“…See Reynolds et al, 2002, p. 38. female-owned businesses have a lower performance in a number of areas relative to maleowned firms. Women-owned firms tend to engage in relatively underperforming sectors, such as retailing and services (U.S. Small Business Administration, 1995;OECD, 1998;Van Uxem and Bais, 1996), are smaller in size (Carter et al, 1997;Kalleberg and Leicht, 1991;Fischer et al, 1993;Verheul and Thurik, 2001), exhibit lower growth levels (Fischer et al, 1993;Hulshoff et al, 2001), have a higher rate of discontinuing, and report lower profits (Carter et al, 1997).…”