Moreover, female-owned enterprises register on average lower profits, labour productivity and innovation outcomes than male-owned firms - which to a great extent is explained by the sectoral, size and capital-intensity characteristics of their firms. It has also been observed that female entrepreneurs rely less on external finance, but it is unclear whether this is due to personal preferences, discriminatory treatment in capital markets (e.g. in cases where they are charged higher interest rates or asked for more guarantees), or a combination of both (OECD, 2012a). An additional barrier is their lack of previous experience in management positions, as well as lower engagement in entrepreneur associations or networks. These individuals often lack collateral assets to offer, have short or nonexistent credit histories and lack successful business track records, and therefore generally face more stringent conditions for accessing credit.