he abili y o he company o mee
hei commi men s in he long e m, measu ed
as cash l ow di ided by o al asse s.
The cos o deb model is de i ned as ollows:
iii SIZEGENCOSTD  210

iii SOLVGROWPROA  543


i
DEBT  6

ii uMATUR 
7

(2)
whe e i = 1,..., n, deno es he company
and GEN is one o he al e na i e measu es o
gende di e si y de i ned abo e.
The hi d model ocuses on he deb
ma u i y (MATUR). I includes, as con ol
a iables, he angible asse s a io (FIXED); he
sales o a ion a io (ROTAT), compu ed as o al
sales di ided by o al asse s [2]; he deb le el
(DEBT); he i ms’ e u ns on asse s (ROA); he
g ow h oppo uni ies (GROWP); he i m size
(SIZE); he liquidi y a io (LIQ); and he cos o
deb (COSTD).
The ma u i y o deb model is de i ned as
ollows:
iii DEBTGENMATUR  210

iii FIXEDGROWPROA  543


ii LIQSIZE  76

i
ROTAT 
8

ii uCOSTD 

9

(3)
whe e i = 1,..., n, deno es he company
and GEN is one o he al e na i e measu es o
gende di e si y de i ned abo e.
Desc ip i e s a is ics a e p esen ed in
Table 1. The mean le el o deb (DEBT) is
74.8%, exceeding 60%, he a e age i gu e o
Spanish companies. The mean o he cos o
deb (COSTD) is 3.5%. I mus be highligh ed
ha he sample examined includes mic o and
small i ms ha usually ge hei unds om
bank c edi [7], hei own i nance o om amily
and iends and, especially, mic oc edi s. The
mean o he deb ma u i y (MATUR) is 21.3%,
con i ming ha hese i ms la gely employ sho
e m deb . This may be due o he op imism
o he en ep eneu o he g ea es isk ha
he banks un when lending money o such
companies [48].
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98 2015, XVIII, 4
Ekonomika a managemen
Rega ding he a iables o gende , 21% o
he i ms ha e a woman as CEO. The p opo ion
o women on he boa d is high, 19%, compa ed
wi h la ge companies whe e he co esponding
i gu e is only close o 5% [52]. These i gu es
may be ela ed o sel -employmen as well as o
amily businesses.
2.3 Me hodology
The me hodology employed is Th ee S age
Leas Squa es (3SLS). This me hodology
con ols he endogenei y o he a iables,
using a sys em o simul aneous equa ions [21].
This me hodology has been used because
o he peculia cha ac e is ics o he sample,
composed, as i is, o s a -up i ms wi h only
a yea o li e. This ci cums ance makes i
impossible o use a mo e powe ul me hodology
such as panel da a.
3. Resul s
The esul s o he es ima ion o Models 1,
2 and 3 a e p esen ed in Tables 2, 3 and 4,
espec i ely.
In Table 2 i can be seen ha a woman as
CEO o he p esence o women on he boa d
exe s a signi i can nega i e in l uence on he
le el o a i m’s deb . The same in l uence is
obse ed when employing di e si y indexes
(Blau and Shannon indexes). The e o e, he
Hypo hesis 1 is con i med: Companies un
by women and g oups wi h gende di e si y
will ha e lowe le els o deb . These esul s
a e consis en wi h mos p e ious esea ch. I
may well be ha women ha e g ea e a e sion
o isk [64], [9], [75], [41] which in l uences he
i m’s deb le el. Following he same easoning,
i should be no ed ha he e is a majo di i cul y
o he e ogeneous g oups o each ag eemen .
The need o seek consensus o en leads o less
isky s a egies [41]. Howe e , his esul could
also be explained by disc imina ion on he
supply side, which migh esul in banks lending
less money o companies un by women.
Wi h ega d o he con ol a iables, all
o hem a e signi i can and ha e a nega i e
ela ionship wi h he deb le el, wi h he
excep ion o he isk and he ma u i y o he deb ,
which ha e a signi i can posi i e ela ionship
wi h he deb le el. Deb may be used in o de
o secu e ax ad an ages [67], bu he e a e
o he ax deduc ions such as dep ecia ion o
i xed asse s [26] which could lead o a nega i e
ela ionship be ween angible asse s (FIXED)
Va iable Mean Median S anda d D. Minimum Maximum
DEBT 0.748 0.837 0.246 0.000 1.000
COSTD 0.035 0.016 0.234 0.000 12.561
MATUR 0.213 0.053 0.283 0.000 1.000
DWOMEN 0.210 0.000 0.428 0.000 9.000
ADM 0.190 0.000 0.356 0.000 1.000
BLAU 0.060 0.000 0.158 0.000 0.500
SHANNON 0.079 0.000 0.216 0.000 0.693
ROA -0.144 0.028 1.797 -92.059 20.263
SIZE 5.149 5.108 1.397 0.065 10.610
FIXED 0.238 0.153 0.245 0.000 1.000
ECRISK -3.015 0.030 117.926 -8,448.367 416.438
LIQ -0.177 0.015 1.989 -106.740 1.000
SOLV 0.121 0.071 0.274 0.000 20.653
GROWP 0.038 0.020 0.266 0.000 1.112
ROTAT 2.897 1.823 20.441 0.000 2,149.829
Sou ce: [2]
Tab. 1: Desc ip i e s a is ics
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99
4, XVIII, 2015
Business Adminis a ion and Managemen
and he deb le el ha we i nd in Table 2. Fi m
size [80] and liquidi y also leads o educed
le els o deb .
In Table 3 he esul s ela ed o he cos o
deb can be ound. We i nd a signi i can nega i e
in l uence o he di e en a iables ela ing o he
p esence o women and gende di e si y on he
cos o deb . This esul does no suppo he
a gumen ha he e is possible disc imina ion
on he pa o hose who o e unds o women.
On he con a y, i would suppo he a gumen
ha he p esence o women in decision making
may educe isk ha he i m is exposed o,
leading o a lowe cos o deb [62]. The e o e,
Hypo hesis 2 (H2) is con i med: Companies un
by women and g oups wi h gende di e si y will
enjoy a lowe cos o deb .
Rega ding he con ol a iables, we obse e
a nega i e in l uence o i ms’ e u ns on asse s
and he ma u i y o deb on he cos o he deb .
No mally, longe e ms o deb ma u i y lead o
lowe in e es a es [7] and la ge e u ns. On he
o he hand, we obse e a posi i e e ec o deb
le el, i m size and sol ency a io on he cos o
deb . This las esul may be consequence o
he ac ha mo e sol en i ms ha e inc eased
access o deb [81] and, he e o e, bea highe
cos s.
In Table 4 we obse e ha he p esence o
women on he boa d o as CEO leads o longe
e ms o deb ma u i y. We also obse e ha
gende -di e se boa ds use longe e m deb .
The e o e, Hypo hesis 3 (H3) is con i med:
Companies un by women and g oups wi h
MODEL DEBT DWOMEN ADM BLAU SHANNON
Cons an 0.195*** 0.935*** 0.926*** 0.926***
(16.78) (76.93) (74.62) (77.14)
GEN -0.030*** -0.040*** -0.108*** -0.078***
(-4.24) (-5.14) (-6.32) (-6.46)
MATUR 0.904*** 0.887*** 0.882*** 0.885***
(91.11) (93.98) (90.58) (93.85)
ROA -0.043*** -0.024* -0.027* -0.026**
(-2.86) (-1.67) (-1.87) (-1.85)
SIZE -0.006** -0.003*** -0.007*** -0.006***
(-2.32) (-3.62) (-3.05) (-2.84)
FIXED -0.719*** -0.750*** -0.742*** -0.748***
(-59.21) (-64.65) (-62.37) (-64.65)
ECRISK 0.004*** 0.003*** 0.003*** 0.003***
(5.66) (4.26) (4.15) (4.44)
LIQ -0675*** -0.704*** -0.696*** -0.701***
(-64.47) (-71.08) (-68.50) (-70.89)
COSTD -2.163*** -1.924*** -1.862*** -1.929***
(-41.35) (-39.83) (-38.85) (-40.02)
R2 -2.278 -1.613 -1.583 -1.621
X2 11,306.62*** 12,295.33*** 11,518.00*** 12,299.31***
Obs. 6,782 7,316 6,906 7,316
z-S a is ic in pa en hesis
* Signi i can a he 90% le el, **Signi i can a he 95% le el and *** Signi i can a he 99% le el.
X2-Tes o explana o y a iables
Sou ce: [2]
Tab. 2: Es ima ion o model 1 – deb le el
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100 2015, XVIII, 4
Ekonomika a managemen
gende di e si y will ha e deb ha has longe
e ms o ma u i y.
In e ms o he con ol a iables, he le el
o deb , he angible asse s, he size o he i m,
liquidi y and he cos o deb ha e signi i can
posi i e in l uence on he deb ma u i y [43],
[28]. The in l uence o he g ow h oppo uni ies
[59] and sales o a ion is nega i e.
Conclusions
Gende and i s in l uence on di e en a iables
o he i m ha e been a ac ing he a en ion
o esea che s. Se e al pape s ha e indica ed
di e ences in he way ha men and women un
businesses and he in l uence o gende di e si y
in wo king g oups. Mos o hese s udies ha e
examined he in l uence o gende di e si y
on i m alue o i m isk. Howe e , he e a e
no many s udies examining he in l uence o
women on he i nancial decisions o he i m,
especially o small companies. Small i ms a e
cha ac e ized by ha ing e y limi ed access
o unding sou ces, and depending hea ily on
bank i nancing.
Resea ch on gende di e si y has been
inc easing in ecen yea s. The eme gence
o gende equali y laws in many coun ies,
including Spain, has helped his phenomenon.
Se e al laws ha e been adop ed in Spain o
p o ide equal oppo uni ies o women. The
Código Uni i cado de Buen Gobie no (Uni i ed
Code o Good Go e nance) ecommends
posi i e disc imina ion o women in A icle
15, in o de o balance he numbe s o men
and women on boa ds. The Ley de Igualdad
(Gende Equali y Ac ) equi es a 40% emale
ep esen a ion on boa ds o di ec o s o
companies wi h mo e han 250 employees,
MODEL COSTD DEWOMEN ADM BLAU SHANNON
Cons an 0.195*** 0.191*** 0.194*** 0.187***
(16.78) (17.08) (16.63) (166.99)
GEN -0.016*** -0.021*** -0.108*** -0.043***
(-3.04) (-3.45) (-6.32) (-4.45)
SIZE 0.002 0.003* 0.003** 0.004**
(1.02) (1.67) (1.97) (2.18)
ROA -0.377*** -0.289*** -0.279*** -0.292***
(-11.11) (-8.57) (-7.94) (-8.68)
GROWP -0.062 0.056 0.071 0.051
(-1.31) (1.17) (1.41) (1.07)
SOLV 0.391*** 0.300*** 0.288*** 0.302***
(11.10) (8.56) (7.90) (8.65)
DEBT 1.803*** 1.617*** 1.660*** 1.614***
(29.20) (26.94) (26.19) (26.93)
MATUR -2.219*** -2.212*** -2.296*** -2.217***
(-36.82) (-37.35) (-36.86) (-37.47)
R2 -0.203 -0.178 -0.176 -0.178
X2 2,607.64*** 2,466.64*** 2,341.10*** 2,475.17***
Obs. 6,782 7,316 6,906 7,316
z-S a is ic in pa en hesis
* Signi i can a he 90% le el, **Signi i can a he 95% le el and *** Signi i can a he 99% le el.
X2-Tes o explana o y a iables.
Sou ce: [2]
Tab. 3: Es ima ion o model 2 – cos o he deb
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101
4, XVIII, 2015
Business Adminis a ion and Managemen
i hey a e o bid o public sec o con ac s.
Howe e , hese and o he ules ha e ocused
on la ge companies and no on small i ms,
which a e mo e nume ous and gene a e mos
o he employmen in Spain.
This a icle examines he in l uence o
gende on some i nancial decisions o Spanish
mic o and small s a -up en e p ises. These
i ms ha e la ge p oblems secu ing unding
and he cha ac e is ics o he owne s and
manage s a e c ucial o ob aining i nancing, as
well as he cha ac e is ics o speci i c p ojec s.
In con as wi h p e ious pape s, he p esen
s udy examines no only he le el o deb bu
also wo o he ele an i nance a iables:
he cos o he deb and he ma u i y o deb .
All his is examined in he Spanish con ex ,
cha ac e ized by a dominan p esence o bank
i nancing.
Fo he sample examined, only 21% o
CEOs a e women and he pe cen age o emale
di ec o s is 19%. These alues a e a o he
objec i e o gende equali y on op managemen
posi ions o small s a -up en e p ises bu a e
much la ge han he i gu es o Spanish lis ed
i ms. The amily ies and he g ea e possibili y
o c ea e mic o i ms by women may explain
hese alues.
MODEL MATUR DWOMEN ADM BLAU SHANNON
Cons an -0.943*** -0.965*** -0.959*** -0.957***
(-70.10) (-77.63) (-75.37) (-77.81)
GEN 0.025*** 0.034*** 0.081*** 0.059***
(4.49) (5.48) (5.94) (6.10)
DEBT 0.957*** 0.953*** 0.955*** 0.954***
(106.18) (111.55) (107.35) (111.41)
ROA -0.007 -0.019* -0.014 -0.018*
(-0.61) (-1.86) (-1.28) (-1.69)
GROWP -0.430*** -0.419*** -0.418*** -0.423***
(-11.76) (-11.74) (-11.30) (-11.86)
FIXED 0.871*** 0.903*** 0.903*** 0.905***
(81.84) (90.71) (87.92) (90.93)
SIZE 0.012*** 0.016*** 0.015*** 0.015***
(6.47) (9.24) (8.49) (8.44)
LIQ 0.808*** 0.837*** 0.835*** 0.837***
(81.94) (90.56) (87.53) (90.48)
ROTAT -0.002*** -0.001** -0.001** -0.001**
(-3.08) (-2.18) (-2.21) (-2.36)
COSTD 1.737*** 1.504*** 1.454*** 1.508***
(36.04) (34.32) (33.13) (34.40)
R2 -0.686 -0.309 -0.298 -0.313
F15,337.66*** 17,765.38*** 16,556.80*** 17,717.96***
Obs. 6,782 7,316 6,906 7,316
z-S a is ic in pa en hesis
* Signi i can a he 90% le el, **Signi i can a he 95% le el and *** Signi i can a he 99% le el.
X2-Tes o explana o y a iables
Sou ce: [2]
Tab. 4: Es ima ion o model 3 – ma u i y o he deb
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