Microcredit: an answer to the gender problem in funding? Sophie Brana To cite this version: Sophie Brana. Microcredit: an answer to the gender problem in funding?. CR10/EFI08. 2008. <hal-00740098> HL Id: hal-00740098 https://hal.archives-ouvertes.fr/hal-00740098 Submitted on 9 Oct 2012 HL is a multi-disciplinary open access archive for the deposit and dissemination of scientific research documents, whether they are published or not. The documents may come from teaching and research institutions in France or abroad, or from public or private research centers. L archive ouverte pluridisciplinaire HL, est destinée au dépôt et à la diffusion de documents scientifiques de niveau recherche, publiés ou non, émanant des établissements d enseignement et de recherche français ou étrangers, des laboratoires publics ou privés.
BCBCDE F C C C C F BCB C B F B B C D C D B C F F C B C C DDB 1
B CD E F B C E E B E E EB E B E B F BCB C D C D B EB C B D C B C CB B B BC D B F D D F FB C E F B B C D B D DD CBC B C BC C CD DD B C F D F B F D F F D D CD F D B B B D CB BC C D E F F DD E C DD C E FB C E C F B B C B C F C B D D DDE C DD C B C DD C C B B D B 2
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1. Introduction... 7 2. Review of literature... 10 3. Empirical study... 14 3.1 Statistical results... 14 3.2 Multivariate nalysis... 19 4. Conclusion... 20 4
Table 1. Entrepreneur characteristics... 15 Table 2. Funding characteristics... 17 Table 3. Project characteristics... 18 Table 4. Fixed-effects (within) regression: key factors when determining the amount of the micro-loans... 17 Table 5. Fixed-effects (within) regression: key factors when determining the amount of the bank credit... 19 5
CBC CD CD D B F BC C D D C F D B C B B F DF F D CB B B C E C B F EC D C DD B D CD D B CB D C F C B B B F D DB D C BC F C D CBC CD CD C D C D F F C E C C DBC B D F BE DB C C D DF E FB F C E C B C B C D BC B D D B C B C B C D C D D B D CD B FB F C C DB D B F B C F EF C B F E BC B B C C F D C C B D C C C DF B D C DD G21, J16, L26, M13. 6
CBC B CD C C D B C DD F F E C EC B CB D C C C D DB D B BCD DD FBC F C B B BC B B B F BC C D D C C C D F B D D C BC F E C D B D CD E C C B B C C D B C D F B D D B C B C D C F DBCDE D E D C C F C FBC CB D F BC C D D B F EC D C DD C F F D B C C C C D B C B B E F D BC CDF B B C C E BD CD D F B B C C BC B C BC F C C B E C C EBD BD D C F B C B D BD D C C D C F B C C E C C C C B D E B C D D C B C B D F B F B B C B F D C E C B B D C B CBC B D C B B B D B E C C C D F FE C D C F C FE C B C C F B C C CBD C C C D C C C D CB B D B F D C DDE F DD B B CD C D F D B B CEF F B B D B C C BC BCDBC C C F D BC C BC E DB C B E C C B D C F D D BC D B D C C BC C D D BC DD C 7
C C D B DD CBC BD F D D C BC CD B C B C F D C DD C E CBC CD CD D B D B F BC C D D C D B C C F DF C B E C B F EC D C DD B D B F D C DD CD D FB B B CB B D F C B B B F D CBC CB E C B CBC B CD B C D C C D B C D D CBC B F E C C D C C DF F D C F C E C BC C FBD C D BC B C BC B C C C D C C F C D B C D C C C D F B FBD D C F B CBC C C B E C E C C B CBC B D F C E C C B BC C B D C E C C BD E C E CBC F B BC CB E D B C BD B BC D B E E C B D D F E FB B F D D E D D B BC B C B C D C B F B CBC D C CBC B EFB F B BC B B B CBC F B B D C BC C BC C DD C B CB BC CBC CD CD B E C B B D F FB F F B C B D FBC C F B D C F B C BC B D BC DE E F F D D F E FB CD CD F BC C C F F F D C B B C D D C C F D C CD CD C D F B CD CD BC D C C BC CBC B CD CD B C CD CD B D B CD CD C D C F DD F C E F C D D FB C E F BC CBC E 8
BC CD B D C DD D F D B B C BC B CDB DD B FE C F D C C B E C B D F E B B D FBC CBC FB B DD D B C D B D B C C B CD C B B D C B F BC C B C C B D B B F DD D C E C BC D C B F D B D B D B C DBC B BC B DF FB CD B FB C BC BD D E C C B C F D C D FB F FB B C C B D E CFB BD B DD C D F C D CBC C BD D F D CD DE F C C E C C F B E BC DC B EB D B F DD C B D C D B E C BC CBC C C D B C D B D B C F BC CBC C E D C E B C F F D D B D B D C C EFB C BC E C E B DD C BCD F B B F C D F C B D FB BCDE D D E C B F B C C DF C D B B C B E C D CBC C C D F C C B C B CD E B F C D C F E FB B C F B B B C D C F D D D DB F D BC F C B C F F B D C C BC F CBC CD CDB C FB C C C B D F B F DD D C F F D CBC CD C C D B F C D E C CBC E CBC B F F B DB C C D D C F C F CD D B D D B B BD CD E F C F F C CE FD C C F FB B D D F BC D 9
F D B DE C B E F F D C F C B F F D C B D F BC F B DBD ED F E C D C D C DB E B B C F B CDF E C C C C DF BC C C C D BC B BCB D D E F C B B BC B B D D C D C B BC B D CBC CB D C D C DD C C B DBC C B CD B C D EFD E C C D B C D B FBD D CE CBC C C DF D C B B C F C B D C BCB B C B B C C D C B BC FBE F D D B B B D C E C C C D F D D D B B C D E C D B CBC F D B E C F DF E FB B C E CD B F EC D C DDE F DD CBC B B B DD C BC E D D C D F BCBC D B B B F D B D D BC E C D C C D C DD D EF F BCFB BC B B C F C BC F D F C E C C DB F E F F D D F D C DD D BC E F F D F BC D B B D BCB E CB C B E F B C C C BC FBD B B B C D B F E B CD CD D D D B D C F B FB BC B B D BC C D C DDD D B C D D B D C DD D CBC E C D BC DE D B B D C B D C BC CD C FCD CBC BF C F D BC D B FE FBD D C F DD C BC CBC C D C B BC FBE C ED D D D D C B C C C BC F B B F B D D D B CBC D B E C 10
D FBC C B D D B BC C CBC FB F D B B E C D B F D C DDE F DD B B FBC C EF D C DDD B D C D B F B C D B B B F B DF CD BC CD D E C C B B FB F B FB C D CB B B CD BC D F C B C D FB BC DB BC F F B F B C D BCB C EB F D C B CB F D E CB D CB B B CD C D D C B D F D B D F DD B B FB B D D F BC B FB D C DD D BCB E CB DDB B BC D B D F B D B BC CD D BC D CBC C B D FB B B B D B DF B C FB B D C DB D F DB D D C F B B B F E C D C DD BD D B D C BD C C D CB C FBC D B B B B C BC E B F C CBC E C C C D C F B CDF E F CBC B CD CD B C F DF E FB F CBC B C CDB DD B B E C FB D C DD D BCB E CB F C BC D B FBC F D BCB C BC FB E B C E F BC C C CDE F F D B CB BC C FB EF C B E F D D D DE CB D C B C C B B D D F B E C B B C C DD FBC C E C C B B D CB DB C D B EBC B C F D F F D BD CD B D CB C D D F B B DB BC B EF C B C F D C DD F D CB C C D BC D FBD B B B BCC D BD B B D C F C F BC B CDF C D B C B D C DD D F B B B CBC B B B B D F BC B B BC BC E F BD BC C BC F BC F C B D CD B FB EF C F BC EC FB B D DB B CBC 11
B C C B C E C FB B B DD F D D C FB D B DD B D BCC B C B F C C D C CBC C B CD F B F D D C BC D D BC B D C BC DF D D E C B DD C B D B D C DD D E F F F E F B D FB D C BC C D C D CBC B BC F BC BC B EF FE B CEF F C B BC DD F CD B F D C DD BDD F EC C B F FBC BC D B B D F D F B DBC B D F B C FB B C F F C F D B BC B CB D D FB B BD BCB B B BC B C B B BC B C C DEF B D B C D D C DD B C F DF E FB E CB DD B E B F B CBC B B BC C BC FB F B B FB F BC B E F BCB F B B CD F B C C DF C D C B DF ED FB E E C FBC C F FB F C E BC D D D B F EC D C DD E CB B CD C C F C C D CFB DDD C C FB F BD C D B C B D C DD F CD F D D BC F C C B C C C DD B B FBC C EF F DB C EF C B C C F D B C E C C F DB B BC E BC CC F B B D D B D FBC C B D CBC CD C EF F B D F BD D B BCD F D B E FD B D D D C C B D CB C BC D B F FD DB C B D D D CB C B C D DC D D B E F BD DD B B BC C B E BD B EBC B C D D D C D C F D D B F FBC C F DD C F F B DD D C B D B DBC D BC D DDF E FB B CDF D E F D D D C F DB B B BD F F D D B BC FBE BD D CBC C BD C C D C C D 12
E F C DB E C D E CB C B DDDB D E F F BC C B CDF FBC C C BC D C B C B C B B DF E FB F D B CDF BC BC BD F BC BC B CDF DC F DB C BC E C BC DE E C F C E CD B C B D C DDBC D C B CD C C F F FBC B BD CD B F D B D B C B B B BC B D B BC D B BC D F D BD C BCDEF F C C EBD F B C C F CD B FB B C E FF F D F B C E CB DD FBC C B CB BC E FB C D B C F FBC DB F DB F B C B B E B B BC E C F F C D C FB F C E C FB C D CB B B CD EF CBD C D B B B D C FB F D D CB C D B C CD DBC B F D B C FBC C BC D C B D C BC BC D DF E FB F FB B D D BDD B E F D DD C C DB B C C FBC E C B D D BC F FB BC C C C F BC C B CDF C C B D DB D FB E CB BD B B D FBC CBDE BDBF F C D B BC C BC E B BE C DD B D BCB C E F C B FB B D D C D B D D C DD D E F B BC BC B CBD F D BCB E C F DF E FB C F D B B D B C F B CDBD C BC D B D B C C C CB BD C BD B B B CB C B C B FB B D C DD EC DB D C BC B B BC B D B D C BC D D F C FB F D DB CD D C E F F BD BD D CB C F CB B B C D CB CB B CD C C D C BC C D F D D D D F F F D D D CB CB B CD B C C D 13
EF B DD B CB BC BCBC B FB F F C D B D B B BCB C B D C C D B C D CBC B D D C C BC EC C D B B E CEF C FB BC B F B D BC C D C B B D C B B DD BC BC B D D E FC D D B F D F B B CBC CD CD C B C F CD CD B D C BCDB C C B B C D B B B B BD D C F C D F D CD CD F B B C CD D B B C D CBC E C F B BC B F D D D FB D F B D FB D D D C B C C B C C F F B D C BC C D C B D 3.1 Statistical results D C D E D D E C B F D B D D F B F C B E C BC B D C BC C D E FBC F BC B D D BC C F C B E C C F D D D F D C BC B C BD DDFB E F F BD BC BC F BC B D BDE BDE F F D C C C D F B B C F E D C DD D FB E B CB B BD D 14
B Entrepreneurs (total) Entrepreneurs with microcredit Difference between Women and Men (with microcredit) Women Men Women Men t- Student Prob. Gender 28.7% 71.3% 34.6% 65.4% verage age (years) 38.6 38.7 36.9 37.1-0.632 0.527 Nationality French Other 92% 8% 88% 12% 83.9% 16.2% 81.1% 18.9% 1.917 0.055* Level of studies University Primary and secondary school 52.8% 47.2% 45.2% 54.8 50% 50% 39.2% 60.8% 5.091 0,000*** Occupational status ctive Unemployed < 1 year Long term unemployed Inactive 45.5% 17.1% 16.1% 21.3% 57% 19.3% 14% 9.7% 13.4% 19.3% 11.2% 56.1% 17.3% 21.5% 10% 51.2% -2.769-1.408 1.084 3.58 0.006*** 0.159 0.278 0.000*** Bank credit Yes No na na na na 20.1% 79.9% 23.6% 76.4% 5.784 0.000*** Marital status Single Couple na na na na 60.8% 39.2% 42.2% 57.8% 9.984 0.000*** Work experience Yes No na na na na 49.4% 50.6% 55% 45% -3.016 0.003*** C D E C CBC E CB D C BC B F C D E C CBC E CB D C BC B F D B B BD BC F C B B BD CD DDF EC C B B C C D CBC CD CD C B B E C C C C B CD BDE BD EF B F B B B D F FB B D D F D B C F D EF C FB F D CB C C B D C FB B DB DD BDD BC F C E CEF D B F D C DDB C D C B F F FBC C EF B CF F B C B B F DE C EF B CD C E B FB DD 15
C BC E B BC D D C D C E BDD D EB C CB CBC C F FB B C F C FB DB D B C FB C F C DC D B D B D C BC D B D C D C C FB BF F C B D C B E DFB F C C F B D C E C BD D C D C C C DE C EC FB F D D B C D D C B C B D C B B BD B D F D E C E B C DBC F B BC C D C D CEF FB BCDBC B CB FB F C C FBC E C EF B C B B CD C D C D C E C B BDC DD C C DF EF BD B C C C DF E C CB F B B C B C D C B D DC B B D C BC EF C B F C B C BC B D C F DB D E C FB D FBC C FB DDE C C F D F F B C C D F F E D F E C C C C C F B F D C DD C F C E CE CEF FB C B BC F D EF FB C DC F F B C D BC B D F C B E CEF E C F F F F B C D BC B C D C B D F D C D F D C BC B C D C B B B BC B DB C C C B E C EF BDE CB C C B D E B C D B C C D C B D F B DD CD B B C D FB D C B B E CBC C C CD D C C D BC B D C E C D CD B C B C C C D C B D F D B DB D F DB E C CBC E C C F D B B D CB B C DD C C DF D EF D B F EC D C DD B D F C CDB F B D C CDB D B F C FB C DD C C DF D F B C B C E C FBC C 16
F F B B B CD BC D C C FBC E C F DC C B C F E FB F D D C D CB C D B F FBCD D C D CB C E C F D D B Women Men Difference between Women and Men (t statistic) Probability for t-statistic Loan maturity (months) 25 27-2.677 0.007*** Interest rate (%) 4.65 4.39 1.741 0.082* Beneficiaries in % : - Interest free loan - Own funds - Loan subsidy - Bank loan 56.1% 37.8% 24.4% 20.1% 61.4% 41.9% 23% 23.6% -3.054-2.339 0.931-2.351 0.002*** 0.002*** 0.352 0.019** verage amount of MFIs loan (euros) 4 106 5 009-6.666 0.000*** Total need for funds (euros) 21 859 30 033-3.271 0.001*** Own resources (euros) 5 067 8 444-2.405 0.016** verage amount of supplementary bank loan (euros) 9 340 12 812-2.421 0.016** Losses (%) 2.6% 3.7% -1.7 0.089* Monthly available income (euros) 1 147 1 114 0.835 0.404 C D E C CBC E CB D C BC B F C D E C CBC E CB D C BC B F C D E C CBC E CB D C BC B F F B B C E C D D D CB B B D E FBC FB C EF F D C D B F B E C F C B BC C D FD D B D C F EC C D FB F B D F E D C F C C D D C B D D C B D B BCB E D DD FB B DD BC FBC F B B BC B E CBC C B BC D D C D C C FB E CFB B B BC C BCB BC D C C B B F B DD BC F D C 17
B BC D BCD E C BC D B B D D D C C DB C E CFB B BCF F FBC F D B BC B C F FE C E DDBC BD F DF F C C C D B D C B B F F EF F BC C B B C F B FB C C C C D BCD F D C D F D D BC EF D D D FB F F C D B DB BDD B E FD B BCDBC B E D E C B B D F B D F D C FBC C FB B F F F B C B FBC C BF F B C B D DC F C F D FB FB B C CB B F BC F B CDF FBC F B B C B B C C F C EF F BC B F D C DD DD B F E FB C B B C F B C CD F D C DDE FB DB B B Legal structure (%): - Limited liability company - Sole ownership - Private limited company under sole ownership Business sector (%): - Retail trade - Personal service - Services for firms - Building industry - Farming - Catering - Craft industry Women 29 59.3 11.7 35.8 40.8 6.6 1.2 2.4 7.8 5.4 Men 43.7 43.7 12.6 30.2 25.4 7.6 16.9 6.4 7.5 5.9 CB BC E F F D D BC B D C BC C F C D B C DB D FBC F B D E CB C C F B B D B C D D B C B D B CB C C BC D D C C F CD C D B D D D C DD D D F B FB D C FBD C C D C BDBC C E C B B C D B C 11 This result confirms that women are generally better credit risks in microfinance than men (D Espallier et al., 2010). 18
D CB C BC DD CB DD D D C FB E C B B C D B D B C C D B D F C FB C F B B BC C B D BC B D F B C C D E BC C F F C D B C E CE C F B C C F D D FBD B B C D CB D F D F F D DE F E B D C FB E B CD C C BD C DE D D C B B D D D C DD D C F CD CD C BCD C F D B D D FB B B B B BC C E D CB C D D F F D BD EC DF EF F E D B F D F D CF D F D CB BDD D BD D C F DB C C F D B B BC B D B B CD E C F B D B D FB D F D C D C B B E F F D C DDD F C D EC EF F C DD C C C C D C F C D D B D B CD BC B E CB B D CD C C D CB D D B B B B D B D FB C B C BCB C D FB E CD B F D C DDE FB E D B B B B C F D D C F BD CDEF F F D B B D BC B B FB C D C C B B FB E C CB F C B BD C BC C F C B B BCB D D B BC B E D B D B D C BC C D C BC EC FB B D D B E C BD C BC E B C E C B E F C E C E B B B B BCB D D C B C F D B B C D 3.2 Multivariate nalysis 19
B B BCB D DE F B F C C F B C B C C B C D C B B D BD EC FB B D D DE FB D C F B C C F B E C BC C E D CD B C F D D BC C E C E DD B D F FB E D CB BDD D DD C BC B D F F D B D FB DD C D C CBC B BC D CB F F E B BCD D D E C D D B CB C BC BC D B D B C F E B B D F D C D F C C C D BCC B F D D B D CEF F BD F DB C F BC F D CB C C F B DEF C C D D CD C BCB B CDB C C D CB FB B D D D FBD C FB B C BC F BCDB C B B C C B C E FB C F C B D B E FB B D D FB B D D BC C FB B D D F D B B C B D F E C α β BC χ ε F BC B B DB B B FB D DEF F F E DBE BC F C D C F DB C BC B C E FB B D D F FBC C FB B D D DD D C DDD D C B C D BC D β C DF C D B D B D C BC F F D B BC F BC B B B 20
DB FB B D F FB B D D F E DBC F F D BC BC B D BC ε D F F E FB B D D B C C B C B B C FC B C D D C F C BC B CB D B D B BCB C DD FBC C B C B E B C D F B D C F D B B D FB BC C B C C C B D C B B C C B C F FB B D DB DB C F D C DDD BC F B C C B D C DD BD C FB B D D B F B B B BC B C D C B C D EC C D BC D CBC B BDD D BC D B F D D CBC D D C BC DD CE F D B C B C F D B D D F C CBC CD CDE D F D B ED F D BD D D C C BC C B E C F BCB B B D F D DB DF EC C B F D C F B B D BC C C BCC C F B B DD C BC C B D C F B B BCB D D B D FB F B C F C BD DE F F B F E F D F D DBC F E DB BC B BC DD CB D B D DB D BC F BCE B B B C F E DBC B B B B BCB B F F BC EF BD F BCE BD B B C F E D E B C D F F D C BC B B DFB E F F D D D D FBD B D F D D B BC D F CD CD B D D B BC C D EC DF F F C D F B C F BCE B F D B BC F DB C E B D B D C B C D D CB BDD D BC BC C D CBC B BDD D BC D D C D BC BC C D F B C B D C DD DC BC BCB B D C D C DD F B C E C BCB B B D D EBC F B BC C B C B D D D E 21
F DD CEBDB D C D B B CBC E C C B B EF F F B C F BCEBD C C BD CD C C C F E DD F D D D FB F E D D CB FB B D DB D C BC E C EF BDB D DBC B B D B DB B D C C F C D C D D FB F BC DB C E B F B C F CBC B BDD D BC D D FB E FB C B C E C C F D B B DC D C BC F DD D C F D C DD F D B B E C BC F FB E C B CB C F B DD C D C B DD D D D DC B D B D B C C C C B 22
B Total Women Men Number of obs = 3005 Number of obs = 1052 Number of obs = 1967 R-sq: within = 0.3264 between = 0.9216 overall = 0.5753 R-sq: within = 0.2969 between = 0.8340 overall = 0.5072 R-sq: within = 0.3506 between = 0.9204 overall = 0.6065 F(12,2994) = 111.41 Prob > F = 0.0000 F(8,1041) = 54.95 Prob > F = 0.0000 F(12,1952) = 87.81 Prob > F = 0.0000 mount of micro-loan Coefficient Std. Err t P> t Coefficient Std. Err t P> t Coefficient Std. Err t P> t ge 10.64191 4.362547 2.44 0.015 14.94929 5.79719 2.58 0.010 Woman -435.0353 87.09972-4.99 0.000 In a couple 205.809 109.8166 1.87 0.061 Studies -81.60762 36.46281-2.24 0.025-134.8779 48.48184-2.78 0.005 Welfare benefits -230.3135 91.6653-2.51 0.012-319.6723 122.2647-2.61 0.009 Corporate manager 993.5678 165.2209 6.01 0.000 1052.008 250.325 4.20 0.000 830.4972 209.4064 3.97 0.000 Employee 1173.831 199.3277 5.89 0.000 1242.429 284.1027 4.37 0.000 1073.815 259.3915 4.14 0.000 Total need for funds.0298955.0009016 33.16 0.000.0201704.0012003 16.80 0.000.0353175.0012122 29.14 0.000 Interest-free loan 419.6197 92.78907 4.52 0.000 413.3332 127.3234 3.25 0.001 377.885 123.1045 3.07 0.002 Subsidy.0636409.024661 2.58 0.010.1290228.0343701 3.75 0.000 CHR 866.8528 158.5225 5.47 0.000 1333.996 220.0649 6.06 0.000 699.4961 208.9495 3.35 0.001 Construction sector 462.939 130.2347 3.55 0.000 499.1256 142.1787 3.51 0.000 Private limited company under sole ownership 1637.492 272.5753 6.01 0.000 2101.54 410.4276 5.12 0.000 1439.377 349.371 4.12 0.000 Creation loan 663.8548 87.83886 7.56 0.000 656.5705 122.2172 5.37 0.000 668.8918 114.4661 5.84 0.000 Constant 2807.345 252.7671 11.11 0.000 2347.985 130.8641 17.94 0.000 2808.616 335.1736 8.38 0.000 F test all u_i=0 F(4, 2989) = 321.86 Prob > F = 0.0000 F(4, 1041) = 180.78 Prob > F = 0.0000 F(4, 1952) = 186.33 Prob > F = 0.0000 17
B D F C B B DD C BC C F C B B C BC D F B FB E FB B D DBC F D F BC CBC B BCB B C C B C D D C F D C D CB CB B CD E C C F B CBC CD CD F D D F E D BD CBD C F F D D FB B F F FB B D D F C B BC F FB C C B C C B C D C DD D C D CB C D CD B B F D C D B B DEF F B F D B C C B D DB DD D B DD C B B E D B F D BD C D C D CD CD E FB C C D B CDB F C B C FB F D CD CDFB F B B C D B DB F B FB D D C B C C B C C B C F E D FBD F EB B BC DF D F C EF F C D D B B B C C C BC C E B BC BCBDD DDF D F C D BD BC F D F D F D B B B DF DF B B FB C E EFB D F B C F D B C F DF DF C E F B BCB D C C C D DBC D F F F D D DD C B B FB BC B BD D B D BC CB B C D C B B C E FB D B F DB B C C F B C F D C B BC BDD B BC C CD CD B F D D B BC D B D C C D B F B D FB C F B C F BC FB D C D F BC D C F DB BCB B B D C C EF F F C B B DD D C BC 18
B mount of bank credit Coefficient Std. Err t P> t [95% Conf. Interval] Woman 490.5896 684.2657 0.72 0.473-851.0766 1832.256 Employee 5151.505 1497.375 3.44 0.001 2215.544 8087.467 mount of personal assets 1.432151.0208851 68.57 0.000 1.391201 1.473102 Subsidy -.3942381.200375-1.97 0.049 -.787121 -.0013551 CHR 4563.054 1283.631 3.55 0.000 2046.189 7079.919 Trade 1245.48 704.3989 1.77 0.077-135.662 2626.622 limited liability company 6712.486 1442.23 4.65 0.000 3884.649 9540.322 Buyout loan 3393.275 752.204 4.51 0.000 1918.4 4868.151 Constant -1688.588 558.2627-3.02 0.003-2783.195-593.9805 D D E F C E C B D FB B C E F C C D FB F C B B DC D C BC C C C F B C BC BCD F D C B D FB BC C D C D CB B B CD E C C C B DD B BCEF CE C BC EC FB B D D B F FB B D D F E F D BC C D C C F E DD B D B D B C F C E C BD BC BC CF D F D CB BDD D F BC BCE F F D B BC D BC C F B B BC F B F BC D B BC D D CBC B BDD D BC DBD D BC BCD EF F F D CD C D C B C C CB E B D C B D DB D C F EB B E F F FB C D C BC C F C F D B B DBDD B E F C D D B B F C FC B EB B C B FB B B CEF E C C B C B C C CB B D F E D CB BDD D D D B 19
D C B D DB BD CBC C B B C D CB BDD D C F C D BC C F E C D F DB C D D C DC BCD DD F E FBC C D E FB B D E C C FB D EF BD F B C F D E D B CDB F D E C EB BC D F F B C BC C C DD B D C D C B D B CBC E C EBD B C F BD D B E FBC C B B B B C D B C F B C D B C E C D E FBC C D D B B C C C FB F C D D B D B D C BC B C D C D CB BDD D CB B C C F C B C D C BC C D D C B C D E C B C BC BCD BC B CBC B BDD D BC C F B BD F E F C DC D C BC C F DB B C D F BC CD CD CBC BC B DB DD CBC E C F D B D F D D D EF F C C C D C C D B C D E C B F DB D C F D B F EC D C DD F D DB C E C BD C B D F D D F C F D C C D B B B B CDF D F C F B B D C BC CBC B D B DD D C D B D FB C B C E F D F D FCD C E DE FC C D CB BDD D F B DD B E C CBC E C E DE F EC C D F C F D E CFB D FB B E FBC C D BC F B C D E 20
C CBC BC D B C C DF C BD B DD CBC BC FC B BDD D BC E D B D FB D B B C B E C D CBC C C D F C C B D C BC BD C B CD E B B D D FB E C B D EFB CB FB C C F B DD BC C C D BC C B D BC FB D CB C D C D C D BCC D B CD FB B BC C B E C C D B F D C DD E F E D D FBC C BC F C D B FB C F BC DF F F CBC CD CDB B D C D BD B CB BC C CD CD F B CDF BC F F B C F BC B F F D C DD FB D C CBC D C DDD B D C F E D D C B E C D C D C BC C C E C D B C B CB B D D D C C B DE F D D D BC C FB B E F D E C C E F D D D B FB D B CD F D C C D D B C CD C F DB EB BD F CBC BC B CD F B D FB FB B CD BC D FBC F D C D BCB D B BC BC B C C C BC C E C EB D B D F D FB B B DD CB D BEB F CD B C D B C E CBC F B D EB D C C DF CBC D B B E CE F B B B D C D F B C EF F F D BCB D BC B F C C C E C DD C C C D C C DFB B B C C B B B F D D C B F DB F B BEB FB E C B C D FB C D F F C D C F C E C B B B B DEF CD C F FB D BD DB C E C DD DD CB DD C BCD C E 21
F BD DD D C DB C B BCBDD D BC E F D C DD BCC C BC FB C B BC D F B D D D D B BC D B C B D B D D B DF B B B B C E C C D E C D C DD EC DBC D F D B C C D C F B C C DDF B D CD B C D B BD D E C FBC D D FB CB E C B B D CB BDD DBC FB B DD B BCDDF CD BD D DFB DF EC FB F D E CB F C C B BC B D F C B B B C C E DFBDB C B C D C DD BC C C D BCB D D D FB B C B C F D B C E C D FBD B C B C C E B C D F B B BC C D B D C DD B C BD C C DDF C C DF D DD FBD D B C B BCC C E D B D FB D 22
C BC E CC C C BC C C DF B C C DF C C D C B FBE C D D C DD EC DF E F B B BC C C B B D C DD D B F D B B B C C D E CE CBC C C C D C B BC E B F B CBD B B D CB D C DD C C D B B D C B C BC B CDF D C D B D C DD C C CB D C DD BC C BC CBC DF C D C BC B CB B C C C DF F BC B C C F B D C DBC C D E D C DD C D CB D C DD C C DF B B E C B D BC D C E F C BC C F C C C CE E F CFB B C C D C BC BC D CD F FB B D D C E C BC D DD C C D CB D C DD C C B FBE C D D C DD EC DF C D B FBC C D F B D C DD B B FBE D C C C C DF BC BC C C F B BC DD D D BC BC D C DD DD C B CD C C DF F B B F D C D F B D B B C D C DE F B D CBC C B CBC BC C E C CD BC DD C B 23
F BC C BC F B B B B F D C F D D D B D C DD CBC D B B D BC E BC DD B B BC D B D C C BC C EC B D C DD D CB B D C DD BCB C D C C C C D C C D CB C B BC D B B D C DD BC F D C BC BCB C CB D C DD D B F C DF BC C B B E F C D B F C C D C C DF C C DF F BC B B D B C CBC B C C CBC B CB D D C B C DD E FB D E D C C FB D D BC D B D FB D C E B BC DD C C C B D C F D D BC D B D C DB BC B D C F BC C D C C B C D C BC C BC DD C C B E C CBC E C B B EB D C C B B D BC D E C BCB BC B D C DD DBC CBC B CD CD C C DF F B B C BDBC F B B B D C DD BCD CB D C DD C C CBC DBC D D CBC C C B F B D F C E BC C BC D C B B D C BC B DF C 24
C B CBC BC F E C C F C C B B CBC BC F C C F D C BC C C BCB B DD DD C C DBC DD D BEB BCB BC D B F E D FCD C BF C EC BCB C CBC B BC BC D C DD E F B C D D D B B D D C DD C CB C CB CB B D C DD CB FCD C C B BDD DD C C CBC BC C D EF BC F E C C B B FCD C C B CD E C BC C C B D B F BC CB C D B F C B C BFC BCC FBC C E C D C C B C F C C DF CBC FB C BC BCC C E D C C B C F C C DF CBC FB C C BC BC E CC F C C B CD C C C DF F BC B B B C B F C B D E C C B D EB F CBC B C B CBC BC C E C CD BC DD B B E B C C C C DF CBC BC C C C DF F BC B B B B B F C C D C BC CBC B CD B C D C C CB CB B B CB B B C D C E C D C DD EC DBC D D B C C D F BCB BC C CB D C DD C C 25
C EC BC CBC C FB B D D C D E C B BC B EC B D C DD D CBC BC C D D DD C D F B D B D B B B B B CBC D D C BC C D CB C C B D CB CB CB CBC B BCB C C E CBC C C C D C C B F F B B B C D E C B BC B CC C D D C B D C C D B F B D C B C F BC B BC B C D C DD D B C D C D C C DF F BC B C B D C CD C D C D C B C F BC B BC B C D CB D C DD C C 26
Descriptive statistics for dependant and independent variables Number of observations = 3866 Period = 2000-2006 Dummy variables Variable Mean Standard Errors Bank loan Yes = 1 Non = 0 0.297 0.44 Sex Woman = 1 Man = 0 0.346 0.476 Ethnic background French = 1 Other =0 0.821 0.383 Marital situation single, widow, divorced = 1 Married, in a couple = 0 Social status Welfare benefits =1 if not=0 Unemployed (< 1 year)=1 if not =0 Unemployed (> 1 year) if not =0 Corporate manager=1 if not =0 Employee =1 if not =0 Other 0.488 0.499 0.346 0.207 0.104 0.091 0.068 0.05 0.476 0.405 0.305 0.288 0.252 0.218 Own funds Yes=1 No=0 0.413 0.492 Experience Yes=1 No=0 0.615 0.499 Purpose of the loan New business=1 if not =0 Repurchase=1 if not =0 Expansion=1 if not =0 ctivity Craft industry=1 if not=0 Services for firms=1 if not =0 Services for private households=1 if not =0 Retail trade=1 if not =0 Building industry=1 if not =0 Farming=1 if not =0 Catering=1 if not =0 Level of education University (Master s degree - PhD)=1 University (Bachelor s degree)=2 Baccalaureate=3 Secondary school=4 Junior school=5 0.578 0.276 0.145 0.057 0.073 0.308 0.321 0.114 0.05 0.077 0.494 0.447 0.352 0.232 0.26 0.461 0.467 0.317 0.218 0.265 3.34 1.136 27
Quantitative variables Variable verage Gap ge (years) 37 18-70 Microcredit amount (euro) 4 801 100-38 000 Bank credit amount (euro) 12 689 0-785 000 Total need for funds (euro) 28 719 100-1 516 868 Personal assets amount (euro) 7 581 0-1 417 776 Monthly income (euro) 1 127 35-9 100 Loan s maturity (months) 26.4 1-92 Interest rate (%) 4.2 0-23 28