Gender Gap in Personal Bankruptcy Risks: Empirical Evidence from Singapore

Sumit Agarwal, Jia He, Tien Foo Sing, Jian Zhang

Research output: Contribution to journalArticlepeer-review

7 Citations (Scopus)


Gender gap can arise due to various factors-socio-economic, culture, risk attitudes, and macro-economic circumstances. Using a unique dataset that merges motor vehicle events with bankruptcy outcomes and personal data from Singapore, this study finds significant evidence of a gender gap in personal bankruptcy risk. We show that women's odds of being involved in bankruptcy events are 28% of those of men after controlling for demographic variables, housing type, cultural and spatial fixed effects. Using motor vehicle accidents as an instrument, we confirm that the gender gap in bankruptcy risk is mainly driven by risk-taking behavior. The heterogeneity analyses show that culture also explains part of the difference. Chinese, Indian, and Malay women have differential bankruptcy rates in Singapore.

Original languageEnglish
Pages (from-to)813-847
Number of pages35
JournalReview of Finance
Issue number2
Publication statusPublished - 1 Mar 2018

Scopus Subject Areas

  • Accounting
  • Finance
  • Economics and Econometrics

User-Defined Keywords

  • Gender gap
  • Household finance
  • Motor vehicle accident risks
  • Personal bankruptcy events
  • Risk attitude


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