The Debt Structure of Small Businesses Owned by Women in 1987 and 1993

摘要: An important phenomenon in the U.S. economy last twenty-five years has been rapid growth of women-owned businesses. In 1972, women owned under five percent all businesses and produced less than one total sales (Bureau Census 1976). By 1992, accounted for 34 nearly 20 1996). based on recent estimates small business activity supplied by Board Governors Federal Reserve System, now comprise 27 5.5 million (Cole Wolken Even though female ownership increased significantly over past 25 years, many who own claim they have access to market financial capital men similar While previous literature offered no evidence price discrimination markets, advocacy groups still that owners face (Ando 1985 Peterson 1981). If real occurs services market, would expect receive favorable treatment lenders men-owned businesses, even when quality is same. The borrower could a number ways: having pay higher loan prices; being smaller amounts; refused credit from mainstream lender, making it necessary search non-conventional lenders; or only non-traditional debt instruments. purpose this study determine whether had traditional leases loans institutional (primarily commercial banks) 1987 1993 next section reviews Subsequent sections present empirical models results conclusions derived study. Literature Review structure focused relative success women- perceived reluctance money borrowers, demand borrowers. presents conflicting Several reasons cited relatively lower level realized most persuasive suggest that: (1) are small; (2) lack relevant experience; (3) tend be concentrated classifications earning low profits (Aldrich Auster 1986; Aronson 1991; Lascocco et al. 1991). Other authors men- characteristics. rural economy, appear gross businesses; however, factors influencing business' same (Tigges Green 1994). When examining specific service industries (for example, food drink, computer software sales, health), earnings, earnings rates, failure rates (Kalleberg Leicht This suggests successful financially except rather industries. Apart demographic characteristics (size, age Standard Industrial Classification), may not given opportunity succeed because human resources. …