Is there an employee-based gender gap in informal financial markets? International evidence

Research output: Journal PublicationsJournal Article (refereed)peer-review

5 Citations (Scopus)


We study the impact of female production workers on firms' access to trade credits across the world. Using two sources of plausibly exogenous variations in gender bias and a difference-in-differences framework, we document that firms with more female production workers have less access to trade credits in countries with stronger gender beliefs that favor males. This relationship is largely driven by firms in industries with unexpected credit shortages and industries dominated by males. Since female firms rely more on informal finance, this study is relevant for policies that direct female firms towards formal credit markets in highly gender-biased places.

Original languageEnglish
Article number101737
JournalJournal of Corporate Finance
Publication statusPublished - Dec 2020
Externally publishedYes

Bibliographical note

I thank the Editor and an anonymous referee for very helpful and constructive comments that substantially improved the paper. This paper is drawn from the third chapter of my Ph.D. thesis. I thank Franklin Allen, Brian Main, Yiling Chen, Jiandong Chen, Zhangfan Cao, Jo Danbolt, Yizhe Dong, Rong Ding, Tinghua Duan, Angelica Gonzalez, Shiqi Guo, Wenxuan Hou, Haicheng Jiang, Mengfei Jiang, Martin Kornberger, James Kung, Ross Levine, Chen Lin, Xianda Liu, Sushanta Mallick, Louis Nguyen, Giota Papadimitri, Lamar Pierce, Raghavendra Rau, Ben Sila, Jonathan Tweedie, Mengyuan Xiang, Lan Wang, Andrew Wood, Daniel Wolfenzon, Ziwei Xu, Jiaman Xu, Ruoran Zhao and participants at the 34th Annual Congress of the European Economic Association for helpful suggestions. This paper was partly written when I was a visiting scholar at Columbia University. I thank their hospitality. All remaining errors are my own.


  • Female employee
  • Gender bias
  • Plough
  • Trade credit


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