Table 4.
Heckprobit results for access to finance in female-owned firms.
| Bank | MFI | Equity | ||||
|---|---|---|---|---|---|---|
| (I) | (II) | (III) | ||||
| Variable | Heckprobit | Marginal | Heckprobit | Marginal | Heckprobit | Marginal |
| Female_Own | 0.1552* | 0.0189** | 0.2890** | 0.0100** | 0.0481 | 0.0057 |
| (0.0875) | (0.0095) | (0.1038) | (0.0033) | (0.0774) | (0.0090) | |
| Large | -0.4150* | -0.0506* | -0.5867** | -0.0203** | -0.4883** | -0.0588* |
| (0.2352) | (0.0294) | (0.2945) | (0.0107) | (0.2382) | (0.0303) | |
| Medium | -0.6277** | -0.0766** | -0.7501*** | -0.0260*** | -0.6486*** | -0.0781*** |
| (0.2023) | (0.0256) | (0.1988) | (0.0077) | (0.1962) | (0.0250) | |
| Small | -0.4593** | -0.0560** | -0.7779** | -0.0269** | -0.4883** | -0.0588* |
| (0.2338) | (0.0300) | (0.3006) | (0.0112) | (0.2355) | (0.0298) | |
| Firm_Age | -0.0071 | -0.0008 | -0.0129** | -0.0004** | -0.0056 | -0.0006 |
| (0.0044) | (0.0006) | (0.0064) | (0.0002) | (0.0041) | (0.0005) | |
| Family_Own | -0.0001 | -0.00002 | 0.0018** | 0.0006** | -0.0003 | -0.00004 |
| (0.0011) | (0.0001) | (0.0006) | (0.00002) | (0.0010) | (0.00012) | |
| Exporter | 0.00009 | 0.00001 | -0.0007 | -0.00002 | 0.0006 | 0.00008 |
| (0.0024) | (0.0003) | (0.0031) | (0.0001) | (0.0023) | (0.0002) | |
| Innovation | 0.0325 | 0.0039 | 0.1772* | 0.0061* | 0.0402 | 0.0048 |
| (0.0626) | (0.0076) | (0.0970) | (0.0037) | (0.0605) | (0.0073) | |
| Sole_Prop | 0.1803* | 0.0220* | -0.2248 | -0.0077 | 0.1532 | 0.0184 |
| (0.1088) | (0.0127) | (0.2347) | (0.0081) | (0.1310) | (0.0155) | |
| Mgr_Time | 0.0005 | 0.00007 | -0.0094* | -0.0003** | 0.0014 | 0.0001 |
| (0.0021) | (0.0002) | (0.0037) | (0.0001) | (0.0021) | (0.0002) | |
| GGGI | 1.829 | 0.2233 | -4.721** | -0.1637** | 2.961 | 0.3566 |
| (1.920) | (0.2251) | (2.2110) | (0.0736) | (2.1720) | (0.2475) | |
| GRSI | 0.0004 | 0.00005 | -0.0032 | -0.00011 | 0.0020 | 0.0002 |
| (0.0026) | (0.0003) | (0.0054) | (0.0001) | (0.0020) | (0.0002) | |
| Industry dummies | Yes | Yes | Yes | Yes | Yes | Yes |
| Constant | -2.324* | 2.188 | -3.184** | |||
| (0.1371) | (1.7050) | (1.6060) | ||||
| Selection equation: Cashflow_Down Temp_closed |
-5.648*** |
-5.724*** |
-5.650*** |
|||
| (0.3275) | (0.3640) | (0.1052) | ||||
| Delay_Pay | -0.1189 | -0.0696 | -0.1334 | |||
| (0.0961) | (0.0959) | (0.0975) | ||||
| Control variables | Yes | Yes | Yes | |||
| Constant | 6.566*** | 6.751*** | 6.557*** | |||
| (0.4746) | (0.5619) | (0.2765) | ||||
| Wald test | 31.780 (0.0000) |
0.050 (0.8291) |
47.200 (0.0000) |
|||
| Prob>Chi2 | ||||||
| Observations | 2,623 | 2,558 | 2,623 | 2,558 | 2,623 | 2,558 |
Notes: Reported are the heckprobit results and marginal effects estimated around mean points. Robust standards errors are reported in parentheses. Due to lack of space, we do not report the first stage regression results. Variable definitions are provided in Appendix A. The Wald tests test the null hypothesis that the equations are independent. Standard errors are in parentheses. *, **, and *** denote significant at the 10%, 5% and 1% level respectively.