Women’s Entrepreneurship and Government Policy: Facilitating Access to Credit through a National Program in Chile
Abstract
:1. Introduction
2. Materials and Methods
2.1. Literature Review
2.2. CreceMujer Emprendedora Program
2.3. Research Design
2.4. Data
3. Results
4. Discussion
5. Conclusions
6. Annexe: Event Studies by Economic Sector
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
1 | There is evidence of gender differences in the impact of banking services on low-income clients in Mexico (Bruhn and Love 2011). |
2 | Focus groups and extended interviews with customers were carried out, supporting those findings. Such evidence is consistent with Eddleston et al. (2014), whose results document that women entrepreneurs are less likely to obtain the same levels of bank financing than men. Moreover, they are consistent with the Mujeres del Pacífico (2018) collection of evidence. Banks refuse female entrepreneurs’ loan requests, arguing that their payment capacity is insufficient. |
3 | Langowitz and Minniti (2007) found that women perceive themselves in less favourable terms than men across the 16 countries where the Global Entrepreneurship Monitor (GEM) Project data were collected. |
4 | Consistent with McGowan et al. (2012). |
5 | From north to south of Chilean territory, those regions were: Arica y Parinacota, Tarapacá, Antofagasta, Atacama, Coquimbo, Valparaíso, Metropolitana de Santiago, Libertador General Bernardo O’Higgins, del Maule, de Ñuble, Biobío, Araucanía, Los Ríos, Los Lagos, Aysén, and Magallanes. |
6 | Kast and Pomeranz (2014) carried out a study in Chile that does not have the advantage of analysing a quasi-experimental national experience covering the whole country. Instead, they analyse the impact of a financial inclusion program that promotes access to saving accounts through an experiment that randomises interested people in treated and control groups. |
7 | The total amount lent by BEM and the average monthly loans are in Chilean pesos, considering inflation to express both in the pesos of July 2018. We use indices reported by the Central Bank of Chile. |
8 | Non-treated and treated periods change depending on the area. For instance, for the first area (Libertador Bernardo O’Higgins Region), the non-treated period extends from January 2012 to December 2014, while the treated period goes from January 2015 to July 2018. |
9 | In this case, the analysis considered branch-specific linear trends; the same graphs exposing estimates without those controls are available upon request. |
10 | (Sewing and clothing, shoes, handicrafts, clothing, and jewellery, among others). |
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Month | Region |
---|---|
January 2015 | Libertador Bernardo O’Higgins (Red) |
March 2015 | Magallanes y la Antártica Chilena, Aysén del General Carlos Ibáñez del Campo y Región de los Lagos (Green) |
April 2015 | Los Ríos y Araucanía (Yellow) |
May 2015 | Bio Bio y Maule (Orange) |
June 2015 | Valparaíso y Coquimbo (Purple) |
July 2015 | Antofagasta, Tarapacá, y Arica y Parinacota (Apple green) |
September 2015 | Atacama y Metropolitana (White) |
Source: BancoEstado Microempresas |
January 2012 | July 2018 | |||||||
---|---|---|---|---|---|---|---|---|
Area | Branches | Loans Granted | The Total Amount of Money Lent /1 | Average Amount Lent by Loan /2 | Branches | Loans Granted | The Total Amount of Money Lent /1 | Average Amount Lent by Loan /2 |
(1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
1 | 10 | 333 | 1514 | 4,665,885 | 17 | 479 | 2563 | 5,042,594 |
2 | 19 | 648 | 2270 | 3,420,075 | 27 | 883 | 3171 | 3,535,649 |
3 | 27 | 881 | 2602 | 3,433,318 | 39 | 1231 | 3963 | 3,756,844 |
4 | 38 | 1177 | 4185 | 3,321,303 | 57 | 1895 | 7765 | 3,915,905 |
5 | 23 | 880 | 3148 | 3,534,383 | 43 | 1449 | 5376 | 4,064,795 |
6 | 11 | 465 | 1950 | 3,799,510 | 15 | 552 | 2172 | 3,700,371 |
7 | 62 | 1975 | 7376 | 3,761,649 | 71 | 3234 | 12,212 | 4,244,989 |
190 | 6359 | 23,046 | 3,705,160 | 269 | 9723 | 37,222 | 4,037,307 |
Summary Statistics | |||
---|---|---|---|
Non-Treated | Treated | /2 | |
Panel A: National | |||
Total amount lent monthly at branch level /1 | CLP 24.0 | CLP 25.4 | *** |
Average amount lent by loan at branch level /1 | CLP 4.1 | CLP 4.2 | *** |
n | 53,078 | 61,387 | |
Panel A: National—Men | |||
Total amount lent monthly at branch level /1 | CLP 30.0 | CLP 30.8 | *** |
Average amount lent by loan at branch level /1 | CLP 4.4 | CLP 4.6 | *** |
n | 28,542 | 32,452 | |
Panel A: National—Women | |||
Total amount lent monthly at branch level /1 | CLP 17.0 | CLP 19.4 | *** |
Average amount lent by loan at branch level /1 | CLP 3.7 | CLP 3.8 | *** |
n | 24,536 | 28,935 | |
T (months) | 36 | 43 |
Loans Granted | Average Loan | |||
---|---|---|---|---|
Area 1 | 0.175 *** | 0.121 | −0.063 | 0.211 |
(0.036) | (0.119) | (0.037) | (0.127) | |
Area 2 | 0.132 *** | −0.057 | −0.005 | 0.016 |
(0.025) | (0.081) | (0.027) | (0.078) | |
Area 3 | 0.126 *** | 0.137 * | 0.021 | 0.138 |
(0.022) | (0.067) | (0.025) | (0.076) | |
Area 4 | 0.092 *** | 0.252 *** | 0.004 | 0.249 *** |
(0.019) | (0.059) | (0.021) | (0.062) | |
Area 5 | 0.203 *** | 0.225 ** | 0.007 | 0.222 ** |
(0.022) | (0.070) | (0.023) | (0.074) | |
Area 6 | 0.077 * | 0.122 | −0.030 | 0.073 |
(0.035) | (0.111) | (0.033) | (0.100) | |
Area 7 | 0.123 *** | 0.227 *** | 0.004 | 0.246 *** |
(0.016) | (0.053) | (0.015) | (0.051) |
Loans Granted | Average Loan | |||
---|---|---|---|---|
Specification (1) | Specification (2) | Specification (1) | Specification (2) | |
0.127 *** | 0.126 *** | −0.016 | −0.015 | |
(0.016) | (0.016) | (0.120) | (0.149) | |
−0.027 | −0.036 | −0.008 | −0.005 | |
(0.023) | (0.023) | (0.545) | (0.571) | |
−0.365 *** | −0.365 *** | −0.285 *** | −0.286 *** | |
(0.030) | (0.029) | (0.003) | (0.005) | |
Branch-specific linear trends | X | X | ||
N | 114,465 | 114,465 | 114,465 | 114,465 |
R2 | 0.359 | 0.365 | 0.217 | 0.224 |
Loans Granted | ||
---|---|---|
Specification (1) | Specification (2) | |
0.028 | 0.025 | |
(0.023) | (0.024) | |
−0.052 | −0.018 | |
(0.028) | (0.020) | |
−0.376 *** | −0.376 *** | |
(0.029) | (0.029) | |
Branch-specific linear trends | X | |
n | 46,449 | 46,449 |
R2 | 0.399 | 0.365 |
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Bentancor, A. Women’s Entrepreneurship and Government Policy: Facilitating Access to Credit through a National Program in Chile. Soc. Sci. 2022, 11, 14. https://doi.org/10.3390/socsci11010014
Bentancor A. Women’s Entrepreneurship and Government Policy: Facilitating Access to Credit through a National Program in Chile. Social Sciences. 2022; 11(1):14. https://doi.org/10.3390/socsci11010014
Chicago/Turabian StyleBentancor, Andrea. 2022. "Women’s Entrepreneurship and Government Policy: Facilitating Access to Credit through a National Program in Chile" Social Sciences 11, no. 1: 14. https://doi.org/10.3390/socsci11010014