ABSTRACT. Many studies indicate the existence of financial constraints for women-owned businesses. These difficulties can be either the result of supply side discrimination, or the lower credit demand of female firms than male counterparts. This paper aims at analyzing gender differences in bank loan access through a large dataset of Italian firms. To address this issue, we estimate both an univariate test and a multivariate logistic regression model to understand if and how firm owners’ gender is correlated with the probability of getting loans. Our findings revealed, after controlling for specific firm characteristics and performance, that female-owned firms have ceteris paribus a lower probability of access to credit than male-owned firms. In other words, the research highlights how there is still presence of a glass ceiling in credit markets. In this sense, a lot of work to do is needed either by governments and policy makers in order to achieve equality in the credit markets.
JEL codes: G1; G4; M0

Keywords: cognitive bias; financial markets; enterprises; financial constraints; female firms; gender

How to cite: Serino, L., and Campanella, F. (2023). “Gender and Glass Ceiling in the Banking System: A Logit Model Analysis,” Economics, Management, and Financial Markets 18(2): 9–29. doi: 10.22381/emfm18220231.

Received 5 October 2023 • Received in revised form 17 November 2023
Accepted 18 November 2023 • Available online 1 December 2023