Female entrepreneurship, financial frictions and capital misallocation in the US

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• dc.contributor.author Morazzoni, Marta
• dc.contributor.author Sy, Andrea
• dc.date.accessioned 2024-01-09T07:24:21Z
• dc.date.available 2024-01-09T07:24:21Z
• dc.date.issued 2022
• dc.description.abstract We document and quantify the effect of a gender gap in credit access on both entrepreneurship and input misallocation in the US. Female entrepreneurs are found to be more likely to face a rejection on their loan applications and to have a higher average product of capital, a sign of gender-driven capital misallocation that decreases in female-led firms’ access to finance. These results are not driven by differences in observable individual or businesses characteristics. Calibrating a heterogeneous agents model of entrepreneurship to the US economy, we show that the observed gap in credit access explains the bulk of the gender differences in capital allocation across firms. Eliminating such credit imbalance is estimated to potentially increase output by 4%, and to reduce capital misallocation by 12%.
• dc.description.sponsorship We acknowledge financial support from the Spanish Ministry of Economy and Competitiveness through the Severo Ochoa Programme for Centres of Excellence in R&D (CEX2019-000915-S), and the receipt of the 2021 EEA Young Economist Award. We thank the Kauffman Foundation for giving us access to their confidential data. The results and conclusions in this paper are ours and do not reflect the views of the Kauffman Foundation.
• dc.format.mimetype application/pdf
• dc.identifier.citation Morazzoni M, Sy A. Female entrepreneurship, financial frictions and capital misallocation in the US. J Monet Econ. 2022;129:93-118. DOI: 10.1016/j.jmoneco.2022.03.007
• dc.identifier.doi http://dx.doi.org/10.1016/j.jmoneco.2022.03.007
• dc.identifier.issn 0304-3932
• dc.identifier.uri http://hdl.handle.net/10230/58647
• dc.language.iso eng
• dc.publisher Elsevier
• dc.relation.ispartof Journal of Monetary Economics. 2022;129:93-118.
• dc.relation.projectID info:eu-repo/grantAgreement/ES/2PE/CEX2019-000915-S
• dc.rights © 2022 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/)
• dc.rights.accessRights info:eu-repo/semantics/openAccess
• dc.rights.uri https://creativecommons.org/licenses/by/4.0/
• dc.subject.keyword Entrepreneurship
• dc.subject.keyword Misallocation
• dc.subject.keyword Aggregate productivity
• dc.subject.keyword Gender gaps
• dc.subject.keyword Financial constraints
• dc.title Female entrepreneurship, financial frictions and capital misallocation in the US
• dc.type info:eu-repo/semantics/article
• dc.type.version info:eu-repo/semantics/publishedVersion