Khan, Sa iullah; Sub amanian, Ulagana han; Mu alib, Pg Abdul
A icle
Gende and access o bank c edi a ound he wo ld du ing
he COVID-19 pandemic: The media ing ole o digi al
ans o ma ion
Pakis an Jou nal o Comme ce and Social Sciences (PJCSS)
P o ided in Coope a ion wi h:
Joha Educa ion Socie y, Pakis an (JESPK)
Sugges ed Ci a ion: Khan, Sa iullah; Sub amanian, Ulagana han; Mu alib, Pg Abdul (2024) : Gende
and access o bank c edi a ound he wo ld du ing he COVID-19 pandemic: The media ing ole o
digi al ans o ma ion, Pakis an Jou nal o Comme ce and Social Sciences (PJCSS), ISSN 2309-8619,
Joha Educa ion Socie y, Pakis an (JESPK), Laho e, Vol. 18, Iss. 1, pp. 1-39
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Pakis an Jou nal o Comme ce and Social Sciences
2024, Vol. 18(1), 01-39
Pak J Comme Soc Sci
Gende and Access o Bank C edi A ound he
Wo ld Du ing he COVID-19 Pandemic: The
Media ing Role o Digi al T ans o ma ion
Sa i Ullah Khan (Co esponding au ho )
UTB School o Business, Uni e si i Teknologi B unei, Banda Se i Begawan, B unei Da ussalam
Email: sa iullah.khan@u b.edu.bn
Ulagana han Sub amanian
UTB School o Business, Uni e si i Teknologi B unei, Banda Se i Begawan, B unei Da ussalam
Email: na h.sub a@u b.edu.bn
Pg Abdul Mu alib
UTB School o Business, Uni e si i Teknologi B unei, Banda Se i Begawan, B unei Da ussalam
Email: mu alib.kamallu[email p o ec ed]
A icle His o y
Recei ed: 01 Dec 2023
Re ised: 24 Ma 2024
Accep ed: 27 Ma 2024
Published: 31 Ma 2024
Abs ac
D awing on he ich i m-le el en e p ise su ey da ase o mo e han 58,000 small
en e p ises in 39 de eloping and eme ging economies, his s udy in es iga es gende
dispa i ies in i ms’ inancial agili y, c edi demand, and c edi p o ision du ing he
COVID-19 pandemic, and he ole o digi al ans o ma ion in add essing hese dispa i ies.
We used a p obi model wi h selec ion and an ins umen al a iable app oach o accoun
o he selec ion e ec s and endogenei y o he emale owne ship and leade ship measu es.
Fu he mo e, se e al obus ness checks a e used o accoun o endogenei y p oblems
caused by omi ed a iables and sel -selec ion bias. These econome ic es s we e
conduc ed using STATA so wa e. We ind ha emale-led businesses a e mo e ulne able
o he nega i e e ec s o he pandemic and ha e highe demand o c edi . Howe e , hey
a e less likely o eques loans (c edi sel - a ioning) and mo e likely o be denied c edi
when applying o bank c edi . This gende bias in c edi p o ision is exace ba ed by he
p e-pandemic inancial cons ain s on emale-led en e p ises. This s udy also es ed he
media ing ole o a i m’s echnology adop ion and digi al ans o ma ion in c edi access.
The esul s o he media ion analysis show ha emale-led en e p ises ha adop ed e-
comme ce and emo e wo k echnologies du ing he pandemic had be e access o bank
c edi han o he i ms, sugges ing ha digi al ans o ma ion signi ican ly enhanced
emale-led businesses’ access o bank c edi and na owed gende dispa i ies in he c edi
ma ke in imes o ex eme inancial and economic dis ess.
Gende , Digi al T ans o ma ion and Access o Bank C edi
2
Keywo ds: Digi al ans o ma ion, e-comme ce, gende and bank c edi access, inancial
cons ain s, bo owe discou agemen , inancial inclusion.
1. In oduc ion
The social, economic, and inancial impac s o he COVID-19 pandemic on na ional
economies and businesses ha e been well-documen ed globally. One o he s ylized ac s
is ha emale wo ke s as well as emale-led businesses su e ed disp opo iona ely due o
he unp eceden ed, gende ed implica ions o he c isis (e.g., Bi hanu, Ge achew, &
Lashi ew, 2022; Liu, Wei, and Xu, 2021; Njiwa e al., 2023; Eloua dighi & Oubejja, 2023;
Wu, 2022). Financial dis ess and liquidi y sho alls a e impo an ac o s in luencing he
impac o he COVID-19 pandemic on business pe o mance and inancial ulne abili y
(Golds ein e al., 2022; Leng & Sun, 2024). Fi ms wi h c edi access di icul ies be o e he
pandemic we e mo e likely o ha e liquidi y issues, sales declines (Zhang & Sogn-
G und åg, 2022) and es ic ed in es men s in new echnologies o adjus hei p oduc ion
and business ope a ions (Khan, 2022). P io s udies also show ha emale-led businesses
a e disad an aged by disc imina o y “gende ed asc ip ions” and expe ience g ea e
di icul ies in accessing ex e nal inance (De And és e al., 2021; Ma low & Pa on, 2005).
Gende -based disc imina ion can lead o misalloca ion o c edi and, consequen ly,
ine iciencies in inancial ma ke s (Beck e al., 2018), which may ha e a nega i e impac
on he g ow h and su i al o small businesses, employmen , and ul ima ely, he economy
a la ge. Howe e , e idence o he economic consequences o he COVID-19 c isis on
emale-led businesses and how his has a ec ed hei demand o and access o inance is
limi ed and less documen ed. This s udy add essed h ee in e ela ed esea ch ques ions.
Fi s , we examine gende di e ences in inancial agili y and he demand o and supply
o ex e nal inancing du ing he COVID-19 pandemic. Women end o ha e g ea e
p opensi y o isk a e sion (Meyll & Pauls, 2019) which may exace ba e du ing ex eme
economic unce ain y such as he COVID-19 pandemic. This may cons ain hei demand
o bank c edi du ing economic down u ns (Cowling, Ma low, & Liu, 2020). Second, we
in es iga e whe he emale-led businesses ha e g ea e endency no o apply o bank
c edi due o he p o o ypical eminized isk a e sion. Thi d, we in es iga e whe he gende
di e ences in i ms’ loan demand and supply a ied o e ime du ing he pandemic.
The COVID-19 pandemic has exace ba ed inancial cons ain s (Balduzzi e al., 2020),
a ec ing c edi -cons ained i ms' in es men s and limi ing hei access o digi al
echnologies and pla o ms (Khan, 2022). These a e i al o ensu ing con inui y in
business ope a ions in he ace o lockdowns, mobili y es ic ions, and wo kplace closu es.
The adop ion o In e ne echnologies and digi al ans o ma ion (DT) migh ha e p o ided
digi alized businesses in he du ing-COVID pe iod wi h a compe i i e edge by posi ioning
hem o g ow h h ough access o wide segmen s o consume s h ough cos -e ec i e
supply chains (B em e al., 2021), hus enhancing hei esilience in na iga ing he
pandemic-induced economic c isis. Digi alized small and medium-sized en e p ises
(SMEs) can bene i signi ican ly om inc eased cus ome in e ac ions and ma ke access,
Khan, Sub amanian & Mu alib
3
especially hose acing inancial and ma ke access es ic ions (Ma ko ic e al., 2021).
Technological ad ancemen s and digi al ans o ma ion ha e made inancial esou ces
mo e accessible o SMEs, lowe ed ba ie s, and imp o ed inancing and in es men
e iciency (Cui & Wang, 2023; Li & Xu, 2023). Thus, we also examine he media ion e ec
o digi al ans o ma ion on women-led i ms' access o bank c edi du ing he COVID-19
pandemic.
We d aw on he da a om he Wo ld Bank's p e-pandemic En e p ise su eys (WBES) and
he ongoing ollow-up "Co id-19 impac su eys (COV-FS)" co e ing mo e han 58,000
en e p ises ac oss 39 de eloping and eme ging economies, 93% o which a e SMEs. We
u ilized he COV-FS da a o he i s ou wa es conduc ed be ween May 2020 and Augus
2021. The empi ical indings o his s udy show ha emale-led en e p ises ypically
equi e mo e inancing because hey expe ience g ea e inancial di icul ies han male-led
en e p ises, consis en wi h ecen empi ical indings (e.g., Eloua dighi & Oubejja, 2023;
Njiwa, A i , A shad, & Mi za, 2023). They a e less likely o apply o bank loans, ha e
highe ejec ion a es han male-led i ms, and ha e lowe p opensi y o bank inancing.
These indings a e u he exace ba ed by he p e-pandemic c edi access di icul ies
expe ienced by emale-led businesses. Fu he mo e, emale-led en e p ises ha e highe
incidences o c edi sel - a ioning and inancial agili y. Finally, he media ion analysis
shows ha echnology di usion and digi al ans o ma ion educe gende dispa i ies in
inancial access and agili y, esul ing in be e access o inancial esou ces o digi alized
emale-led en e p ises han o o he businesses.
This s udy con ibu es o he li e a u e in h ee ways: Fi s , o he bes o ou knowledge,
his is among he i s o p o ide new e idence o he media ing ole o echnology adop ion
and digi al ans o ma ion in educing gende gaps in SMEs' access o inancial esou ces
du ing he COVID-19 pandemic. Digi al ans o ma ion has helped SMEs educe he
nega i e e ec s o he COVID-19 pandemic and has led o he g ow h o digi alized SMEs
(Zia e al., 2023). Fi ms ha le e age digi al pla o ms h ough echnology di usion,
digi al ma ke ing, and inno a ion achie e highe le els o success and p o i abili y du ing
c ises (Rojas-Ga cía e al., 2024). Digi al inclusion also educes he gende gap in labo
o ce pa icipa ion (Mohieldin & Ramadan, 2024). Fu he mo e, digi al ans o ma ion
p omo es inancial inclusion by educing he cos o inancial in e media ion (Cui & Wang,
2023; Ska e e al., 2023). I also helps alle ia e liquidi y cons ain s by acili a ing supply
chain inancing h ough digi al pla o ms (Chen e al., 2021). This s udy’s indings suppo
he no ion ha digi al ans o ma ion bene i s emale-led en e p ises by igh ing he
pandemic's nega i e consequences and posi ioning hem o be e access o ex e nal
inancing. These esul s imply ha women-led en e p ises may gain om le e aging hei
o ganiza ional esou ces o enhance access o unding by emb acing digi al ans o ma ion
in hei managemen , p oduc ion p ocesses, and business models o adap o changing
ci cums ances.
Gende , Digi al T ans o ma ion and Access o Bank C edi
4
Second, a b oad body o li e a u e has p edominan ly in es iga ed gende di e ences in
c edi access du ing no mal economic pe iods (e.g., Be and & Pe in, 2022;
Chundakkadan, 2023; Nya ko, 2022; Wellalage & Locke, 20217). Howe e , u he
s udies a e needed o explo e gende dispa i ies in inancial access om he pe spec i e o
dual economic isks du ing he COVID-19 pandemic, pa icula ly om he pe spec i e o
small businesses ope a ing in de eloping and eme ging ma ke s. This s udy is he i s o
examine whe he i m-le el p e-pandemic ex e nal inancing di icul ies exace ba e he
consequences o he COVID-19 c isis on women-led i ms’ access o inancing. Khan
(2022) ound ha i ms wi h p e-pandemic inancing cons ain s we e mo e ulne able o
g ea e liquidi y shocks and c edi isk du ing he COVID-19 c isis. A is ei and Gallo
(2023) examined how g een managemen p ac ices and p e-pandemic inancial condi ions
a ec ed he impac o he pandemic on i ms’ c edi access. We con ibu e o his g owing
(bu limi ed) s and o he li e a u e by examining whe he p io ex e nal inancing
cons ain s ha e a di e en ial impac on gende dispa i ies in inancial agili y and access
o inance o women-led en e p ises. We conside mul iple indica o s o inancial
cons ain s (e.g., c edi demand, loan applica ion beha io , supply o deb inance, and
bank discou agemen ). This s udy is he i s o examine p e-pandemic i m he e ogenei y
in c edi cons ain s and pe cei ed inancial obs acles, he eby p o iding obus e idence
o gende dispa i ies in he c edi ma ke in he con ex o ad e si y and exogenous
economic shock.
Thi d, in a i s , his s udy examines he e ec o gende on he demand-side c edi
cons ain s by explo ing gende di e ences in bo owe discou agemen du ing a unique
economic c isis. This is c ucial in designing policies o ulne able businesses. This s udy
documen s signi ican dispa i ies in he impac s on emale-led i ms ac oss egions and
o e ime using he panel aspec s o a da ase co e ing ou ounds o COVID-19 ollow-
up su ey da ase s om May-2020 o Augus -2021. The global con ex p o ides an
analysis o he "con ex ual" na u e o he emale leade ship- inance access ela ionship,
conside ing he economic, ins i u ional, and cul u al di e ences be ween de eloping and
eme ging coun ies.
2. Theo y and Hypo heses
2.1 Gende , En ep eneu ship, and Finance Access
Gende is a key iden i y ma ke ha c ea es mu ual unde s anding be ween human subjec s
(Bu le 2004), wi h s e eo ypical eminine ai s associa ed wi h eminini y iewed as
ha ing lowe alues (Bowden & Mumme y, 2014). In en ep eneu ship, he p e e ed
en ep eneu ial p o ile mi o s masculine cha ac e is ics, c ea ing a "masculinized
discou se" ha disad an ages women and p i ileges men (Ma low e al. 2008). While
s udies ind no inhe en en ep eneu ial weakness a ibu able o gende , gende ed
asc ip ions impede women's abili y o accumula e en ep eneu ial capi al and legi imacy
(Robb & Wa son, 2012), esul ing in ewe women s a ing businesses because o s uc u al
and aci disc imina ion. Female en ep eneu s o en exhibi highe isk a e sion (Faccio,
Khan, Sub amanian & Mu alib
5
Ma chica, & Mu a, 2016), leading o lowe demand o bank c edi and a highe eluc ance
o ake on deb (Cowling, Ma low, & Liu, 2020). This esul s in a scena io in which women
ely on in o mal inancing sou ces, whe eas hose seeking ex e nal inancing a e mo e
cau ious because o hei eminine isk a e sion. Banks es ic lending o ma ginal
bo owe s, pa icula ly du ing inancial c ises, esul ing in mo e se e e c edi con ac ions
in emale-led en e p ises (Cesa oni e al., 2013).
P e ious s udies ha e shown ha women-owned i ms a e mo e c edi cons ained in he
o mal loan ma ke han male-owned i ms despi e he inc easing sha e o women-owned
businesses (Faccio e al., 2016; In e na ional Labou O ice, 2019). The li e a u e p oposes
h ee main heo ies ha desc ibe gende -based disc imina ion in c edi ma ke s. This is
discussed b ie ly below.
S a is ical disc imina ion: As he demog aphic cha ac e is ics o loan applican s may be
ela ed o he unobse able quali y o c edi wo hiness (A ow, 1973), he lende may be
emp ed o use he loan applican ’s gende o in e c edi wo hiness. Thus, i women
bo owe s, on a e age, a e mo e likely o de aul on hei loan, he loan o ice migh apply
o ce ain women-owned businesses he a e age quali y o unded women-led businesses
in o de o minimize cos s pe aining o collec mo e bo owe -speci ic in o ma ion.
Bellucci, Bo iso , and Zazza o (2010) sugges ha he gene ally lowe p opo ion o
women-owned businesses in he economy makes he a ailabili y o in o ma ion abou hese
i ms limi ed and less eliable, ende ing access o o mal c edi ma ke s o c edi wo hy
emale businesses mo e di icul and hus a ec ing he i m’s de elopmen and g ow h.
Tas e-based disc imina ion: Becke (1957) pionee ed his heo y and p oposed ha
economic agen s p e e no o engage in inancial ansac ions wi h membe s o
disc imina ed g oups because o p ejudice o bias, e en a he expense o inancial losses.
Tas e-based gende disc imina ion is oo ed in a pe son’s p e e ences and cul u al belie s
abou a pa icula gende , which may in luence inancial ins i u ions when o mula ing
judgmen s abou loan applica ions. Such disc imina ion will occu i loan o ice s
esponsible o app o ing c edi inhe en ly ha e an ipa hy owa ds emale loan applican s
(p ejudiced) and p e e o a oid comme cial ela ionships, e en i hey imply o going
po en ially p o i able comme cial ansac ions o a oid indulging wi h membe s o he
disc imina ed g oup. In he p esence o some deg ee o as e-based disc imina ion, emale
bo owe s ace highe c edi cons ain s such as being o e ed less c edi , expe iencing
highe loan ejec ion a es, and highe inancing cos s, al hough he ci cums ances may
o he wise be simila o male and emale bo owe s. Thus, we p opose he ollowing hypo hesis:
➢ H1: Financial ins i u ions a e mo e likely o ejec loan eques s by emale
en ep eneu s because o gende p ejudice and because hey ypically lack he
esou ces needed o se e as colla e al o bank loans. This highe likelihood o
loan ejec ion also inc eases du ing imes o inancial and economic dis ess such
as he COVID-19 pandemic.
Gende , Digi al T ans o ma ion and Access o Bank C edi
6
Va ia ions in bo owe cha ac e is ics and p e e ences o deb inancing be ween women-
led and men-led en e p ises may also play a ole in he o igin o gende inequali ies in
access o bank c edi (Mu a ye e al., 2009; Rizwan & Khan, 2007). Thus, gende
dispa i ies in he demand o ex e nal unding may e lec bo h di e ences in inancial
needs and he pe cep ion o he likelihood ha a loan will be app o ed o denied, which
may in luence bank discou agemen . Acco ding o a dis inc s eam o li e a u e, women-
led i ms end o abs ain om applying o bank loans because hey ypically eel less
con iden abou hei capaci y o nego ia e loan e ms wi h banks and inancial ins i u ions
(C oson & Gneezy, 2009) and, consequen ly, e ain om eques ing c edi and exhibi
discou aged bo owing beha io (Naegels, Mo i, & D’Espallie , 2022). O he s udies no e
ha women-led businesses also e ain om aising unds h ough equi y ma ke s, as hey
p e e o inance in es men s h ough in e nal sou ces (B ush e al., 2018) o in o mal
sou ces, such as ne wo ks o iends and amily. Consequen ly, emale-led businesses ace
majo esou ce cons ain s compa ed o hei male coun e pa s (Kogu & Mej i, 2022)
because o smalle equi y capi al, educed access o ex e nal equi y inancing (B ush e al.,
2019), and bank c edi (Wellalage & Th ikawala, 2021). Hence, hey ely mo e on
pe sonal, amily, and in o mal esou ces han on o mal inancing channels. Fu he mo e,
nega i e shocks such as inancial c ises can impac people's isk a i udes. Risk a e sion is
mo e common among emale en ep eneu s, which may limi hei need o inancing
(A is ei & Gallo, 2016; Je e e al., 2020; Meyll & Pauls, 2019). As he COVID-19
pandemic has disp opo iona ely a ec ed emale-led businesses (Mus a a e al., 2021), i
is expec ed ha emale en ep eneu s' p opensi y o isk a e sion will wo sen du ing hese
imes (Li e al., 2021), which can in luence hei demand o bank c edi . D awing on he
heo e ical elemen s o isk a e sion heo y and esou ce dependency heo y, we
o mula ed he ollowing hypo hesis:
➢ H2a and H2b: Because o hei gene ally lowe isk ole ance and eluc ance o
incu deb inance du ing economic and inancial dis ess, emale en ep eneu s
a e mo e likely o ha e a lowe demand o bank c edi (H2a) and, he e o e, less
likely o apply o c edi o mee hei liquidi y and inancing needs (H2b).
2.2 Financing Cons ain s and Fi m-le el Financial Vulne abili ies Du ing COVID-19
C isis
The COVID-19 pandemic has exposed i m ulne abili ies, pa icula ly inancial
cons ain s, which ha e been exace ba ed by he pandemic (Khan, 2023). S udies show ha
p e-pandemic inancing cons ain s lead o se e e liquidi y p oblems and delinquency and
hinde digi al ans o ma ion e o s (A is ei & Gallo, 2023). Khan (2022) demons a es
how p e-pandemic c edi cons ain s wo sen bo h he c edi isk and liquidi y issues caused
by he pandemic. Analogously, A is ei and Gallo (2023) ind ha p e-pandemic c edi
cons ain s exace ba e economic and inancial ulne abili ies and in ensi y i m-le el
inancial dis ess and liquidi y p oblems. They u he a gue ha c edi -cons ained
businesses no only ha e a highe likelihood o expe iencing liquidi y sho alls o ha ing
Khan, Sub amanian & Mu alib
7
di icul ies making epaymen issues wi h hei inancial obliga ions bu also ha e a ha de
ime ob aining bank unding. Fi ms wi h be e c edi access be o e he pandemic a e less
likely o expe ience a decline in sales (Amin & Viganola, 2023). C edi cons ain s
exace ba e economic and inancial ulne abili ies, making i di icul o businesses o
ob ain bank inancing and mee hei inancial obliga ions. Balduzzi e al. (2020) ind ha
c edi -cons ained businesses ha e pessimis ic expec a ions and plans o educe
in es men , sugges ing ha inancial cons ain s exace ba e he c isis's nega i e e ec s.
Thus, we o mula e he ollowing hypo hesis:
➢ H3: P e-pandemic inancing cons ain s wo sened gende -based c edi ma ke
dispa i ies and pandemic-induced inancial agili y in emale-led businesses
du ing he COVID-19 c isis.
2.3 Gende and Access o Finance: The Media ing Role o Digi al T ans o ma ion Channel
The digi al economy has de eloped apidly, leading o inc eased p oduc i i y, i m g ow h,
inancial pe o mance, and co po a e esilience (Xia e al., 2022) and closing gende
dispa i ies in emale labo pa icipa ion (Mohieldin & Ramadan, 2024). Digi al
ans o ma ion enables esou ce-cons ained en e p ises o each na ional and in e na ional
ma ke s cos -e ec i ely (Yu e al., 2022), acili a es e icien in o ma ion low, accele a es
inno a ion, and assis s in co po a e ans o ma ion (Fi zge ald e al. 2014). Howe e ,
ba ie s o widesp ead adop ion include he slow di usion o echnologies, lack o inancial
esou ces, echnical expe ise, o ganiza ional ine ia (Khan, 2022b), and unde s anding o
echnology adop ion (Adomako e al., 2021). The COVID-19 c isis has p omp ed many
SMEs o adop digi al echnologies and pla o ms o adap o changing cus ome needs and
imp o e hei esilience. Fu he mo e, digi al ans o ma ion (DT) enhances inancial
inclusion by enabling e icien inancial ansac ions and alle ia ing liquidi y issues (Ska e
e al., 2023). This also inc eases a i m's access o wo king capi al and sho - e m inancial
equi emen s (Chen e al., 2021). Thus, we o mula e he ollowing hypo hesis:
➢ H4: Female-led i ms ha adop ed DT du ing he COVID-19 c isis ha e be e
access o bank inancing.
3. Da a Desc ip ion and Me hodology
3.1. Da a Desc ip ion
The empi ical analysis in his s udy used wo su ey da ase s: he p e-pandemic Wo ld
Bank G oup En e p ise Su ey (WBES) and he Co id-19 Impac Follow-up Su ey (COV-
FS), conduc ed in ou wa es a e he onse o he COVID-19 pandemic using he same
sample o i ms om he baseline WBES. The p e-pandemic WBES collec ed i m-le el
da a om egis e ed p i a e businesses ac oss coun ies, ocusing on business en i onmen ,
pe o mance, and cha ac e is ics. The COV-FS da ase e alua es he economic e ec s o
he pandemic on p i a e businesses using elephone in e iews o calcula e indica o s such
as business closu es, ope a ions, employmen , e enue, access o ex e nal inancing, and
Gende , Digi al T ans o ma ion and Access o Bank C edi
8
policy ini ia i es. Bo h da ase s p o ide compa able da a ac oss coun ies. The COV-FS
su eys we e conduc ed in hese coun ies o e he cou se o h ee wa es, be ween May
and June 2020 and Augus and Sep embe 2021. The COV-FS da ase o e s p ecise
indica o s o he a ious e ec s o he COVID-19 pandemic on businesses, simila o he
WBES da ase o i m ou comes in he p e-pandemic pe iod. The in o ma ion acqui ed
du ing hese su eys was used o calcula e a ange o indica o s, including business
closu es, ope a ions, employmen , e enue, wo k o ce changes, inances, gende , policy
esponses, and expec a ions o de e mine he impac o he c isis on a i m's pe o mance
me ics.
The WBES e lec s he p e-c isis si ua ion because i was comple ed be o e he COVID-19
pandemic began. Thus, he p e-pandemic da a om he WBES se ed as a baseline o
COV-FS indica o s o compa ison. The WBES collec s i m-le el da a om a
ep esen a i e sample o o icially egis e ed p i a e businesses wi h i e o mo e
employees in e ail, manu ac u ing, and se ice indus ies. WBES da a a e compa able
ac oss coun ies owing o he use o a global me hodology based on s a i ied andom
sampling. The WBES collec s in o ma ion on a ious componen s o he business
en i onmen , i m pe o mance, and i m cha ac e is ics, including he gende o he i m's
op manage and he pe cen age o emale and male owne ship.
3.2 Female Owne ship Va iables
We cons uc ed wo a iables ha accoun ed o he gende o business owne s and highes -
anked manage . Following A is ei and Gallo (2016), he i s dummy a iable (FEM-LED)
equals one i he op manage o a i m is a woman and he e a e one o mo e emale
owne s. This bina y a iable accoun s o women’s in ol emen in bo h business
owne ship and managemen . The second dummy a iable (FEMALE-OWNED) equals one
i women’s owne ship is 51 pe cen o mo e; hence, i measu es he ex en o emale
owne ship. These a iables p o ide a nuanced analysis o a i m's inancing demand and
supply by gende . O he i ms in he sample, 32.3% had a leas one woman among he
i m’s owne s and 17.67 pe cen had a emale op manage .
3.3 Econome ic Speci ica ions
3.3.1 P obi wi h Selec ion Model
This s udy explo es gende di e ences in i ms' loan applica ion decisions, inancial
access, and bo owe bank discou agemen beha io s du ing pe iods o economic
unce ain y. Hence, we de eloped se e al esea ch objec i es o examine how gende
a ec s he abili y o women-owned businesses o apply o and ob ain ex e nal inancing
du ing he COVID-19 pandemic. Se e al dependen a iables we e cons uc ed, each
sough o add ess a speci ic esea ch ques ion. Fi s , we hypo hesize ha he pandemic
a ec ed inancing needs di e en ly o women-led businesses, as hey ha e been
disp opo iona ely a ec ed and su e ed deepe inancial dis ess (Amin & Viganola,
2023). We aim o unde s and he impac o gende di e ences on i ms' ex e nal inancing
Khan, Sub amanian & Mu alib
15
Table 2: Mean Di e ences in Demand o and Supply o Finance, Bank Discou agemen ,
and C edi Cons ain s by Gende o Fi m Owne ship and Leade ship
C edi
demand
Apply
o
c edi
Applica
ion
Rejec ed
Bank
discou ag
ed
Bank
inancin
g
Equi y
inancing
O e due in
inancial
obliga ions
o banks
Liquidi
y
dec ease
d
Panel A: Women-owned business ( emale owne ship
51% o mo e)
FEMALE-
OWNED
1
0.425
0.250
0.288
0.458
0.256
0.479
0.196
0.738
0
0.382
0.267
0.188
0.400
0.309
0.542
0.162
0.696
Mean
Di e ence
0.043**
*
-
0.017*
*
0.100**
*
0.058***
-
0.053**
*
-
0.064***
0.034***
0.042**
*
Panel B: Female-owne ship 51% o mo e,
and op manage is emale.
FEM-LED
(0, 1)
1
0.389
0.226
0.261
0.482
0.231
0.521
0.167
0
0.404
0.268
0.187
0.417
0.302
0.517
0.184
Mean
Di e ence
-0.016*
-
0.042*
**
0.074**
*
0.066***
-
0.071**
*
0.004
-0.017***
Gende , Digi al T ans o ma ion and Access o Bank C edi
16
Table 3: Demand o Finance and Bank Discou agemen o Women En ep eneu s
The p obi model wi h selec ion (s anda d e o s in pa en heses) o Eq. (1) – (4). FEM-LED [0, 1] equals one o
i ms wi h a emale CEO and a leas one woman among he i m owne s. EXPORTER [0, 1] equals one i an
es ablishmen has a leas 10 pe cen o i s sales as expo s. FOREIGN [0, 1] equals one i o eign owne ship in
he es ablishmen is 10 pe cen o mo e. ONLINE_BUSINESS [0, 1] equals one i an es ablishmen s a ed o
inc eased i s e-comme ce ac i i ies. WC inance is he p e-pandemic sha e o wo king capi al inanced h ough
in e nal unding. Sale Change is he mon hly pe cen age change in sales compa ed wi h he p e ious yea .
Demand Dec ease [0, 1] equals one i he demand o he es ablishmen ’s p oduc s and se ices dec eased
compa ed o he p e ious yea . The La g i m dummy [0, 1] equals one i an es ablishmen has 100 o mo e
employees and ze o i i has ewe han 100 employees. The Small i m dummy [0, 1] equals one i an
es ablishmen has ewe han 19 employees and ze o o he wise. LIQUIDTY [0, 1] equals one i an es ablishmen
epo ed ha liquidi y and cash low a ailabili y dec eased du ing he COVID-19 pandemic. Go Ass [0, 1]
equals one i an es ablishmen ecei ed inancial assis ance om he go e nmen du ing he COVID-19 pandemic.
Audi accoun [0, 1] equals one i he es ablishmen ’s inancial accoun s a e audi ed annually by independen
audi o s. The dependen a iables o each eg ession a e indica ed a he op o each column. *** p<0.01, **
p<0.05, * p<0.10
Demand o Bank C edi
Loan Applica ion
Beha io
Bank Discou agemen
(1)
(2)
(3)
(4)
(5)
(6)
C edi
Need
Liquidi y
Dec eased
Applied
C edi
Need
Bank
Discou ag-
emen
C edi
Need
FEM-LED
0.140***
0.0428
-0.101**
0.0017
0.103**
-0.0060
(0.0513)
(0.0452)
(0.0480)
(0.0328)
(0.0479)
(0.0324)
AGE
0.00216
-0.00141
0.000236
-0.0017**
-0.000218
-
0.00178**
(0.00151)
(0.00127)
(0.00128)
(0.000836)
(0.00128)
(0.00082
3)
Small i m dummy
-0.00786
0.0860**
-
0.240***
0.0225
0.239***
0.0181
(0.0421)
(0.0363)
(0.0387)
(0.0261)
(0.0386)
(0.0255)
La ge i m dummy
0.0473
-0.122***
0.0956*
-0.0660**
-0.0986*
-0.0591*
(0.0559)
(0.0446)
(0.0526)
(0.0330)
(0.0525)
(0.0322)
Fo eign Owne ship
dummy
-0.126*
-0.130**
-0.152**
-0.260***
0.164***
-
0.301***
(0.0667)
(0.0542)
(0.0627)
(0.0402)
(0.0629)
(0.0393)
Expo e dummy
-0.00879
-0.111**
0.0644
-0.0117
-0.0653
-0.0178
(0.0436)
(0.0388)
(0.0444)
(0.0286)
(0.0444)
(0.0283)
WC inance
-0.296***
0.0775
-0.163***
-0.190***
0.192***
-0.275***
(0.0610)
(0.0522)
(0.0574)
(0.0387)
(0.0575)
(0.0365)
Go Ass
0.449***
0.377***
0.339***
0.248***
-0.341***
0.250***
Khan, Sub amanian & Mu alib
17
(0.0648)
(0.0570)
(0.0397)
(0.0254)
(0.0397)
(0.0252)
ONLINE_BUSINESS
0.0258
0.266***
0.125***
0.0491**
-0.125***
0.0588**
(0.0381)
(0.0362)
(0.0359)
(0.0247)
(0.0358)
(0.0244)
Sale Change
-0.499***
-0.404***
-0.406***
(0.0624)
(0.0455)
(0.0451)
Demand Dec eased
0.868***
0.396***
0.395***
(0.0389)
(0.0291)
(0.0288)
Liquidi y Dec eased
0.354***
0.352***
(0.0281)
(0.0278)
Indeb edness
0.411***
0.300***
-0.311***
0.3006***
(0.0623)
(0.0417)
(0.0613)
(0.0164)
Audi accoun
-0.00129
-0.0359
-0.0139
-0.037
(0.0385)
(0.0258)
(0.0375)
(0.0258)
Cons an
1.717***
0.688
-0.288
0.00568
0.248
0.121
(0.508)
(0.436)
(0.232)
(0.202)
(0.231)
(0.201)
Obse a ions
7,875
7,875
15,808
15,808
16,124
16,124
Censo ed obs.
3385
Uncenso ed obs.
4490
Wald chi2(48)
473.35
P ob. > Chi2
0.000
Rho
-0.969***
LR es o
independence
( ho=0): chi2(1)
211.94
P ob > chi2 =
0.0000
Indus y & coun y
dummies
Yes
Yes
Yes
Yes
Yes
Yes
Gende , Digi al T ans o ma ion and Access o Bank C edi
18
Table 4: Gende and Access o Ex e nal Financing: Bank Financing
P obi model wi h selec ion (s anda d e o s a e in pa en heses). FEM-LED [0, 1] and o he con ol a iables a e
as de ined in Table 3. Columns (1) and (3) p esen he esul s o he ou come equa ion (Eq. 3). Columns 2 (Eq. 3)
and 4 (Eq. 2) p esen he esul s o he selec ion equa ions. *** p<0.01, ** p<0.05, * p<0.10
(1)
(2)
(3)
(4)
Bank Financing
(2nd s age eg.)
Applied
(1s s age eg.)
Bank Financing
(2nd s age eg.)
Applied
(1s s age eg.)
FEM-LED
-0.163**
-0.167***
0.126
-0.0227
(0.0759)
(0.0613)
(0.105)
(0.0394)
FEM-LED x
C edi cons ain
(WBES)
-0.384**
(0.179)
AGE
-0.000177
-0.00160
-0.00258
-0.0014
(0.00172)
(0.00147)
(0.00242)
(0.00099)
Small i m
dummy
-0.206***
-0.174***
-0.373***
-0.188***
(0.0563)
(0.0478)
(0.0698)
(0.0313)
La ge i m
dummy
0.153**
0.0155
0.428***
0.00245
(0.0672)
(0.0564)
(0.110)
(0.0387)
Fo eign
Owne ship
dummy
-0.352***
-0.260***
-0.176
-0.223***
(0.0851)
(0.0709)
(0.125)
(0.0491)
Expo e dummy
-0.000570
0.0173
-0.0234
0.0724**
(0.0589)
(0.0510)
(0.0798)
(0.0338)
WC Finance
-0.498***
-0.406***
-0.0454
-0.246***
(0.0777)
(0.0664)
(0.121)
(0.0462)
Go Ass
0.296***
0.317***
0.195**
0.343***
(0.0581)
(0.0489)
(0.0948)
(0.0305)
ONLINE_BUSI
NESS
0.101*
0.0639
0.0807
0.0514*
(0.0525)
(0.0452)
(0.0669)
(0.0293)
Sale Change
-0.217***
-0.0425
(0.0585)
(0.0532)
Demand
Dec eased
0.211***
0.165***
(0.0403)
(0.0372)
Liquidi y
Dec eased
5.871
0.231***
(253.6)
(0.0372)
Cons an
-0.907***
-6.495
-0.394
-1.115***
(0.138)
(253.6)
(0.601)
(0.259)
Obse a ions
7,391
7,391
Khan, Sub amanian & Mu alib
19
The p obi model wi h selec ion in Table 4 (Column 1) shows a nega i e and s a is ically
signi ican coe icien o FEM-LED, indica ing ha businesses wi h emale owne ship and
emale CEOs end o ha e a lowe likelihood o accessing bank c edi du ing he pandemic.
This inding suppo s he no ion o gende dispa i y in he c edi ma ke (T eichel & Sco ,
2006). This esul is in line wi h Liu e al. (2021) who iden i y impai ed access o bank
c edi as one o he main channels con ibu ing o he nega i e e ec s o he pandemic on
women-led businesses. Howe e , his esul con as s wi h Hewa-Wellalage e al. (2022)
who ound ha emale-owned and emale-led en e p ises had a ma ginally highe
p obabili y (2 pe cen poin s) o ob aining bank c edi du ing he COVID-19 pandemic
han male-led en e p ises. Ou esul s also con as wi h hose o Cowling, Ma low, and
Liu (2020), who show ha emale businesses had a lowe demand o bank c edi du ing
he 2008 Global Financial C isis, bu ha emale businesses ha applied o loans we e
mo e likely o ecei e bank lending han male businesses. They a gue ha eminized isk
a e sion migh ha e played a ole in emale business loan applica ion decisions, wi h he
esul ha loan applica ions we e mo e likely o be submi ed by conse a i e, less isky
bu s onge emale businesses du ing pe iods o economic unce ain y. This posi i ely
a ec s he likelihood o ob aining bank loans by emale businesses, gi en ha inancial
ins i u ions end o adop sel -p o ec i e and cau ious beha io in hei capi al alloca ion
du ing pe iods o economic down u ns. Howe e , Cowling e al. ’s (2020) sub le, deepe
analysis o he channels in luencing inancial ins i u ions’ loan app o al decisions e eals
ha emale businesses’ loan applica ions su e a disad an age as inancial ins i u ions
assign lowe alue o hei colla e al o e ed agains loan secu i y, indica ing a gende ed
disc imina ion aspec in hei c edi supply o emale businesses du ing he 2008 GFC.
This s udy also in es iga es whe he p e-pandemic inancial cons ain s wo sened gende
dispa i ies in access o ex e nal inancing among women-led businesses. The esul s o he
in e ac ion e m be ween p e-pandemic c edi cons ain and FEM-LED [FEM-LED
C edi _cons ain (WBES)] in Column (3) o Table 4 show ha women-owned i ms wi h
p e-pandemic igh inancial condi ions we e less likely o ha e access o bank inancing.
In ac , ou esul s indica e ha p io c edi cons ain s agg a a ed gende dispa i ies in
c edi access o women-led en e p ises, con i ming he indings o A is ie and Gallo
(2023), Khan (2022), and Zhang and Sogn-G und åg (2022). Recen empi ical s udies
show ha i ms acing p e-pandemic c edi cons ain s a e less esilien o economic shocks
(A is ei & Gallo, 2023), su e ed highe sales declines and show lowe esilience in
na iga ing he economic dis ess induced by he COVID-19 pandemic (Amin & Viganola,
2023). Balduzzi e al. (2020) ind ha i ms wi h p io inancial di icul ies planned o cu
u u e in es men s and employmen mo e han a e uncons ained i ms. Analogously,
A is ei and Gallo (2023) ind ha p io c edi cons ains signi ican ly ampli y liquidi y and
inancing p oblems and ampli y he pandemic’s impac on i m pe o mance and
ulne abili y. Ou empi ical esul s closely align wi h hose o Khan (2022), who shows
ha p io c edi cons ain s signi ican ly exace ba ed i ms’ inancial ulne abili y, c edi
Gende , Digi al T ans o ma ion and Access o Bank C edi
20
isk, liquidi y p oblems, and impai ed access o bank c edi du ing he COVID-19
pandemic. Ou con ibu ion o his s and o he li e a u e is ha p e-pandemic c edi
cons ain s in ensi y he nega i e impac o he pandemic on emale-led i ms' inancial
access and ulne abili y.
Table 5: Ins umen al Va iable P obi Model (IV P obi )
This able p esen s he esul s o he ins umen al a iable (IV) p obi models (s anda d e o s in pa en heses).
Columns (1) and (2) p esen s he esul s o Eq. (1) and (2), espec i ely. Columns (3) and (4) p esen he esul s
o Eq. (3) and (4), espec i ely. The dependen a iable o each eg ession is epo ed a he op o each column.
The Gende De elopmen Index (GDI Dummy) is an ins umen o FEM-LED. This bina y a iable equal 1 o
coun ies wi h high equali y in Human De elopmen Index achie emen s be ween men and women.
*** p<0.01, ** p<0.05, * p<0.10
(1)
(2)
(3)
(4)
(5)
(6)
FEM-LED
C edi Need
FEM-LED
Bank
Financing
FEM-LED
DISC_B
ANK
Fi s s age
2nd S age
Fi s s age
2nd S age
Fi s s age
2nd S age
FEM-LED
2.062***
-2.35***
2.779***
(0.8049)
(0.491)
(0.338)
AGE
-0.000125
-0.00124
-0.0006***
0.000114
-0.000412
0.00108
(0.00018)
(0.000931)
(0.000212)
(0.00113)
(0.000278)
(0.00091)
GDI Dummy
0.071**
0.106***
0.0467
(0.0303)
(0.0392)
(0.0332)
Con ol
a iables
Yes
Yes
Yes
Yes
Yes
Yes
Obse a ions
18,017
18,017
14,728
14,728
8,121
8,121
Wald es o
exogenei y
Chi2 (1)
2.75*
5.28**
4.32**
Nex , we exploi c oss-coun y he e ogenei y o examine whe he he obse ed gende gaps
in he c edi ma ke a y in se e i y depending on he mos p e alen cul u e in each
coun y. As in Mascia and Rossi (2017), we use he Global Gende Gap Index (GGGI) o
accoun o cul u al and ins i u ional di e ences in gende -based dispa i ies ha
cha ac e ize he coun ies in ou sample. A biennial epo gene a ed by he Wo ld
Economic Fo um, he GGGI benchma ks na ional gende gaps in he economic,
educa ional, heal h, and poli ical domains. Using he 2020 Global Gende Gap ankings
and he sco es o he coun ies included in ou sample, we spli hem in o h ee clus e s
based on hei ela i e ankings among he 153 coun ies co e ed by he index. Clus e 1,
2, and 3 consis ed o coun ies wi h ankings om 1 o 50 (lowes magni ude o gende
dispa i ies), 51 o 83, and 84 o 153 (highes le el o gende -based disc imina ion),
espec i ely. The empi ical esul s o he ins umen al a iable p obi model (gende
de elopmen index as an ins umen o FEM-LED) in Eq. (1) – (4) o c edi demand, bank
Khan, Sub amanian & Mu alib
21
c edi , and bo owe discou agemen , espec i ely, a e p esen ed in Table 5. Again, he
coe icien es ima es o FEM-LED, as epo ed in Columns 1, 3, and 5, a e in line wi h ou
p e ious indings ha emale-led businesses a e mo e likely o ha e highe demand o
bank c edi bu a e mo e likely o be discou aged om applying and denied c edi by banks
and inancial ins i u ions du ing he COVID-19 c isis.
Nex , we examined he empo al he e ogenei y ha cha ac e izes he panel na u e o ou
su ey da ase , co e ing wo yea s om he s a o he COVID-19 pandemic in 2020 and
he subsequen yea 2021. The i s h ee wa es o he COV-FS su ey da ase we e used
o he empi ical analysis. In ou empo al he e ogenei y analysis, we un ou eg ession
speci ica ions sepa a ely o 2020 and 2021. The empi ical esul s ob ained using he COV-
FS su ey da a o 2020 and 2021 a e no epo ed in he pape o b e i y bu a e a ailable
upon eques . Acco ding o he coe icien es ima es, emale-led businesses expe ienced
same loan demand as male-led businesses in 2020. This esul con as s wi h he indings
o Cowling e al. (2020) o he 2008 GFC. They documen signi ican di e ences in loan
demand be ween emale-led and male-led businesses in he ea ly s ages o he a e ma h o
he 2008 GFC; women-led businesses had signi ican ly lowe applica ion a es han male-
led businesses. Howe e , by 2021, emale-led businesses an ou o hei esou ces and had
a g ea e need o ex e nal unding. This ou come is in line wi h ha o Wu's (2022) inding
ha i ms' inancial condi ions de e io a ed as he pandemic e ol ed and i s economic
impac s ma e ialized. Addi ionally, emale-led businesses we e less likely o eques bank
inancing du ing he ea ly s ages o he pandemic in 2020. Howe e , as he pandemic
p og essed, hei beha io changed, and emale-led businesses became mo e ac i e in
seeking bank unding and we e mo e likely o eques bank loans compa ed o hei male-
led coun e pa s. Howe e , he gende dispa i y in deb inancing pe sis ed because emale-
led businesses we e less likely o secu e bank c edi han hei male-led compe i o s we e
in he ea ly and la e yea s o he pandemic. Finally, du ing he la e s ages o he pandemic,
bo owe s' discou aged loan applica ion beha io by gende and gende dispa i ies also
anished and emale businesses became ac i e in seeking ex e nal unding.
4.3 Robus ness Checks
Se e al obus ness checks we e conduc ed o examine he alidi y o he empi ical esul s.
Women-led i ms ha e been disp opo iona ely a ec ed by he pandemic, leading o many
exi ing he ma ke and, hus, ha e no been co e ed by ollow-up COF-FS su eys. Thus,
ou empi ical analyses a e based on high-quali y emale-led i ms ha ha e su i ed he
pandemic, highligh ing he po en ial unde s a emen o gende di e ences in e ms o
inancial access and agili y. To add ess his po en ial selec ion bias, as in Bi hanu e al.
(2022), we used he COV_FS ques ion "Cu en ly is his es ablishmen open, empo a ily
closed, o pe manen ly closed?" o es ima e he likelihood o a i m exi ing a ma ke . This
dummy a iable, deno ed by EXIT, equals one i he i m’s esponse is “open” o he s a ed
ques ion and equals ze o o “pe manen ly closed” esponses. App oxima ely 5.23 pe cen
Gende , Digi al T ans o ma ion and Access o Bank C edi
22
o he i ms we e pe manen ly closed (3,097 o 59,176 i ms). Mo eo e , despi e se e al
e o s, he eams conduc ing he ollow-up su ey we e unable o loca e a sizable po ion
o businesses, leading o he assump ion ha hey ei he le he ma ke o we e
pe manen ly closed. The ollow-up su ey da ase e ealed ha he answe o he
a o emen ioned ques ion was missing o such es ablishmen s, implying an exi a e o
app oxima ely 16.73 pe cen (9,902 o 59,176 i ms).
We ollow Bi hanu e al. (2022) and use in o ma ion om he baseline WBES su ey o
es ima e he likelihood o a i m exi ing he ma ke . We ha e in o ma ion on bo h su i ing
and po en ially exi ed en e p ises because he ollow-up su eys employed he same sample
o i ms om each coun y o which he WBES su eys we e conduc ed he yea be o e
he COVID-19 pandemic.
We cons uc a p oxy o a i m's indeb edness om he baseline WBES da ase by aking
he a e age o h ee dummy a iables: o e d a acili y use, line o c edi o bank loan,
and he owne s’ pe sonal ou s anding loans. Highly indeb ed en e p ises a e mo e
suscep ible o bank up cy du ing he COVID-19 pandemic. C edi de aul s and exodus
occu because o ising cos s, a decline in e enues, and cash low sho alls. The second
a iable, Sunk Cos , ep esen s he alue o he land and buildings owned by a i m as a
p opo ion o he o al alue o he land and buildings ha a i m u ilizes. Fo businesses
ha own he asse s hey use, exi ing is a less desi able al e na i e because doing so pu s a
lo o isk (ha ing o sell angible asse s du ing a c isis) and li le bene i (in e ms o en
sa ings) on he able. Howe e , businesses wi h a high le el o deb and eliance on en ed
capi al ha e a s ong incen i e o ile o bank up cy in o de o a oid paying en and
acc uing in e es .
The p obi model (dependen a iable: EXIT) es ima es a i m's likelihood o selec ion in
a sample based on wo key independen a iables: indeb edness and sunk cos . As epo ed
in Table 6, he e a e gende di e ences in selec ion in o he sample, as e idenced by he
nega i e coe icien es ima es o FEM-LED and FEMALE_OWNED. The coe icien o
indeb edness shows an in e se U-shaped associa ion, sugges ing ha es ablishmen s a e
mo e likely o pe manen ly close and exi he ma ke a e y high (low) le els o deb (low
le els o deb may imply a i m’s c edi cons ain s). The ela ionship be ween loan
indeb edness and a i m's likelihood o selec ion in he sample is posi i ely mode a ed by
highe sunk cos s. The p edic ed p obabili y o selec ion was es ima ed om his model
and used o cons uc he in e se Mills a io, which was included in he Heckman p obi
model as an explana o y a iable (Bi hanu e al., 2022; Pa ke , 2018) in Equa ions (1)– (4).
The le el o indeb edness was also included in he speci ica ions since p e-pandemic deb
le els may also a ec a i m’s c edi wo hiness du ing he pandemic-induced economic
c isis. The esul s o second-s age eg essions o he Heckman selec ion model (Table 7)
show he p esence o selec ion e ec s and he obus ness o he esul s a e accoun ing o
sample selec ion e ec s.
Khan, Sub amanian & Mu alib
23
Second, as in Wellalage and Locke (2017), we accoun o he possibili y ha he owne / op
manage ’s gende is endogenous o he i m’s c edi cons ain using he gende
de elopmen index (GDI) as an ins umen al a iable o FEM-LED. We cons uc a bina y
a iable (GDI dummy) equal o one i a coun y alls in g oup 1, which comp ises coun ies
wi h high equali y in Human De elopmen Index (HDI) achie emen be ween women and
men and akes a alue o ze o o he wise. This analysis was conduc ed using an ins umen al
a iable binomial p obi model, which i s models o bina y dependen a iables in which
a leas one o he co a ia es is endogenous. The i s s age in ol es es ima ing he
p edic ed alues o he endogenous a iable (FEM-LED), using an ins umen (GDI
dummy) along wi h he con ol a iables, which a e hen subs i u ed in o Equa ion (3) (See
Seema, Seyyed, & Shehzad (2021) o u he de ails and analysis).
Finally, P opensi y Sco e Ma ching (PSM) (Rosenbaum & Rubin, 1983) and Blinde –
Oaxaca decomposi ion (BOD) (Blinde 1973; Oaxaca 1973) echnique we e used o
analyze he impac o gende on inancial access. PSM accoun s o endogenei y p oblems
caused by omi ed a iables and sel -selec ion bias. De eloped by Rosenbaum and Rubin
(1983), PSM pai s each ea ed uni wi h one o mo e con ol uni s ha a e compa able in
all obse able ac o s excep o ea men s a us. PSM en ails s a i ying he sample in o
ea men and con ol g oups based on independen a iables. Consequen ly, he impac o
he independen a iable can be es ima ed while accoun ing o po en ial con ounde s.
PSM compa es companies wi h emale owne ship and leade ship o hose wi h male
owne ship and leade ship, assuming non-sys ema ic a ia ions in esponses o ea men .
The esul s (Table 8) show ha he a e age ea men e ec on ea ed (ATT) is nega i e
o bank inancing. Female en ep eneu s a e 5.1%–7.8 pe cen age poin less likely o ha e
access o bank c edi du ing he COVID-19 c isis and a e 8.3% mo e likely o be
discou aged om applying o bank c edi .
Gende , Digi al T ans o ma ion and Access o Bank C edi
24
Table 6: P obi Model o P edic P obabili y o Selec ion in he Sample
Resul s o he p obi model (s anda d e o s a e in pa en heses). The dependen a iable in columns (1) and (2) is
a dummy a iable ha equals one i an es ablishmen is ei he con i med o ha e closed pe manen ly o is belie ed
o ha e done so because he eams conduc ing he ollow-up su ey we e unable o iden i y hem despi e nume ous
a emp s o do so. In Columns (3) and (4), he dependen a iable is a dummy a iable ha equals one i a i m
was con i med o be pe manen ly closed and ze o o he wise. Indeb edness, es ima ed using he p e-pandemic
baseline WBES da ase , is he a e age o h ee dummy a iables iden i ying whe he a i m (a) used an o e d a
acili y, (b) had a line o c edi o loan om a inancial ins i u ion, o (c) he owne ’s pe sonal ou s anding loans
we e used o inance business ope a ions and g ow h. *** p<0.01, ** p<0.05, * p<0.10
(1)
(2)
(3)
(4)
selec ion 1:
Con i med and assumed
pe manen ly closed
selec ion 2:
Con i med pe manen ly closed
FEM-LED
-0.0467**
-0.0547*
(0.0224)
(0.0320)
FEMALE-OWNED
-0.0883***
-0.0917***
(0.0233)
(0.0326)
Small i m
-0.0914***
-0.0857***
-0.223***
-0.216***
(0.0181)
(0.0186)
(0.0261)
(0.0268)
La ge i m
-0.0523**
-0.0584**
0.126***
0.110***
(0.0223)
(0.0231)
(0.0358)
(0.0369)
Fo eign Owne ship
dummy
-0.0601**
-0.0732**
0.0269
0.0126
(0.0281)
(0.0290)
(0.0453)
(0.0465)
Expo e dummy
0.0546***
0.0403*
0.0732**
0.0658**
(0.0211)
(0.0216)
(0.0324)
(0.0331)
Indeb edness
0.0999
0.0876
0.389***
0.437***
(0.0797)
(0.0813)
(0.116)
(0.118)
indeb edness_squa ed
-0.288***
-0.293***
-0.618***
-0.676***
(0.0859)
(0.0881)
(0.126)
(0.129)
Sunk Cos
0.0439*
0.0588***
0.0647**
0.0963***
(0.0234)
(0.0222)
(0.0322)
(0.0309)
Indeb edness x Sunk
Cos
0.242***
0.234***
0.369***
0.304***
(0.0536)
(0.0519)
(0.0774)
(0.0749)
Cons an
1.159***
1.165***
2.542***
2.529***
(0.147)
(0.147)
(0.292)
(0.292)
Obse a ions
41,502
40,308
41,177
39,990
Khan, Sub amanian & Mu alib
31
An impo an ac o in he gende gap in access o ex e nal inancing is he limi ed access
o and use o digi al echnologies in emale-led i ms. Howe e , he gende o op manage s
was no associa ed wi h he u iliza ion in ensi y o hese online echnologies (Lashi ew,
2023). On he o he hand, Njiwa e al. (2023) demons a ed ha p e-pandemic and du ing-
pandemic echnology usage enhanced emale-led businesses’ esilience o pandemic-
induced economic shocks. Ou esul s a e in line wi h hose o To es e al. (2021), who
ound ha women-led businesses end o adop digi al echnologies in esponse o he
COVID-19 pandemic. This s udy empi ically demons a es ha emale-led en e p ises’ use
o digi al echnology and he digi al ans o ma ion o hei business models can mi iga e
he nega i e e ec s o emale owne ship and leade ship on inancial ic ion and access o
bank c edi . O e all, hese indings imply ha i he e a e gende gaps in access o inance,
hey a e pa ially closed by women-led businesses ha digi alize hei ope a ions. As a
esul , hese businesses we e be e able o manage he COVID-19 challenges and we e
be e posi ioned o ha e be e access o inance. Ou esul s a e gene ally in line wi h
hose o Njiwa e al. (2023), who showed ha gende gaps in i ms’ esilience du ing he
COVID-19 c isis we e mi iga ed by emale-led i ms’ adop ion o digi al echnologies in
he p e-pandemic pe iod, which allowed hem o be be e equipped o manage he nega i e
consequences o he pandemic and emained a loa du ing he c isis. Howe e , his s udy
pa ially con adic s Njiwa e al.'s indings, which sugges ha COVID-19 inc eased he
nega i e ela ionship be ween gende and i m esilience owing o cos ly digi al echnology
in es men s. The lack o inancial esou ces may ha e pushed emale-led i ms o educe
hei digi al echnology in es men , causing liquidi y p essu e and a ec ing business
ope a ions. We a gue ha digi ally ans o med emale-led businesses ha e a be e chance
o ob aining ex e nal inancial esou ces, because digi al ans o ma ion inc eased hese
i ms’ esilience o he nega i e consequences o he COVID-19 pandemic and be e
placed hem o access c edi ma ke s o ex e nal inancing. Women gene ally ha e lowe
a i udes owa d and p e e ences o echnology adop ion and u iliza ion (Genz &
Schnabel, 2023). Cai e al. (2017) e ealed ha he so-called “ echnological gende gap”
pe sis s despi e ecen de elopmen s in echnology and i s ubiqui ous in il a ion a bo h
socie al and o ganiza ional le els. These gende -based dispa i ies in echnology di usion
may pu women-led businesses in a disad an ageous posi ion in igh ing economic
challenges.
5.1 Manage ial Implica ions
This s udy o e s se e al manage ial and policy implica ions. Fi s , emale-owned, and
emale- un businesses su e ed g ea e inancial dis ess and we e mo e ulne able o he
economic consequences o he COVID-19 pandemic. Impai ed access o ex e nal inancing
o women en ep eneu s has been one o he main cons ain s inhibi ing hei
en ep eneu ial g ow h. The empi ical analysis u he e ealed ha gende dispa i ies in
he c edi ma ke pe sis ed du ing he COVID-19 pandemic as i e ol ed, and i s e ec s
Gende , Digi al T ans o ma ion and Access o Bank C edi
32
un olded o e an ex ended pe iod. Based on he heo ies o disc imina o y “gende ed
asc ip ions”, we a gue ha emale-led businesses expe ienced gende dispa i ies in he
c edi ma ke in imes o economic and inancial dis ess and hei inancial inclusion has
in ensi ied he need o mo e e icien policy in e en ions o suppo women’s
en ep eneu ship.
Second, emale-led businesses ha e shown he capaci y o adap o digi al echnology usage
(Njiwa e al., 2023; Allison e al., 2023); howe e , hey o en ace cons ained access o
inancial esou ces. This can hinde hei abili y o access he inancial se ices equi ed
o su i al and g ow h. Gi en he indings o a consis en gende gap in c edi access
du ing he COVID-19 pandemic, ou empi ical esul s sugges ha hese we e pa ially
illed by emale-owned and emale- un businesses ha digi alized hei p oduc ion and
managemen ope a ions and used digi al pla o ms o e-comme ce ac i i ies. Thus, he
manage ial implica ions o ou indings is ha emale-led businesses ha le e aged hei
esou ces in adop ing digi al echnologies we e be e posi ioned o ob ain be e access o
inancial esou ces o manage liquidi y sho alls and imp o e hei inancial esilience.
Recen s udies ha e shown ha emale-led en e p ises ha adop ed digi al echnologies
bo h in he p e-pandemic and du ing-pandemic imes demons a ed highe esilience o
economic shocks (Njiwa e al., 2023; San os, Liguo i and Ga ey, 2023). Female-led
businesses ace cons ain s and challenges in adop ing digi al echnologies; howe e , hey
exhibi ed simila echnology u iliza ion in ensi y du ing he COVID-19 pandemic
(Lashi ew, 2023; Tønnessen, Dhi , and Flå en, 2021). This sugges s ha emale op
execu i es can pe o m equally well compa ed o hei male coun e pa s in he u iliza ion
o echnologies gi en he inancial and o he esou ces equi ed o de elope echnological
in as uc u e in hei en e p ises. Acco ding o ou empi ical analysis, we sugges ha
emale-led businesses should de elop dynamic compe encies in digi al echnologies and
ela ed esou ces o be e cope wi h exis ing and u u e challenges and c ises and posi ion
hei businesses o ha e be e access o ex e nal inancial esou ces. Thus, echnology
adop ion can make emale businesses inancially mo e esilien and be e p epa e hem o
ace u u e challenges and c ises.
5.2 Limi a ions and Fu u e Resea ch
Explo ing gende dispa i ies in he c edi ma ke in he con ex o ex eme inancial dis ess
such as he COVID-19 pandemic and he ole o digi al ans o ma ion in closing gende
dispa i ies in he c edi ma ke , his s udy has a ew limi a ions ha lea e oom o u u e
esea ch. Fi s , gende bias ends o mani es mo e du ing he upside phase o he economy
(Galli e al., 2020). Combining his (Galli e al., 2020) inding wi h ou analyses, which
we e de i ed by conduc ing ou esea ch in imes o ex eme economic and inancial
dis ess, such as he COVID-19 pandemic, implies ha gende di e ences in bank
bo owing beha io ollow cyclical ends. We ese e u he in es iga ion o his in he
u u e, as i equi es a longi udinal app oach. Fu u e s udies a e wa an ed o examine
whe he pa e ns o gende disc imina ion s ill exis when he pandemic’s economic
Khan, Sub amanian & Mu alib
33
consequences ha e diminished, and mo e comp ehensi e, ich, and g anula da ase s
co e ing longe pe iods ha e become a ailable o analysis. While bank unding
cons i u es one o he main sou ces o small business inancing, we acknowledge and
encou age he explo a ion o how disc imina ion, gende ed asc ip ions, and emale
business unding can in luence emale-led and emale-owned businesses’ access o
al e na i e sou ces o ex e nal inancing du ing pe iods o high economic unce ain y such
as he COVID-19 pandemic.
O e all, ou s udy demons a es he pe asi e e ec s o he pandemic on gende dispa i ies
in he loan ma ke . Fu u e empi ical s udies should examine how long he damaging
consequences o he c edi c unch pe sis among SMEs, e en when i ms ha e eco e ed
in he pos -pandemic pe iod. I may also be wo hwhile o conduc eplica ion s udies o
de e mine whe he gende ends in bank unding e e o hei p e ious s a e a e he
economy achie es sus ained and eliable g ow h.
Resea ch Funding
The au ho s ecei ed no esea ch g an o unds o his esea ch s udy.
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