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For more details Scan QR Code to download the app. Scan to download. Get directions now. From Köln, Neumarkt min. From Essen Universität Essen - Essen min From Köln, Neumarkt 55 min From Krefeld Hbf min From Dortmund Aplerbeck - Dortmund min.

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Change language. Get the App. The loss in human capital from gender inequality in Europe and CA totalled All firms with women top management in Kazakhstan constitute Thus, among the holders of tertiary education, the gender gap is higher than among the lower-educated workers.

After 30 years of transformation, fulfilling of female managerial potential in the region is still a challenge.

The equalization of women's status with men's status was a real breakthrough of the socialist system. Women had to satisfy the image of an ideal Soviet female — an emancipated and educated working mother.

Working mothers were concentrated in lower-paid jobs, mostly in education, catering and medicine, where salaries had never been high and even dropped down in the s.

Transformation of Gender Stereotypes in Newly Emerging Economies The transformation of CEE-CA countries to the liberalised market economy at the end of the s and the beginning of s engendered new opportunities along with a rushed economic recession.

Westernisation in the studied region took place under the Western European and US influence with a focus on gender equality, human rights and democracy Zimmermann ; Kamp Gender stereotypes about managers often arose from women and men's social roles rooted in the historical division of labour Eagly Notwithstanding the large scale of the conducted meta-analysis Koenig et al.

To our best knowledge, cross-cultural research of gender stereotypes about managers between CEE and CA is almost zero.

Additionally, gender-stereotypical views contribute to unfavourable working conditions for women managers in CEE organisations.

The crosscultural analysis shows Czech respondents have a bit higher level of gender-bias towards women than respondents from Poland, and Bulgarians demonstrate the most progressive views of gender roles.

Furthermore, Bulgaria is assessed the most egalitarian comparatively to other examined CEE states presumably owing to its low religiosity and effective legal provisions for gender equality Bego Massive research included above respondents identified strong gender stereotypes towards women Sarsembayeva Patriarchic traditions of Islam put the family interests first and require women managers to be primarily mothers and caretakers that impose greater stress on their career choices.

Tuning Western theories and local ideas for approaching gender stereotypes in CEE-CA Analysis of the existing literature in CEE-CA allowed revealing a reflection of the Social Role Theory in the findings on the researched topic.

The link between gender bias towards women managers and female destination to give birth to children and take care of family is central for many studies in the field.

Previous findings identified the correlation of religiosity with patriarchic gender stereotypes and an inverse correlation with gender equality Hunsberger Basing on the existing empirical and theoretical evidence obtained through the literature analysis we hypothesize the following: Kazakhstanis have stronger gender stereotypes about managers compared to the CEE countries engendered by their traditional values and norms of the Muslim culture.

The CEE sample 24 Anastassiya Lipovka, Zoltan Buzady included respondents across CEE: Slovakia , Romania , Czechia , Hungary , Poland and Bulgaria The distribution of participants along ethnic groups reflected the approximate situation in the ethnic composition of Kazakhstan, where Kazakhs constitute — Religiosity is not considered as a variable for several reasons.

Instrument The research instrument utilized in the CEE survey has been applied in the present study with the comparative purpose.

A part of the CEE survey has formed the basis for the Kazakhstan study on gender stereotypes about managers conducted by the authors in The research tool represented a questionnaire consisted of two parts.

The first asked for the respondent's socio-demographic details, and in the second respondents expressed their level of agreement with the specified statement.

The Likert scale based on end-labelling and numerical values was offered to evaluate the statement from strongly disagree to strongly agree.

Procedure and analysis The survey was translated into Russian and distributed to a stratified random sample of respondents. Thus, the study utilized both primary obtained data by Gender stereotypes about managers 25 the authors from the Kazakhstan field research and secondary data, borrowed from the above-mentioned CEE study.

Further, the obtained data were analyzed and interpreted based on statistical analysis methods: multivariate analysis and specifically cluster analysis.

Findings With the purpose of comparative analysis of gender stereotypes in the examined region, the results of the CEE survey Buzady et al.

The distribution of the CEE and CA average answers along the agreement scale is displayed in Figure 1. Figure 1. Agreement of CEE and Kazakhstan respondents with the examined statement Note: Adapted from Buzady et al.

Figure 2. Agreement of CEE countries and Kazakhstan with the examined statement Note: Adapted from Buzady et al. A rather similar distribution of answers intensity along the agreement scale percentages of agreed or disagreed in every category within the continuum is observed between the following pairs: Poland and Kazakhstan, Romania and Bulgaria, Hungary and Slovakia.

For further exploration of the research hypothesis, the Kazakhstan sample was desegregated by its ethnic stratum.

Gender stereotypes about managers 27 Figure 3. The conducted study has identified more intensive gender stereotypes about managers in Kazakhstan compared to the average level of stereotypes measured and observed in the CEE countries.

However, the present research findings do not coincide with the preceding study Fullagar et al. First, the influence of Europeanisation on Turkey is more serious in comparison with Kazakhstan caused by its geographical location and long-term cooperation with EU Baycar The similarity of gender stereotypes about managers in CEE-CA lies in its adherence to the family discourse.

The continuous interconnection of women and family in legislative documents and mass media limits public views of women to family-cares.

Reconsideration of gender policies is required to separate gender and family as two connected but different directions. The theoretical value of the present study lies in the attempt to shed light on highly promising but still neglecting topic of gender stereotypes about managers in the newly emerging region.

The paper lays the ground for prospective cross-cultural studies oriented for finding solutions to the common challenges. As for practical implications, the findings may be used by governors for the elaboration of the state gender policies to reduce stereotyping and improve the countries position in global rankings.

The key limitation of the study lies in the coverage of only one country from CA and six countries of CEE. Taking into account the significant but untapped potential of CEE-CA women, the authorities could raise the states' economic prosperity by providing females with actual empowerment opportunities.

For raising national competitiveness in the world, CEE-CA region should stop leaking of its gender potential and better exploit it.

Continuous contraction of gender bias will have a considerable impact on attaining gender parity — the crucial factor of human capital development World Economic Forum and the greatest asset for economic success in the XXI century.

References Abouchedid, K. Akiner, S. Asztalos Morell, I. Baker, J. Baycar, N. Bego, I. New York: Palgrave Macmillan. Bendas T. Bodman, H.

London: Lynne Rienner Publishers. Buzady, Z. Budapest: Target Executive Search, Gfk and CEU, 3— Astana: Ministry of National Economy of Kazakhstan.

Daskalova K. Gender stereotypes about managers 31 Dieckman A. Elsaid, A. Encyclopedia Britannica : Slav people, Wallenfeldt, J. Fullagar, C.

Galvan, D. Gorska, A. Güngör, D. Hannover, B. Heyneman S. Hunsberger, B. Jurajda, S. Kamp, M. Kandiyoti, D.

Koenig, A. A meta-analysis of three research paradigms, in: Psychological Bulletin, , 4, — Kusterer L. Kuzhabekova, A. Kvapilova E.

Lee, L. Megoran, N. Mercer : When women thrive, businesses thrive: Executive report. Mertus, J. Metcalfe, B. Moors, G. Gender stereotypes about managers 33 Musa, H.

Mynbayeva, J. Nagy, B. Nurbekova, Zh. OECD, Organisation for Economic Cooperation and Development a : Gender policy delivery in Kazakhstan, OECD Public Governance Reviews, Paris.

OECD, Organisation for Economic Cooperation and Development b : The pursuit of gender inequality: An uphill battle, Paris. Powell, G.

California: Sage. Rothman, S. Paul: West Publishing Co. Rybnikova, I. Sarsembayeva, R. The thesis for obtaining the PhD degree in social science]. Scharle, A.

Schein, V. Shakirova S. Shevchenko, J. The Case of the Russian Duma, in: Johnson, J. Spohn W. Tabyshalieva, A. Tonidandel, S.

Toth, H. Umbetaliyeva, T. Kazakhstan, Almaty: Friedrich Ebert Foundation Kazakhstan. UNDP, United Nations Development Programme : Human development report.

Uskembayeva, M. Vadi, M. Valerio, A. UK: Wiley-Blackwell. Williams, Ch. USA: South-Western Cengage Learning. Wodon, Q.

The cost of gender inequality, Washington, D. World Bank ed. World Economic Forum : Global Gender Gap Report , Geneva. Zachorowska-Mazurkiewicz, A.

Gender stereotypes about managers 35 Zimmermann, S. We find that the higher gender diversity of management boards enhances firm performance despite the fact that the numbers of female top managers do not reach the critical mass on the boards.

By exploring the drivers of the placements in the management board, we also find that glass cliff is an existing phenomenon in the region.

Popular management publications often cover the issue of female leadership and women on corporate boards. Important market actors, for example consultants McKinsey , and non-profit organizations Catalyst Inc.

Research interests: corporate finance, financial liquidity, household finance. Henriett Primecz corresponsing author , Ph.

Email: Henriett. Research interests: corporate governance, firm valuation, empirical finance. Does female presence on corporate boards impact firm performance?

Gender research and education is largely separate from business schools in the region, and cross-fertilization of ideas is less frequent as in Western business schools.

It is highlighted by Fodor et al. Fodor also stresses that women might have better career prospects in the region than in many Western countries. In parallel with high female participation in the labour market, child caring institutes day care, kindergarten etc.

In spite of the socialist legacy, as a result of various forces of globalisation, a new trend has appeared since the millennium: female employment among the top and middle level managers has increased in the CEE region.

The higher number of female middle managers may create a greater chance for them to be selected for corporate boards. The ethical and political imperative that it is right, just and fair to include men and women in workplaces at different levels emphasises the social side of the issue.

Mensi-Klarbach reveals that in contrast to the moral case approach, which optimises societal wellness, business case expects economic advantages from including women in management.

Our study investigates if there is a business case in this region or not. Meritocracy is one important pillar of business case approach.

Hence, the focus of this study is much more about the statistical evidences on present trends. Our academic contribution is that we Does female presence on corporate boards impact firm performance?

We find that female presence on the executive board may raise the operative and the market performance, despite the fact that the number of women directors is below the critical mass.

However, the effect is not very strong statistically, the economic impact is rather positive than negative for the female executives, and neutral for the female supervisors.

We found that it exists at the executive directors but is not relevant for supervisory boards. It means that women might be appointed to executive boards when the overall performance of the company is decreasing.

According to the institutional theory developed by Bilimora , a female board presence signals that a firm recognizes the high performance of its female employees.

Overall, without judging the competing arguments, we presuppose the positive effects of gender diversity in the region.

The performance on spotlight does not allow token women to correct mistakes without attracting attention which is possible for any members of the dominant group.

Rather, they are evaluated at each step. This norm expectation is paradoxically very difficult, if not impossible, to be reached by the token persons, as it was exactly defined in contrast with them.

This pushes token women to assimilation. In order to succeed in a group, they have to prove their belongingness and their entitlement to be part of the group, and eventually they either become similar to the dominant group or they fall out from the group.

Kanter clearly shows that this vicious circle remains active when there is only one or two women in the group, and the only way to break away from it is to increase the number of women.

In case of supervisory boards, we cannot talk about the major influence of daily operations. However, female top managers may monitor differently from their male peers.

The authors report less attendance problems by directors on boards with a higher gender diversity ratio. While board members seek connections with similar cultural background, female directors may come from outside their social network, and independent female members may bring a greater level of control.

Thus, we suspect gender diversity may facilitate the monitoring process thereby also possibly promoting firm performance.

Thus, during the investigation of Hypotheses 1 and 2, we take into account that the possible impacts can be difficult to measure because of the insufficient number of females on the boards and to test the effects of exactly one, two or three women participating on the board.

The three arguments may explain a glass cliff, b homophily, c network effects. According to the last, the members of female manager minorities invite each other to participate in their own boards.

The literature focuses on the operational and the market performance. The return on assets ROA as an accountant-based ratio is the most important measure of corporate operative profitability.

Dang and Nguyen for France, Karayel and Dogan for Turkey confirm this positive role played by gender diversity. Table 1.

Following , the countries mostly established two-tier corporate governance structures, influenced by the German corporate governance model.

Because the majority of the companies in the region operate under a two-tier corporate governance system, we start with the investigation of the management board that directly leads the company and consider the one-tier executive board as a management board despite having independent members.

The firm data consists of 2, firm-year observations and covers a decade shortly after the EU accession of these countries, from to The ratios are calculated for supervisory and management bodies.

Altogether firm-year observations, namely 13 Bulgarian and 16 Romanian firms and one Hungarian firm are under this procedure. With respect to the countries, the average female ratios on the supervisory board WOSB vary from 8.

The average female presence increased during this period in both boards. Table 2. Summary statistics The table summarizes the main characters in country, sector and year breakdown.

Details are calculated as arithmetic average of observations. Variable N stands for the number of the observed firms.

Variable WOSB and WOMB are abbreviations of Women on Supervisory Board and Women on Management Board. ROA denotes percentage of the Profit after taxes over Total Assets.

Employee is the number of employees at a given firm, M. Category N WOSB WOMB ROA Employee M. Cap Turnover Country Bulgaria 25 0.

We calculate ROA as net income over total assets. ROA is winsorised at both the top and bottom one percentiles to mitigate the effects of outliers.

There was at least one woman on the management supervisory board in the case of the In order to demonstrate the effect exerted by the number of women, we also employ other variables calculated by female participation.

Variables WM and WS denote the number of females on boards. This fact means that the strong influence of female leaders cannot be presumed.

Variables new. WM and new. The occurrence of the new appointments was relatively rare, it took place in the 4. Control variables of the analysis include measures of board, firm, and ownership characteristics.

Unfortunately, state ownership and management or institutional ownership statistics were not available.

Firm controls consist of the natural logarithm of the total assets in millions of euros FirmSize : the book value of debt divided by total assets Leverage.

Table 3 summarises the descriptive statistics of the main variables of the dataset. Table 3. Descriptive statistics of the model variables The table details the descriptive statistcs of the main regression variables.

ROA denotes the Profit after taxes over Total Assets. WOSB and WOMB equal to the women on supervisory and management board ratios. WS and WM show the number of female directors in the supervisory and management boards.

DS and DM equal to one in case of female presence in the supervisory and management boards and zero otherwise.

SBoardSize and MboardSize shows the number of supervisory and management board members. Minority denotes minority noncontrolling interests over total shareholder equity.

FirmSize denotes the natural logarithm of Total Assets. Leverage equals 48 Daniel Havran, Henriett Primecz, Zsolt Lakatos to the Debt to Total Assets ratio.

Variable new. WM new. WS equals to one if the number of women on management supervisory boards increased in a given year at a given firm and zero otherwise.

Statistic N Mean St. Min Max ROA 2, 0. WM 2, 0. WS 2, 0. Following Liu et al. According to the outputs, all of the coefficient absolute values are below 0.

In the regressions, board size control variables are settled in the lagged form, female CEO dummy is also lagged, and Leverage is lagged twice to exclude the factor that board composition may affect financing decisions of the following year.

F-tests rejected the null of no unobserved heterogeneity for all the estimated equations. To control potential heteroscedasticity, we report robust standard errors in the output tables.

However, three sources of endogeneity still remain. Once a manager is appointed in a certain year, the new board member needs to spend some time and make efforts to enhance the company for at least a year.

Hence, we use the lagged variables of gender composition where it is needed to avoid simultaneity. These instruments are calculated from the sectoral average of the women on corporate board ratios by years.

The construction and the exogeneity of the instruments are discussed in the Results and Discussion section. Authors, such as Wintoki et al.

This equation is estimated as a probit regression using the maximum likelihood procedure. Results Do female executive directors enhance or hinder firm performance?

We first examine if the proportion of women directors on the management board has a significant impact on firm performance.

Table 5 summarises the output of the fixed-effect model. Equation 2 is estimated by using the sectorial average of the women on management board ratios WOMB.

AVE for an instrumental variable. With this equation, we preliminarily supposed that WOMB. AVE can be considered as a valid instrument.

Thirdly, we checked the endogeneity of the WOMB variable by applying the Hausman-Wu test on two alternate regressions: the original equation and the one extended with the residuals of the first-stage estimate.

The p-value was around 0. This finding suggests that there is not much to rely on in this approach in this case. Reviewing the table, one of the coefficient estimations for WOMB is significant, except for the dummy of three or more women, which is negative.

However, the number of observations with three or more women is very low, there are only 19 firm-year observations. It is important to point that out because the female board ratio is low in the overall sample.

The question rather concerns the gender diversity is there any female on the board than the absolute number of women is there a critical mass of females.

The received coefficients are not significant. Table 5. Women on management board: fixed effect panel and IV estimations The table summarizes the estimation results of fixed effect indiviual one-way within panel models with year dummies OLS estimation: equations 1, 3, 4, 5, 7, 8; G2SLS IV: equations 2, 6.

The target variables are return on assets ROA, in percentage points and logarithm of Tobin's Q log Q. WOMB equals to the women on management board ratio.

WM indicates the number of women on the management board. MBoardSize counts the number of management board members. FirmSize is the logarithm of firm Total Assets in million euros, Leverage is the Debt to Asset ratio, minority is Minority noncontrolling interest to Equity ratio.

Sectorial average of women on management board ratios is applied as intrument of WOMB. The robust standard error of each coefficient is shown in parentheses.

Dependent variable: ROA log Q 1 2 3 4 5 6 7 8 lag WOMB Or I spent 14 hours in a teleconference. Usually, I practice sport, especially jogging that cleanses my mind of stress.

Also I watch movies, I cook together with my daughters or I spend a city break in Paris or London. Me and my husband are very active, we bike, we walk a lot.

Also I love to swim and find my balance in yoga that I practice two or three times per week and I complete it with stretching and Pilates.

I rarely have real holidays with my family, I usually blend business meetings with a couple of days of relaxation. My workplace is very intense, my mind is constantly clicking, it never stops, I need to stay attuned.

Any exclusive choice is dramatic and soul-crippling. I consider myself lazy. I cannot conquer the world, but certainly I can live my life to the fullest and this is my target.

Then a colleague started replacing me on Sunday and my sons thought they would convince me to give up working on Saturdays too.

I crunch my teeth, without excellent endurance you cannot make it. Nevertheless, they still face gender-specific challenges. So far, however, research on EEs in transition economies remains underdeveloped.

Drawing on existing EE approaches, we will outline EE components from a gendered perspective for our further analysis.

Afterwards, we will build on secondary data to highlight the central components and characteristics of the Georgian EE in more detail. By discussing our results in the broader context of women in management in transition economies, we aim to contribute to the current scientific debate.

Keywords: Women Entrepreneurs, Women Entrepreneurship, Entrepreneurial Ecosystems, Transition Economies, Gender, Georgia JEL Codes: L26, M13, P2 Introduction After the collapse of the Soviet Union, many women in transition economies lost their jobs.

A large number of women used their prior knowledge and work experience to establish their own ventures. Women entrepreneurs are therefore an important subgroup of women in management in transition economies, participating not only in the economic but also the social enhancement of a country Welter et al.

Email: lela. Research interests: women entrepreneurship, entrepreneurial ecosystems. Kerstin Ettl, Dr. Research interests: entrepreneurship, entrepreneurial diversity, SME management, diversity management, women entrepreneurship.

In doing so, EEs can support women in recognising further business opportunities and unleashing their full potential Brush et al. Taking Mexico as an example, Fries et al.

Aimed at fostering women entrepreneurship, Wu et al. In this article, we will focus on the EE in Georgia. With this article, we aim to bridge this research gap.

More specifically, we aim to shed light on the actors who constitute the local EE. Our analysis enables the discussion of current support gaps and recommendations on how the Georgian EE could be improved, in order to provide more targeted support for women entrepreneurs.

Amongst other aspects, we will broach the issue of historical and socio-cultural influences on gender roles, and how these affect societal expectations of women Lela Griessbach, Kerstin Ettl managers.

We will emphasise that an improvement of institutional structures in general does not automatically bridge existing gender gaps.

Furthermore, as scholars argue that countries in transition where entrepreneurship is in its infancy offer a good opportunity for broadening the research landscape on entrepreneurship Welter ; Hughes et al.

Theoretical Background Entrepreneurial Ecosystems in Transition Economies The EE approach did not arise until the last decade Stam Several authors have suggested different explanations for the complexity of EEs Malecki Five years later, Mack and Mayer built on these EE attributes suggested by Isenberg.

For example, compared to the biological ecosystems that emerge naturally, EEs are artificially built by key actors and processes Stam However, one of their strengths lies in their ability to build interrelations between key actors of the system, both with each other and with entrepreneurs.

Former Soviet Union countries and several transition economies started to establish entrepreneurship policies in the s, just after the collapse of the Soviet Union, where entrepreneurial activity was previously forbidden Chepurenko Not all former Soviet countries have experienced economic transition similarly.

Nevertheless, the most common characteristics of economies in transition was that the Schumpeterian innovative entrepreneurship concept did not turn out to work, as most bottom-up entrepreneurial firms were pushed rather than pulled into entrepreneurship, having limited access to resources, little knowledge and growth-oriented motivations Chepurenko Therefore, the EE approach is crucial for nurturing the development and growth of innovative start-ups in transition economies.

Literature dealing with other components of EEs remains underdeveloped. In particular, they struggle with unequal access to and control over resources.

Moreover, they often take on multiple roles, including family work and The entrepreneurial ecosystem and its impact on female managers care duties.

In fact, existing research outlines the fact that building multiple sub-ecosystems within a regional context, tailored to specific areas or needs turns out to be successful and effective in improving an entrepreneurial community Fries et al.

Accordingly, specific sub-ecosystems which focus on women entrepreneurs and offer gender-oriented activities can connect and serve women entrepreneurs across different phases of business development Harrington Researchers emphasise the role of women entrepreneurs as strong contributors to the maintenance of EE cohesion Malecki Furthermore, women entrepreneurs are more likely to invest in better education for children and to mentor other women Brush et al.

All this implies that ecosystems not only influence women entrepreneurs, but that women entrepreneurs also influence ecosystems Manolova et al. For the present study, we refer to the gender sensitive EE framework and its components, provided by Manolova et al.

For example, women are less likely to pursue entrepreneurial opportunities in male-dominated professions like STEM industries Science, Technology, Engineering, Mathematics , because they have not had the opportunity to acquire appropriate skills, competencies, and industry knowledge.

Drawing on Manolova et al. All these attributes are essential in providing resources and benefits to entrepreneurs.

In the next section, we will describe the key actors of the EE in Georgia based on gender-sensitive EE frameworks by Manolova et al.

The country covers 69, sq. In , shortly before the collapse of the Soviet Union, Georgia became an independent republic. The official unemployment rate in was Working women in Georgia are in mainly low-paid sectors, such as education, health care, social services, accommodation, food services, and households, while male-dominant sectors are well-paid, even though women make up the majority of the highly qualified labour force ACT and UNDP Georgia ; Geostat b.

Nevertheless, the high professional levels of women does not correspond to their low income AYEG Although Georgian society appreciates successful women entrepreneurs ACT and UNDP , nascent women entrepreneurs are rarely encouraged or supported, especially after starting a family Lezhava et al.

Since , Georgia has implemented significant reforms in order to improve its socio-economic situation World Bank Group In this context, the Georgian government has set itself the goal of implementing strong strategies.

Despite of the successful implementation of these programs World Bank Group , neither initiative has set out any specific measures for gender-tailored support.

Consequently, they fail to complete their function as a supportive force for women entrepreneurs. Gender gaps are visible for instance in salaries and the representation of women in politics.

This may be one reason for a low gendersensitivity of Georgian policy in general. Corporations and the Business Community The World Bank Doing Business Report placed Georgia in ninth place for Ease of Doing Business, confirming successful efforts by Georgia to improve its business environment World Bank Group However, these activities were not adequately translated into the enhancement of social well-being and living standards of the population OECD One of the essential mechanisms for creating jobs and reducing poverty in a country is the provision of a fruitful SME and entrepreneurial environment Fries et al.

Compared to developed countries, the Georgian SME landscape includes Different SME definitions from the Georgian National Statistics Office Geostat and Revenue Service, a legal entity of public law of the Ministry of Finance of Georgia, make an exact The entrepreneurial ecosystem and its impact on female managers allocation of enterprises and therefore a targeted support difficult Machavariani et al.

Table 1 illustrates these contradictory concepts, based on Geostat a and the Revenue Service Type of Enterprise Criterion: Number of Employees Criterion: Annual Turnover Geostat Revenue Service Geostat Revenue Service — Since Since — Since Since Micro Not defined Not defined 1 person Not defined Not defined max.

Such a regulation may have a deterrent effect on micro business owners, who prefer not to grow their business officially but rather engage in illegal employment.

There are nonetheless positive developments for entrepreneurial activities in Georgia too. Women entrepreneurs could benefit from these agreements, as the Georgian government has committed itself to promoting different subgroups of entrepreneurs OECD and encouraging more cooperation between them and other actors in the Lela Griessbach, Kerstin Ettl business sector.

However, it seems that leading actors in the business sector in Georgia, which are large corporations Geostat a , are isolated and tend not to cooperate with SMEs.

Consequently, women entrepreneurs are not easily able to access the important business networks, which would help them to leverage their businesses ACT and UNDP Georgia Financial Institutions For small businesses, the most well-developed source of financing is bank credit EU4Business However, banking conditions for start-up businesses in Georgia remain unfavourable.

Most entrepreneurs claim that banks in Georgia grant credits based on the collateral opportunities of applicants and not based on their business ideas Machavariani et al.

This is contradictory to the views of some experts, who believe that business opportunities in Georgia are equally available to men and women, and that all are equally able to start a business there Lezhava et al.

Japaridze The program also includes training, mentoring and other support initiatives to enable women entrepreneurs to share experiences and learn from each other EU4Business As in other developing countries, women entrepreneurs in Georgia also rely on financial support from families, friends, savings or the sale of valuables, such as jewellery ACT and UNDP Georgia The main requirement is to have an intermediary who endorses the conscientiousness and trustworthiness of the borrower.

Academic Institutions Academic institutions play an important role in training the future workforce and contributing to economic and social development EU4Business Accordingly, students in schools and universities are barely provided with knowledge regarding the importance of entrepreneurship and how to start a business AYEG In addition, many youths are unaware of the most important economic and industrial issues in the country, as this is not explicitly taught at secondary school.

Universities lack a research-oriented teaching strategy that encourages students to combine research and learning throughout their studies.

Accordingly, students are not able to gain access to current research topics and the resources required to get involved in research projects AYEG ; ADP Subsequently, such programs do not offer a strong focus on different groups in entrepreneurship such as women Bzhalava , which is essential for building and fostering an entrepreneurial mind-set Brush et al.

These findings are in line with other studies, which recognise a missing entrepreneurial education culture in most transition economies Ramadani Civic Organisations and NGOs The trust Georgian society places in civic organisation and Non-Government- Organisation NGO work is limited Ritvo et al.

However, because of deep-rooted poverty, these businesses are primarily used as minimum sources of survival. In terms of stereotyping women, Georgian media fails to contribute to the removal of social and gender stereotypes.

The way journalists in Georgia lack appropriate competence and knowledge of gender-specific issues and women rights is widely criticised.

In many TV shows and print media, women are pictured as beautiful but foolish next to men, who are described as strong and successful. Elderly women and women from ethnic or religious minorities are rarely presented at all MDF It does not cover print media, and therefore makes existing media regulatory norms incomplete, and partly failed.

Discussion and Conclusion In this article, we have aimed to broaden knowledge on women in management in transition economies through offering insights into the local EE in post-Soviet Georgia, and its influence on a specific group of women in management: women entrepreneurs.

To focus our analysis on women entrepreneurs in transition economies, we referred to the work of Manolova et al. We investigated how these components affect entrepreneurial journeys and the outcomes of women entrepreneurs.

We emphasise that the role of the government in taking more responsibility to organise initiatives that connect key actors contributing to the enhancement of gender-sensitive EE in the country is crucial.

Likewise, a growing number of multinational companies from the US and EU that operate in Georgia may play an important role in strengthening gender awareness in the country, and therefore lead to more gender-sensitive frameworks.

In doing so, they can serve as role models for other Georgian companies in their sector. Nevertheless, there are also specific local circumstances that make concepts and implications for developed countries not one-to-one transferable to countries in transition.

These differences are deeply rooted in societal structures, and influence women entrepreneurs and women in management.

It is rather linked to Georgian socio-economic development and its Soviet past, which shaped a specific public attitude towards working women ACT and UNDP This article helps understand how EEs are structured in transition economies.

Future studies could extend the literature review to studies and reports that may not use the term EE explicitly, but examine the importance of environmental influences Lela Griessbach, Kerstin Ettl on women entrepreneurship.

Second, as this article was limited to desk research, and because empirical data on women entrepreneurs in Georgia is scarce, future research should conduct more empirical studies, including in-depth interviews with Georgian women entrepreneurs and key actors within the EE.

References ACT and UNDP Georgia : sazogadoebrivi damokidebulebebi genderul tanasworobaze politikasa da biznesSi [Public attitudes towards gender equality in politics and business], Enhancing Gender Equality in Georgia, Tbilisi ADP — Asian Development Bank : Country partnership strategy: Georgia, — Private Sector assessment Summary.

Ahl, H. Aidis, R. Aliyev, H. AYEG — Association of young economists of Georgia : Study report of the knowledge and attitudes in public schools about entrepreneurial activity.

Bennich-Björkman, L. Female empowerment, security, and elite mind-sets in Georgia, in: Gradskova, Y. Old Legacies and New Hierarchies, Milton: Routledge, 54— Brown, R.

The entrepreneurial ecosystem and its impact on female managers Brush, C. Brush, C. Progress report on the Goldman Sachs 10, Women Initiative.

Developed by Babson College. Bzhalava, L. Chepurenko, A. Engvall, J.

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