Firms' gender composition, loan collateral, and sustainable finance

IF 5.5 2区 经济学 Q1 BUSINESS, FINANCE Global Finance Journal Pub Date : 2024-10-18 DOI:10.1016/j.gfj.2024.101051
Rudresh Pandey , Xian He , Dengjun Zhang
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Abstract

This study evaluates gender gaps in the collateral requirements of bank loans using a sample of firms in Latin America. We measure firm-level gender composition through ownership and workforce, both of which are directly related to women's economic empowerment. Additionally, we evaluate the differences in the impacts of firms' gender composition on collateral borrowing between banks that adopt sustainable finance codes of conduct and those that do not. Our empirical findings indicate that female-dominant firms are less likely to be required to provide collateral for their bank loans, and when collateral is required, its value is relatively lower. However, banks adopting sustainable finance codes are not less likely to grant collateral loans to female-dominant firms; in fact, these banks even require greater collateral values from these firms. The implications derived from our empirical findings concern gender inequality in accessing financial credit in developing countries and underscore the need for designing sustainable finance codes that specifically consider and rectify the challenges faced by female-owned firms, especially by firms with a majority female workforce.
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企业的性别构成、贷款抵押和可持续融资
本研究以拉丁美洲的企业为样本,评估了银行贷款抵押要求方面的性别差距。我们通过所有权和劳动力来衡量公司层面的性别构成,这两者都与妇女的经济赋权直接相关。此外,我们还评估了采用可持续金融行为准则的银行与未采用可持续金融行为准则的银行之间,企业性别构成对抵押借款影响的差异。我们的实证研究结果表明,女性占主导地位的企业被要求为银行贷款提供抵押品的可能性较低,而且在要求提供抵押品时,抵押品的价值也相对较低。然而,采用可持续金融准则的银行并没有减少向女性占主导地位的企业发放抵押贷款的可能性;事实上,这些银行甚至要求这些企业提供更高的抵押价值。我们的实证研究结果所产生的影响涉及发展中国家在获得金融信贷方面的性别不平等问题,并强调有必要制定可持续金融准则,专门考虑和纠正女性所有企业,尤其是女性劳动力占多数的企业所面临的挑战。
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来源期刊
Global Finance Journal
Global Finance Journal BUSINESS, FINANCE-
CiteScore
7.30
自引率
13.50%
发文量
106
审稿时长
53 days
期刊介绍: Global Finance Journal provides a forum for the exchange of ideas and techniques among academicians and practitioners and, thereby, advances applied research in global financial management. Global Finance Journal publishes original, creative, scholarly research that integrates theory and practice and addresses a readership in both business and academia. Articles reflecting pragmatic research are sought in areas such as financial management, investment, banking and financial services, accounting, and taxation. Global Finance Journal welcomes contributions from scholars in both the business and academic community and encourages collaborative research from this broad base worldwide.
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