Access to Finance and Legal Framework in Female Entrepreneurship Development in Bangladesh: The Mediating Role of Self-Leadership

Abstract

The growing need for entrepreneurship is considered to be a prominent segment of an economy's evolution, especially female entrepreneurs. This study's motivation is to unleash the critical determinants for female entrepreneurs' evolution in the economy of Bangladesh by following institution and self-leadership theory. The study adopted a quantitative method and a structured questionnaire for data collection from female entrepreneurs in Bangladesh. Structural equation modeling (SEM) was applied to explore the causal effects of access to finance and legal framework. The study revealed that women's entrepreneurial activities are immensely influenced by access to finance, legal constraints, and entrepreneurial skills. The mediating effects of self-leadership behavior also influence women's participation in business activities. Based on the results, it is recommended that the government and other institutions should take the initiative in female entrepreneurship that affect women's self-leading behavior and policymakers should consider the financial aspects relating to women’s business activities. This study is also helpful for empowering women financially and helping them to understand their legal rights by formulating a women-centric strategic plan.