This work examines gender differences among Canadian small and medium enterprise (SME) owners seeking external financing, including commercial debt, leasing, supplier financing, and equity capital after controlling for size and industry sector. The work also examines potential gender differences in owners' strategic choices (application rates) and financiers' evaluative responses (turndown rates). Contrary to previous work that did not control for size and sector of firm, women business owners were equally likely as men to seek all types of external financing, except for external equity capital. Business in which women held majority ownership were significantly less likely to seek equity capital even after controlling for systemic factors. Male and female business owners that do apply for financing were equally likely to obtain capital. When asked the reasons for not seeking financing, the majority of respondents, male and female, specified that financing was not needed. Recommendations about future research are advanced.
Entrepreneurship Theory and Practice – Wiley
Published: Sep 1, 2006
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