Table 7.

Gap in female-entrepreneur TFP and perceived financial constraints

Dependent variable:	tfp_ac	tfp_ac	tfp_ac	tfp_lp	tfp_lp	tfp_lp	tfp_wr	tfp_wr	tfp_wr
	(1)	(2)	(3)	(1)	(2)	(3)	(1)	(2)	(3)
Female	− 0.118**	− 0.117**	0.407**	− 0.207***	− 0.207***	0.347*	− 0.212***	− 0.212***	0.293
	(0.0501)	(0.0501)	(0.181)	(0.0508)	(0.0509)	(0.185)	(0.0509)	(0.0509)	(0.187)
Age of firm	− 0.00478**	− 0.00475**	− 0.00438*	− 0.00298	− 0.00295	− 0.00257	− 0.00251	− 0.00247	− 0.00212
	(0.00225)	(0.00225)	(0.00225)	(0.00226)	(0.00226)	(0.00226)	(0.00227)	(0.00227)	(0.00226)
Firm size categories (benchmark is micro)
Small	− 0.0707	− 0.0739	− 0.0777	0.153***	0.151***	0.147***	0.173***	0.170***	0.166***
	(0.0506)	(0.0506)	(0.0505)	(0.0506)	(0.0505)	(0.0505)	(0.0506)	(0.0505)	(0.0505)
Medium sized	0.0715	0.0637	0.0659	0.707***	0.701***	0.703***	0.763***	0.755***	0.757***
	(0.0918)	(0.0912)	(0.0907)	(0.0959)	(0.0953)	(0.0947)	(0.0974)	(0.0968)	(0.0962)
Foreign	− 0.00609	− 0.0341	0.0419	0.137	0.114	0.195	0.179	0.150	0.223
	(0.167)	(0.166)	(0.169)	(0.162)	(0.161)	(0.165)	(0.167)	(0.165)	(0.169)
Lagged FC		− 0.0148	0.0179		− 0.0120	0.0226		− 0.0154	0.0161
		(0.0125)	(0.0174)		(0.0127)	(0.0174)		(0.0128)	(0.0176)
Female × lagged FC			− 0.0714***			− 0.0756***			− 0.0688***
			(0.0240)			(0.0246)			(0.0248)
Observations	2917	2917	2917	2917	2917	2917	2917	2917	2,917
R-squared	0.090	0.090	0.093	0.150	0.150	0.153	0.350	0.350	0.352

Note: OLS estimation with industry, location and year effects. The dependent variables are different TFP estimates in logarithm: tfp_ac stands for the Ackerberg-Caves-Frazer estimate, tfp_lp for the Levinsohn-Petrin estimate and tfp_wr for the Wooldridge estimate. Firm size categories are micro (0–5 employees), small (6–19 employees) and medium (20 + employees). Robust standard errors in parentheses

^***p < 0.01

^**p < 0.05

^*p < 0.1