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<p>In this study, we use data from 22,822 women-led firms across 50 countries spanning 2010 to 2020 to challenge the belief that corporate political activities (CPAs) facilitate credit access. We demonstrate that CPAs do not improve access to credit for women-led firms. Furthermore, we provide evidence that these results hold in legal, social, and cultural environments that are unfavorable to women, particularly if they display stronger discrimination. Our findings support the hypothesis that women get more discouraged about credit access because their CPAs provide them with knowledge of the discrimination they face. Our results hold across various robustness checks.</p>

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Does Corporate Political Activity (Really) Reduce Borrower Discouragement? The Paradox of Women-Led Firms

  • 期刊论文

  • 发表日期：

    2025年12月26日

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  • Jérémie Bertrand,
  • Caroline Perrin

摘要

In this study, we use data from 22,822 women-led firms across 50 countries spanning 2010 to 2020 to challenge the belief that corporate political activities (CPAs) facilitate credit access. We demonstrate that CPAs do not improve access to credit for women-led firms. Furthermore, we provide evidence that these results hold in legal, social, and cultural environments that are unfavorable to women, particularly if they display stronger discrimination. Our findings support the hypothesis that women get more discouraged about credit access because their CPAs provide them with knowledge of the discrimination they face. Our results hold across various robustness checks.