Skip to main content

Research Repository

Advanced Search

Does corruption influence the self-restraint attitude of women-led SMEs towards bank lending?

Galli, Emma; Mascia, Danilo Valerio; Rossi, Stefania Patrizia Sonia


Emma Galli

Danilo Valerio Mascia

Stefania Patrizia Sonia Rossi


In this article we address the question of whether the perceived level of corruption in a country may influence women’s inclination in self-refraining from applying for bank loans. Using a sample of 60,058 observations—drawn from the European Central Bank- Survey on the Access to Finance of Enterprises (ECB-SAFE)—related to small- and medium- sized enterprises (SMEs) chartered in 11 Euro-area countries during the period 2009–2014, we first investigate whether female-led businesses are more likely, than male-led ones, to refrain from applying for bank credit. Finally, we assess whether corruption actually matters in the women’s decision not to relying on the bank-lending channel. Our results—robust to various model specifications—highlight that women-led SMEs face a higher probability to self-refrain from applying for loans vis-à-vis their male counterparts. In addition, although corruption appears strongly correlated to the self-restraint attitudes of firms, our empirical analysis reveals that women-led SMEs generally tend to refrain from applying for loans, more than men, regardless of the quality of the surrounding environment.


Galli, E., Mascia, D. V., & Rossi, S. P. S. (in press). Does corruption influence the self-restraint attitude of women-led SMEs towards bank lending?. CESifo Economic Studies,

Journal Article Type Article
Acceptance Date Nov 11, 2017
Online Publication Date Jan 3, 2018
Deposit Date Jan 15, 2018
Publicly Available Date Jan 4, 2020
Journal CESifo Economic Studies
Print ISSN 1610-241X
Electronic ISSN 1610-241X
Publisher Oxford University Press
Peer Reviewed Peer Reviewed
Public URL
Publisher URL


You might also like

Downloadable Citations