Vol. 07, Special Issue 06, (MIM/IC-RI-2022) October 2022 IMPACT FACTOR: 7.98 (INTERNATIONAL JOURNAL) 37 RESEARCH ON ENTREPRENEURIAL FINANCE FOR WOMEN A REVIEW
Sridevi Tummarakoti
Research Scholar at Singhania University & Senior Academic Associate, Indian School of Business, Hyderabad
Surbhi Rathod
Research Scholar at JBIMS & Academic Associate, Indian School of Business, Hyderabad Abstract
Purpose – The purpose of this paper is to review studies on finance for women entrepreneurship in the 10 years. This paper highlights the major findings from the literature on finance women entrepreneurship.
Design/methodology/approach – The review research is analyzed by studying the year of publication and Variables, Variable definition, Methodology, Relationship among variable, results, recommendations, theoretical models of capital structure from the selected papers.
The review is based on 30 papers published from 2012 to 2022 in various Scopus indexed journals.
Analysis: The reviewed research findings are analyzed, and meaningful inferences are drawn from it.
Findings – Major findings show there is gender biasness for women entrepreneurial finance. Women entrepreneurs are not very well equipped in knowledge and skills both.
Challenges for women entrepreneurs among which major challenges were access to finance, lack of training leading to lack of technical skills, lack of knowledge of sources of financing and technical support, high competition in the market, marginalization of women and lack of knowledge of marketing strategies.
Originality/value – The paper covers Scopus journal articles to the best of authors’
knowledge; this is the first review to review the literature in this area. It also synthesizes the findings of finance for women entrepreneurship systematically.
Paper type – Literature review
Keywords: Women entrepreneurs, finance, review, challenges, gender gap.
1 INTRODUCTION
In quiet a few cultures as general belief that the role of women is to maintain and build the domestic work like task of household works i.e., rearing children, cooking etc. From turn of the 21st Century, the status of women in India has been changing due to growing industrialization, Liberalization, Globalization, Social Legislation and Privatization. With the spread and awareness of women education have shifted from kitchen rabbit to high level of managerial and professional activities. Entrepreneurship has been a men-dominated in vogue from the very beginning, but time has changed the situation and brought women as today’s most inspiration and memorable entrepreneurs. In most of the developed countries in the world women and putting their steps on par with the men in every field of business especially Entreprenurership. The role of Women Entrepreneurship (WE) in economic development is game changer. Now a days women enter in the not only chosen profession but also in professions like trade, industry and engineering. Women are also willing to take up Entrepreneurial business and contribute to the Indian Nation’s development.
In India, women entrepreneurs do not enjoy the same opportunities as men due to a number of deep-rooted discriminatory values and traditions. Furthermore, these restrictions can be observed within the support mechanisms that exist to assist such fledgling businesswomen. The economic potential of female entrepreneurs is not being realized as they suffer from a lack of access to capital, land, business premises, information technology, training and agency assistance and inherent attitudes of a patriarchal society.
2 LITERATURE REVIEW
While studying gender differences in new venture financing from the database of equity crowd funding focusing on Latin American Region in order to understand whether gender disparity impacts the likelihood of obtaining equity crowd funding it was observed that the
Vol. 07, Special Issue 06, (MIM/IC-RI-2022) October 2022 IMPACT FACTOR: 7.98 (INTERNATIONAL JOURNAL) 38 presence of women enhances the chances of success, but it does not affect the over funding of project. (Cicchiello, Kazemikhasragh, & Stefano, 2020).
Gender gap has observed in the study of rural youth entrepreneurship and access to finance in the region of Benin where the data was collected from target age group of youth through survey method. Where it was found that there is a gender gap. Male youths are more likely to access finance than female youths. Also, education plays an important role in accessing finance. (Senou & Manda, 2022).
In women entrepreneurship factors like access to finance, legal constraints, skills have significant influence in business activities. Education and self-leadership which is associated with each other also plays important role in participation of women in entrepreneurial activities.(Khalid, Raza, Sawangchai, & Somtawinpongsai, 2022).
The study about the challenges of women entrepreneurs in developing economy specially in the region of Kosovo shows that there are many challenges which are faced by women entrepreneurs in terms of financial sources, skill development, securing support, managing work life balance. Therefore, an increase in Government support and programs is recommended to overcome the challenges. (Gashi, Ahmeti, & Baliu, 2022).
In the region of Chile, a woman entrepreneurship development program was implemented which was evaluated through a research study. The study finds that there is improving the access to loan for women entrepreneurs, reduction in gender gap, there were lack of bank loan to women, because of their lower income, insufficient commercial records.
Even women did not consider themselves as entrepreneurs. Women faced barriers in securing credit from financial institutions due their lack of network and weak capabilities, there is a need to focus on training and education on female enterprises. (Andrea, 2022).
From the survey of North African region to study the gender ownership wrt accessibility of loan to finance the business 3896 businesses were studied. There is self- selection and discrimination affecting female entrepreneurs. The gap between loan required and loan supplied is explained in self-selection behavior from risk aversion, lack of financial literacy and credit worthiness. (Berguiga & Adair, 2022).
In the study of investor’s perception in equity crowd funding which aims to analyse the impact of gender disparity on the likelihood of obtaining equity financing through crowd funding. With the help of ordinary least square regression the research investigate the relationship between gender and equity financing through crowd funding. Based on a unique data set of 492 equity crowd funding campaigns all existing platforms in Brazil, Chile and Mexico the study found that involvement of at least one woman on the board of firms seeking equity financing increases campaign success rates in terms of the investors’
average pledge, In all equity crowd funding campaigns should be based on gender equality in the firms’ boards. (Cicchiello, Antonella; Kazemikhasragh, Amirreza; Monferra, Stefano, 2021).
Focusing women entrepreneurship eco system development in Bangladesh, the research conducted through data collection from 1200 women, which finds that access to finance, legal framework, skills, leadership quality have impact on women entrepreneurship eco system development, the research is useful for establishing financial support and legal rights for women wrt to entrepreneurship, it directs policy makers to develop Policies for ease of accessibility to resources for women entrepreneurs. (Yingjun, Jahan, &
Qamruzzaman, 2021).
Tocreate a priority action for women’s economic empowerment. The study was conducted in major cities of India like Delhi, Mumbai etc., with the help of survey to conduct AHP Analysis further in-depth interviews from selected women conducted to draw the inferences on economic empowerment through thematic analysis continued by webinars to give platform to women to raise their voices and to one-to-one dialogues with experts.
The ranking to the action path is as finances, capacity building, health, partnership, opportunity. (Bonin, Singh, Suresh, & Rashed, 2021).
The study is an attempt to investigate the change in women empowerment after the women entrepreneurs get financial support under standup India scheme from the government. It examines and compares the status of women before and after the credit facility is taken by them in Uttarakhand region. This study was done using survey method from, all those women entrepreneurs who have taken a loan. The findings highlight a
Vol. 07, Special Issue 06, (MIM/IC-RI-2022) October 2022 IMPACT FACTOR: 7.98 (INTERNATIONAL JOURNAL) 39 significant positive change in the empowerment of women entrepreneurs before and after the loan is availed. However, it is witnessed that women still not feel completely free and empowered. The study suggests to all the policymakers, government regulatory bodies working on women empowerment to introduce such programmes that educate the women and their families and the community on women empowerment. (Kushwah, Singh, Vigg, &
Singh, 2021).
The study about women entrepreneurship in Botswana suggests that to develop a sound ecosystem for women entrepreneurs, programmes should be launched, and Government should come up with some schemes which will help women entrepreneurs to develop entrepreneurial skills and knowledge. Further there are various challenges identified through this study like, finance, gender discrimination, inferior education, socio cultural boundaries, regulatory framework, access required resources. (Rudhumbu, du Plessis & Maphosa, 2020).
The research on factors affecting women entrepreneurs access to finance conducted in the region of Bangladesh states that there are unfavorable issues for accessibility of funds from financial institution to women entrepreneurs. The study conducted in both quantitative and qualitative approach, the major constraints are lack of collateral, preconception of banker, suspiciousness, conservative attitude, complicated loan process, lack of business experience. There should be appropriate policies to enhance fund flow for women entrepreneurs. (Ghosh, Ghosh & Chowdhury, 2018).
In order to understand entrepreneurial borrowers evaluation in financing relationship to contribute to an understanding of gender impact in US the study was conducted focused on small banks through survey method followed by regression analysis.
It was found that there are some factors like growth intent, performance, entrepreneur characteristics which affect the financing conditions, further there should be some policy and programs to assess gender discrimination and initiatives to promote entrepreneurial finance. (Kim, 2018).
To identify access to credit during economic crisis among men and women entrepreneurs in the region Italy. The research conducted through survey of 300 entrepreneurs, it was found that there is gender biasness to access the credit for women entrepreneurs during crisis. (Cesaroni & Sentuti, 2016)
The women owned firms has difficulty in access to credit and core industry. There are social barriers also in this area, Government programs in fiscal policy should try to improve the investment support for women entrepreneurs for macro-economic development.
(Leclaire, 2015)
The developing countries face various challenges for women entrepreneurs such as in equal distribution of financial support, lack of regulatory framework for women entrepreneurs, complicated procedure for access the credit, lack of training and skill development for women entrepreneurs, which was observed from open access data of developing countries SMEs from international financial corporation.(Ahmad & Arif, 2015) The impact of microfinance on women entrepreneurs in Pakistanwas studied through quantitative and qualitative method that is survey of 123 female entrepreneurs followed by interview of 10 women entrepreneurs. It was found that there is poverty reduction, improvement of income, improvement in child education due to accessing microfinance loan by women led enterprises. (Mahmood, Hussain, & Matlay, 2014)
The study about access to finance in African region shows a gender gap among entrepreneurs. There is less scope for women entrepreneurs to reach formal financial services as there is biasness in potential selection for granting funds to women entrepreneur. Banks should come up with policies to provide access to financial services for women. (Aterido, Beck, & Iacovone, 2013).
3 RESEARCH METHODOLOGY
The study is a literature review-based research which has scientific approach unbiased search of research done in past in the field of finance for women entrepreneurs.
3.1 Research Questions:
How is women entrepreneurship ecosystem in developing countries?
Vol. 07, Special Issue 06, (MIM/IC-RI-2022) October 2022 IMPACT FACTOR: 7.98 (INTERNATIONAL JOURNAL) 40
How is the position of access to finance for women entrepreneurs?
What are the challenges and obstacles for women entrepreneurs?
Which programs and policies impact financial system for women entrepreneurs?
What are the factors which influence the success of women owned firms?
3.2 Literature Search:
The review paper adopts systematic review approach to analyze the research articles. This process involves identification, screening, and inclusion of research papers in our study.
The articles identified through Scopus database based on majorly publishers like Emerald, Taylor and Francis, Wiley there we found 30 papers (N=30). The key words used for the search are “women” AND “Entrepreneurship” AND “Finance”. The search is further filtered with key words like bank finance, loan, female, women, entrepreneurship, gender disparity, access to finance, financial inclusion, gender issue, access to credit, women status, microfinance, barrier to financing, economic growth, economic instability.
The time period for the covered article is restricted from 2012-2022 to understand the overview in this research study. The keywords filtered to limit the scope of review. At the screening stage 30 articles were verified downloaded from the Google Scholar out of which 2 papers were not accessible to review and therefore insights from these papers could not be included in this study.
Further at the inclusion stage only 17 papers were included to draw the inferences by thoroughly reviewing the same as there is an exclusion criterion applied while reviewing the obtained literature search. In the exclusion criteria 8 papers were excluded as they were industry specific, focused on a specific scheme, based on model development, focused only on gender, ecosystem, factor specific as all these articles were not focused on research question of this study.
3.3 Review Process:
Each included article has gone through in-depth reviewing process. The research paper was studied focusing on objective, research design, research question, variables covered, relationship among variables, method of data collection, analysis method of data, results and findings of those research, recommendations and conclusion drawn from such research. Which has been presented in a tabular form to get a clear understanding and draw inferences from previous studies in this area.
3.4 Objectives of the Study
The purpose of the study is to explore and get insights about finance for women entrepreneurs specially in developing countries the literature review focus on studies of finance, gender biasness, challenges, policies for women entrepreneurs in different countries. Further the research objective is to draw framework from the past studies in this area
Authors Title Year Source title Region Variables Methodology Relationship among variable/
Results
Recommendation s Cicchiello A.
F., Kazemikhasrag
h A., Monferrà S.
Gender differences in
new venture financing:
evidence from equity crowd funding in Latin
America
2022 International Journal of
Emerging Markets
Latin America-
Brazil, Chile and
Mexico.
Project Success, overfunding,
Gender, Fir mage, Industry, Country,
Advisor, Founder's
LinkedIn Connection,
Equity offeredtoinvest
or
Data has been collected from 492equity crowd funding campaigns
launched between 2013 and 2017on all existing platforms in Brazil, Chile and Mexico. Focused information is fund raising goal, capital collected, male and female founders,
social network connection.
Gender has significant relation
with fund raising, age has negative
relation on the success of the project, majorly for
the early-stage ventures, women do
not have impact on project over funding
First, Women entrepreneurs require training in
entrepreneurship to be able to develop and enhance their business skills and
knowledge. This will help the min the are as of coming up with business plans and
marketing strategies for their business. Second, all governance
agencies mandated with the
development of entrepreneurship
in the country
Vol. 07, Special Issue 06, (MIM/IC-RI-2022) October 2022 IMPACT FACTOR: 7.98 (INTERNATIONAL JOURNAL) 41
need to come up with programmes to empower women entrepreneurs with basic knowledge
through a customised entrepreneurship
education and training programmee specially on how to
identify sources of finance and how to access that finance as this is part of these institution’s
mandates.
Senou M. M.,
Manda J. Access to finance and Rural youth Entrepreneurshi
p in Benin: Is there a gender
gap?
2022 African Development
Review
Benin Entrepreneurs hip status (self-
employed/
Family business),
turnover access to finance, operating expnse, age,
gender, education,
training, financial situation, marital status,
experience, sector, background
The data has been collected from Survey in volving 900 youths.
Using Endogenous witching pro bit
model the relationship among
the variables are observed
The age, education, financial status, experience, sector is
Significant determinants for access to finance.
There is a gender gap in rural Entrepreneurship to
access
There should be pro per formal
financial Institution to understand and
minimize The credit criteria for youths who don't Have collateral assets in order to
obtain finance.
Gashi R., Ahmeti H. G.,
Baliu E.
CHALLENGESO FWOMEN ENTREPRENEU
RSINTHE DEVELOPINGE
CONOMY
2022 Corporate Governance
and Organization
al Behavior
Review
Kosovo (NE
Europe) Age, region (urban/rural), marital status, age of The firm, difficulty in
getting financial source, capital
employed I business (equity, loan,
Ownfunds), managing Family as challenge for women, socio cultural factors
Theoretical paper which uses Secondary data sources like article,
books, reports to draw theoretical framework. Also, primary data collected from 87
women through survey method.
Analyzed through descriptive Statistics
There is a difficulty in securing Financial resources
for women entrepreneurs. It is
challenging for women to balance between business and family. Social factors are also a
challenge.
The rear challenges and difficulties for
Women in entreprenuership, like lack of capital, support, trust, balance between
personal and professional life, access to market.
There should be campaigns for the awerness of women
entrepreneurship, giving opportunities intermsaccesst o finance, access to
market, skill development specially in
technology Bentancor A. Women’s
Entrepreneurshi p and Government
Policy:
Facilitating Access to Credit
through a National Program in Chile
2022 Social
Sciences Chile Gender Gap, Bank finance,
flexibility of work, networking
National Program which was implemented in Chile
for women entrepreneurship was
evaluated through this study. The data collected through the report for this public
policy and plan regarding the evaluation of this Program. From 269 training branches of
women entrepreneur’s data
was collected regarding availability
of financial sources, amount lent to those branches, analyzed
through statistical analysis.
There is a gender gap in accessing the
finance, women choose entrepreneurship
because it offers flexible working
hours
The Program has positive impact in developing women entrepreneurship eco system, access
to finance and reducing gender
gap. More such programs should be implemented in
developing countries.
Vol. 07, Special Issue 06, (MIM/IC-RI-2022) October 2022 IMPACT FACTOR: 7.98 (INTERNATIONAL JOURNAL) 42
BerguigaI.
Adair P. Funding female entrepreneurs in
North Africa:
self-selection vsdiscrimination
? MSMEs, the informal sector
and the microfinance
industry
2021
Internationa l Journal of Gender and Entrepreneu
rship
North
Africa Gender, firm, size, industry,
age, ownership, form, financial
structure, turnover, owner and top
manager, education and
experience, form of loan, collateral, loan
duration, interest rate,
inflation
3896 businesses were selected as sample from Egypt, Morocco,
Tunisia from world bank enterprise survey with the help
of descriptive statistics, regression
model, gender ownership and gender management,
loan demand and grant wrt self-
selection and discrimination was
studied.
There are less women as owner
and manager, business size differs by gender, biasness in access to finance, female owners are
less self-selected than male owners,
grant of loan is influenced by gender
There is gender discrimination for access to finance, success of loan application also there are various
factors like firm characteristics,
owners’
characteristics, macro-economic factors like interest
rate, region which affect the availability of financial sources.
Cicchiello A.
F., Kazemikhasrag
h A., Monferra S.
In women, we trust! Exploring
these a change In investors perceptions In equity crowd
funding
2021 Gender in
Management Latin
America Number of Projects by platform,
project success, number of investors, average amount raised,
percentage of total amount raised, gender,
firm, age, industry, country, founders LinkedIn connection, equity offered,
financial in formation, fundraising
goals
Data collected from equity, crowd funding
platforms of Latin America
Relationship between Gender and
equity crowd funding investment
was investigated.
One woman on the board of firms seeking equity financing increases
campaign success rates in terms of the
investor’s average pledge. The results
indicate that the gender of the founders is not significantly related
to the number of investors. Mixed teams (with at least
one woman) are significantly more
likely toobta inequity crowd funding financing
and reach the fundraising goal than the all-male and all-female teams
This paper investigates the
relationship between success in
equity crowd funding financing (measured by four variables) and the gender composition
of the team. This study explores gender disparity
inequity crowd funding from the demand-side (i.e., entrepreneurs).
Yingjun Z., Jahan S., Qamruzzaman
M.
Access to finance and legal framework
in female entrepreneurshi
p development in Bangladesh:
The mediating role of self-
leadership
2021 Asian Economic
and Financial
Review
Banglades h
Access to finance, legal
constraints, entrepreneurial
skills, self- leadership, participation of
women entrepreneurial
activities,
Cross sectional approach, stratified
sampling, data collected from 1200 women with survey
method
Positive effect of access to finance,
entrepreneurial skills, legal constraints on women participation
and self-leadership on entrepreneurial activities, it also impacts on self- leadership, limited
access to banking financing for women
because of lack of leverage, failure to provide credible
guarantor, unfavorable views of
commercial banks for female
This study is important to recognize the challenges for
women entrepreneurs, it
leads to policy making for female
entrepreneurs to access technology,
raw material, market and
funding.
Bonin S., Singh W., Suresh V., Rashed T., Uppaal K., Nair R., Bhavani R. R.
A priority action roadmap for
women's economic empowerment (PARWEE) amid COVID-19: a co-
creation approach
2021 Internationa l Journal of Gender and Entrepreneu
rship
India Covid 19 consequences,
leadership, institutional support, access
to finance, socio cultural
recognition, recovery plans
from covid 19 challenge
24 women were selected for in depth
interview from different professional background to share
their experience about business during Covid 19 crisis. A thematic
Analysis was conducted of this interview which was
reviewed after receiving the suggestion from these
women about the same. AHP survey: a
Priority action for women’s economic
empowerment ranked as access to
finance, capacity building, healthcare,
partnership, marketing opportunities, formation of group to voice out women entrepreneurs need by entrepreneurs
and institutional stake holders.
The priority action for women
economic empowerment
ranks women entrepreneur’s requirement in entrepreneurial ecosystem so that stake holders and policy makers can design effective
programs and policies.
Vol. 07, Special Issue 06, (MIM/IC-RI-2022) October 2022 IMPACT FACTOR: 7.98 (INTERNATIONAL JOURNAL) 43
semi-structur edquestionnaire, split in to four sections: (1) Entrepreneur’s profile (Business profile, history, pre-COVID- 19 status) ;(2) Impact
and adaptations (consequences, response and coping
mechanisms) ;(3) Governmental support (benefits
received and challenges faced); and
(4) Lessons learned (takeaways for future). Further
webinars were conducted for women
entrepreneurs to voice the concerns of
women entrepreneurs.
Kushwah S.
V., Singh T., Vigg M., Singh
V.
Role of entrepreneurshi
p support in women empowerment:
An empirical analysis
2021 Academy of Entrepreneu
rship Journal
India Social empowerment,
economic empowerment, access to loan,
political empowerment,
Household activity
Focused on hilly state of India Uttarakhand.
Through survey collected data from
153 respondents, about women empowerment index,
studied loan avail ability to women understand up India
scheme.
There is a significant difference in
economic empowerment, social empowerment
of women in Uttarakhand before
and after standup India loan availed by
them. In Political empowerment there
is no significant difference.
Household decision is majorly taken by male member of the
family.
There is an overall empowerment
observed for women entrepreneurs who
have got the funding understand up India scheme. But still there is a lack of self-confidence
and overall empowerment among women entrepreneurs.
Rudhumbu N., du Pless is E.C., Maphosa
C.
Challenges and opportunities for
women entrepreneurs in
Botswana:
revisiting the role of entrepreneurshi
p education
2020 Journal of Internationa l Education in Business
Botswana Age, business location, education, experience, marital status,
challenges of women entrepreneurs,
attitude and perceived behavior, entrepreneurial
intent.
Data collected through survey from
400 women entrepreneurs, analyzed through ANOVA to test the hypothesis and Regression to identify
challenges.
The major challenges are lack of access to finance, gender bias, lack of
education and training, access to
information, managing work life
balance, skills, family support, legal
framework.
There should be customized education and training program
for women entrepreneurs.
Government should come up with schemes and
programs to develop women entrepreneurship
ecosystem.
Ghosh P.K., Ghosh S. K., Chowdhury S.
Factorshinderin gwomen Institutiona
finance-an empirical study
2018 Journal of Small Business
and Entrepreneu
rship
Banglades
h Age,
Education, Business type,
age of firm, marital status,
experience, credit worthiness,
collateral, loand is basement process, skill,
legality, risk assessment, interest rate,
gender business for loan, terms of
loan.
Its on Primary data, quantitative and
qualitative approaches used.
Survey for quantitative data
from 15 women collected then
interview for qualitative data from
selected women entrepreneurs.
Women entrepreneurs had been suffering from financial need, then
bankers are concerned about business experience
of women entrepreneur, tendency of not to pay loan, collateral for sanctioning the
loan.
There should be increase in fund flow to women entrepreneurs from
banks, there are unfavorable issues
to women entrepreneurs and
banks like collateral disputes,
nonpayment of loan, conservative
attitude, preconception of bank, complicacy
in process.
Kim G. Entrepreneurial financing relationships:
how does gender matter?
2018 Internationa l Journal of Gender and Entrepreneu
rship
US Banks
switching for finance, reasons for
switching, satisfaction of borrower with current bank,
form of
Data collected from small bank and credit
institutions through survey to set up connection between
owners’ perception and financial behavior through
regression and
Entrepreneurs affect own financing outcomes, switching
lenders determine financing satisfaction, in financing growth
intent, business performance and
The Policy makers should focus on assessing gender
biasness and Government should take initiative for entrepreneurial
finance.
Vol. 07, Special Issue 06, (MIM/IC-RI-2022) October 2022 IMPACT FACTOR: 7.98 (INTERNATIONAL JOURNAL) 44
business, age of firm, sales, assets size, trade credit,
number of banks used.
univariate analysis tries to understand gender ownership
and how gender determine the entrepreneurs financing relationship.
entrepreneur influence
Cesaroni F.M., Sentuti A.
Economic crisis, women entrepreneurs and bank loans:
Some empirical evidence from
Italy 2016
Economic Research- EkonomskaI
strazivanja
Italy Gender, age, education, experience, industry, bank
loan application,
banks response, guarantor involvement
Data collected through survey from
300 proprietors to understand men and
women loan application behaviour
and its out come during crisis.
The maximum loan application receives funding during the
crisis, female entrepreneurs apply
less for loan during economic crisis, also they feel difficulty in obtaining the credit.
Age, education does not much affectaccesstocrd it
during crisis.
There is need to do further research with larger sample
and wider region with different legal
firms to identify genderbiaseness in
access to credit during recession
Leclaire J. Women and Investment: The
Role of Fiscal Policy
2015 Internationa l Journal of Political Economy
US Women owned firms, men owned firms, access to bank
credit, role offiscal policy,
Secondary data open access from American
Express used to conduct this
research, to understand firm ownership in terms of
men and women, employment generated from this
firms, different measures to success,
access to finance.
Women owned firms are less than men owned firms, women
owned firms are more focused on
traditional industries and suffer from poor
financial performance, the
reason being because as women are socially treated than men and they have lack of access financial sources.
There should policy for investment in women owned firms and ease of access to enter in core industry, limit
social barriers.
Fiscal policy should support the
same.
Ahmad S.Z., Arif A. M. M.
Dr.
Professional insights streng the ning access to finance for women-owned
SMEs in developing
countries 2015
Equality, Diversity
and Inclusion
Developing countries
Trends, challenges, opportunities,
accesst of inance for women entrepreneurs
To understand the women entrepreneurship
challenges and opportunities in developing countires using secondary data from international financial corporation and Mckinsey about women owned sme's which is are adily available global data
base was analyzed.
There are barriers to finance like focus on traditional industry,
informal sector, home based operation because of which, funds are not easily available for
women entrepreneurs.
Country specific strategies to include gender
dimension in access to finance
policy, develop legal framework,
encourage simplified procedure, expand
financial infrastructure to
serve women entrepreneur.
Mahmood S., Hussain J., Matlay H. Z.
Optimal micro finance loan size
and poverty eduction a mongs female entrepreneurs in
Pakistan
2014
Journal of Small Business
and Enterprise Development
Pakistan Age, education, family system,
household head business
experience, micro financee, entrepreneurial
attribute, loan size, poverty
eduction
Through survey data was collectedfrom123 women entrepreneur
respondents to determine the impact
of microfinance for women borrowers who got benefited from micro finance facility, analysis done
through regression.
Thisisfollowedbyinter viewof10womenentrep
reneurstoindepth
Access to finance is important to reach the full potential by
women entrepreneurs.
Income, education have high correlation with access to finance. In
come also associated with size
of loan. Women avoid taking larger
loans. Budgeting and finance show
negative
The relationship between micro
finance and poverty reduction
specifically because of women
entrepreneur ssuggest that this micro finance can reduce poverty,
women entrepreneur. It also increases the family income and children education.
Vol. 07, Special Issue 06, (MIM/IC-RI-2022) October 2022 IMPACT FACTOR: 7.98 (INTERNATIONAL JOURNAL) 45 3.5 Framework
4 CONCLUSION
The research contributes to existing literature by analyzing available research done in the field of finance and women entrepreneurship systematically. The study includes 17 research papers which were carefully selected and identified. Various factors related to finance for women entrepreneurs found through this study. Among which gender has significant relation with fund raising, there is gender biasness in access to finance. There are many challenges like securing finance, managing work life balance, lack of training and development, providing credible guarantor, track record to apply for loan, entry in core industry and market, lack of collateral, social and economic inequalities.
5 RECOMMENDATIONS
Through this research the recommendations are drawn for the policy makers like Government to come up with training and skill development programs for women entrepreneurs. Analyzing women entrepreneurship status at the country level, development of formal financial system to give access to finance to women entrepreneurs, minimize credit criteria, simplifying the procedure. Keep check gender biasness to access the finance to women, access to resources, favorable policies by bank in terms of collateral requirements to access the loan, availability of microfinance.
5.1 Future Scope of Research
Though the review paper has been done very carefully still some limitations can be considered for future review. The reviewed articles are from Scopus database which did not include other databases, unpublished papers, doctoral/master thesis, and books.
Restricted to only English language the study helps researchers in understanding the major determinants i.e., finance for women entrepreneurs. Further it covers, developing countries research in this area and which can be compared with the ecosystem of developed countries in future research.
REFERENCES
1. Senou, M., & Manda, J. (2022). Access to finance and rural youth entrepreneurship in Benin: Is there a gender gap? African Development Review, 29-41.
2. Ahmad, S., & Arif, A. (2015). Professional insights strengthening access to finance for women-owned SMEs in developing countries. International Journal of Political Economy, 634-639.
3. Andrea, B. (2022). Women’s Entrepreneurship and Government Policy: Facilitating Access to Credit through a National Program in Chile. Social Sciences- MDPI.
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