Financial inclusion and its relationship with business growth of microenterprises in the manufacturing industry in Bogota during 2012–2016

Figures & data

Table 1. Characteristics of financial products for microenterprises.

Product features	Description
Market analysis	Analysts must constantly study the market, both locally and globally, to identify opportunities for improvement in financial products, especially in microcredit.
Product Portfolio	A complete portfolio should be offered, including microcredit, savings accounts and financial education programs. This will allow microentrepreneurs to obtain benefits and discounts on products.
Profitability and price review	It is necessary to review the profitability and pricing model of the product, considering the possibility of reducing rates and offering differential rates according to the credit profile and the amount requested.
Flexibilization of risk and credit policies	It is suggested that risk and credit policies be made more flexible, especially for microentrepreneurs who do not have a solid credit history. Start with lesser amounts and evaluate repayment behavior before increasing the loan.

Source: Prepared by the authors based on Gamboa Fajury and Tovar López (2021).

Table 2. Database components.

Component	Description
Data type	Sample survey
Unit of analysis	Micro establishments of industry, commerce, or services with a maximum of 9 people employed. If these activities are conducted inside households, they are also subject to measurement. Mobile stalls are not included.
Coverage	Coverage in the 24 major cities and their metropolitan areas
Universe	The universe of the Micro Establishments Survey is comprised of 48,126 physical spaces, distributed in the seats of the municipal government of the 24 main cities.
Data collection model	Personal interview assisted with mobile capture devices

Source: Prepared by the authors with information from DANE.

Table 3. Econometric model variables.

Variable		Type of variable	Unit of measure	Remarks	Average	Standard deviation	Minimum value	Maximum value
ID	Overall	–	–	N = 21.825	323.003	10.446	300.289	339.069
	Between			n = 4.365		10.447	300.289	339.069
	Within			T = 5		0	323.003	323.003
Year	Overall	–	–	N = 21.825	2.014	1.414.246	2.012	2.016
	Between			n = 4.365		0	2.014	2.014
	Within			T = 5		1.414.246	2.012	2.016
Ln total sales	Overall	Dependent – continuous	COP ($)	N = 21.825	1.755.342	1.238.482	921.034	220.042
	Between			n = 4.365		1	1.479.133	2.043.803
	Within			T = 5		1	1.135.715	217.427
Female owner	Overall	Independent – dichotomous	–	N = 21.825	1	0	0	1
	Between			n = 4.365		0	0	1
	Within			T = 5		0	0	131.551
RUT (Single Taxpayer Registry)	Overall	Independent – dichotomous	–	N = 21.825	1	0	0	1
	Between			n = 4.365		0	0	1
	Within			T = 5		0	0	168.307
Ln operating time	Overall	Independent – discreet	Years	N = 21.825	1.307.991	0	0	1.609.438
	Between			n = 4.365		0	0	1.609.438
	Within			T = 5		0	0	223.719
Internet access	Overall	Independent – dichotomous	–	N = 21.825	0	0	0	1
	Between			n = 4.365		0	0	1
	Within			T = 5		0	−1	105.677
Website	Overall	Independent – dichotomous	–	N = 21.825	0	0	0	1
	Between			n = 4.365		0	0	1
	Within			T = 5		0	−1	1
Industry	Overall	Independent – dichotomous	–	N = 21.825	0	0	0	1
	Between			n = 4.365		0	0	1
	Within			T = 5		0	−1	1
Balance sheet	Overall	Independent – dichotomous	–	N = 21.825	0	0	0	1
	Between			n = 4.365		0	0	1
	Within			T = 5		0	−1	1.002.612

Source: the authors.

Table 4. Description of the variables in the econometric model.

No	Variable	Description
1	$\mathit{\text{Ln}}\left({\mathit{\text{Total Sales}}}_{\mathit{\text{it}}}\right)$	Represents the natural logarithm of total sales in period t for microenterprise i.
2	${\mathit{\text{Online Banking}}}_{\mathit{\text{it}}}$	Dichotomous variable indicating whether microenterprise i uses the financial product in its business in period t.
3	${\mathit{\text{Female Owner}}}_{\mathit{\text{it}}}$	Dichotomous variable indicating whether microenterprise i is owned by a woman in period t.
4	${\mathit{\text{RUT}}}_{\mathit{\text{it}}}$	Dichotomous variable that indicates whether microenterprise i has a RUT (Single Taxpayer Registry) in period t.
5	$\mathit{\text{Ln}}({\mathit{\text{Operating Time}}}_{\mathit{\text{it}}})$	Natural logarithm of the operating time of microenterprise i in period t.
6	${\mathit{\text{Internet Access}}}_{\mathit{\text{it}}}$	Dichotomous variable indicating whether microenterprise i has Internet access in period t.
7	${\mathit{\text{Website}}}_{\mathit{\text{it}}}$	Dichotomous variable indicating whether microenterprise i has a website in period t.
8	${\mathit{\text{Industry}}}_{\mathit{\text{it}}}$	Variable representing the industry to which microenterprise i belongs in period t.
9	${\mathit{\text{Balance Sheet}}}_{\mathit{\text{it}}}$	Variable that represents whether microenterprise i uses a balance sheet in period t.
10	${\alpha }_{\mathit{\text{it}}}$	Fixed effects that capture the invariant individual characteristics of each microenterprise and thus reduce endogeneity bias.
11	${\epsilon }_{\mathit{\text{it}}}$	Error term that captures the unobserved factors and random noise in period t for microenterprise i.

Source: the authors.

Table 5. Model estimation with fixed effects.

Remarks	13.905
F (8, 13.087)	6.23
Prob > F	0.00
Total (centered) SS	29.662.15			Centered $R^2$      −1.11
Total (uncentered) SS	30.055.02			Uncentered $R^2$     −1.08
Residual SS	62.571.61			Root MSE       2.19
Ln total sales	Coefficient	Standard error	z	P > z	[95% confidence interval]
Online banking	−4.75	1.82	−2.61	0.01	−8.32	−1.18
Female owner	−0.03	0.04	−0.94	0.35	−0.10	0.04
RUT	0.15	0.05	2.81	0.01	0.04	0.25
Ln operating time	0.30	0.06	5.36	0.00	0.19	0.41
Internet access	1.38	0.50	2.76	0.01	0.40	2.36
Website	0.28	0.09	3.01	0.00	0.10	0.47
Balance sheet	0.10	0.05	1.96	0.05	0.00	0.19
Industry	−0.03	0.22	−0.16	0.88	−0.46	0.39
Underidentification test (Anderson canon. corr. LM statistic):	13.140
Chi-sq(1) p val	.0003
Weak identification test (Cragg-Donald Wald F statistic)	13.146.00

Source: Prepared by the authors with STATA.

Table 6. Model estimation with random effects.

Remarks	17.460
F (8, 17.452)	13.06
Prob > F	0.00
Total (centered) SS	43.848.57			Centered $R^2$      0.00
Total (uncentered) SS	43.903.10			Uncentered $R^2$     0.01
Residual SS	43.641.81			Root MSE       1.58
Ln total sales	Coefficient	Standard error	z	P > z	[95% confidence interval]
Online banking	0.08	0.04	2.09	0.04	0.00	0.15
Female owner	−0.07	0.02	−3.18	0.00	−0.11	−0.03
RUT	0.08	0.03	2.49	0.01	0.02	0.14
Ln operating time	0.23	0.03	6.94	0.00	0.16	0.29
Internet access	0.01	0.03	0.42	0.68	−0.05	0.08
Website	0.06	0.04	1.43	0.15	−0.02	0.15
Balance sheet	0.13	0.03	4.67	0.00	0.08	0.19
Industry	−0.06	0.13	−0.47	0.64	−0.31	0.19

Source: Prepared by the authors with STATA.

Table 7. Hausman test.

Variables	Coefficients
	(b)^a	(B)^b	(b-B)	$\sqrt{d\mathit{\text{iag}}(\mathit{\text{Vb}}-\mathit{\text{VB}}}$
	Model IV fixed effects	Model IV random effects	Differences	Standard deviation
Online banking	−4.75	0.08	−4.83	1.82
Female owner	−0.03	−0.07	0.03	0.03
RUT	0.15	0.08	0.07	0.04
Ln operating time	0.30	0.23	0.08	0.05
Internet access	1.38	0.01	1.37	0.50
Website	0.28	0.06	0.22	0.08
Balance sheet	0.10	0.13	−0.04	0.04
Industry	−0.03	−0.06	0.03	0.17

^a Consistent under Ho and Ha; obtained from xtivreg2.

^b Inconsistent under Ha, efficient under Ho; obtained from xtivreg2. (2) $$\begin{array}{c}{\mathit{\text{chi}}}^2\left(8\right)={\left(b-B\right)}^{\prime }\left[{\left(\mathit{\text{Vb}}-\mathit{\text{VB}}\right)}^{-1}\right]\left(b-B\right)=15.42\\ \mathit{\text{Prob}}>{\mathit{\text{chi}}}^2=0.0515\end{array}$$(2)

Source: Prepared by the authors with STATA.

Gamboa Fajury, D., & Tovar López, P. A. (2021). Oportunidades de mejora del microcrédito para impulsar el crecimiento de los microempresarios de Bogotá y contribuir a su inclusión financiera. Colegio de Estudios Superiores de Administración-CESA. https://repository.cesa.edu.co/bitstream/handle/10726/4370/MDM_1020751650_2021_2.pdf?sequence=6&isAllowed=y

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Data availability statement

The data that support the findings of this study are available in figshare at URL: https://figshare.com/s/fc94e7defd642613ac18 and DOI: https://doi.org/10.6084/m9.figshare.24563227, reference number: 24563227. These data were derived from the following resources available in the public domain: https://microdatos.dane.gov.co/index.php/catalog/560/get-microdata