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Competition, Performance and Portfolio Quality in Microfinance Markets

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  • Ashim Kumar Kar

    (University of Helsinki)

  • Ranjula Bali Swain

    (Misum, Stockholm School of Economics
    Södertörn University)

Abstract

Growing competition in microfinance has been blamed for multiple borrowing, over-indebtedness and loan repayment crisis in recent times. Using the Boone indicator as a proxy for competition, in this paper we investigate how competition impacts the outreach, financial performance and loan portfolio quality of microfinance institutions (MFIs). The analysis is based on data from 568 MFIs in ten vibrant microfinance markets (Bangladesh, Bolivia, Ecuador, India, Indonesia, Mexico, Nepal, Nicaragua, Peru and Philippines) for the period 2003–2014. We control for potential endogeneity of MFI performance, competition and other covariates by employing the generalized method of moments (GMM) estimation technique. We find that increased competition leads to higher profitability and better loan portfolio quality of the sampled MFIs, but worsens depth of outreach to the poor, which is an indication of mission drift.

Suggested Citation

  • Ashim Kumar Kar & Ranjula Bali Swain, 2018. "Competition, Performance and Portfolio Quality in Microfinance Markets," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 30(5), pages 842-870, December.
    • Handle: RePEc:pal:eurjdr:v:30:y:2018:i:5:d:10.1057_s41287-018-0135-6
    DOI: 10.1057/s41287-018-0135-6
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    Cited by:

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    2. Giovanna Aguilar & Jhonatan Portilla, 2023. "The nonlinearity of the relationship between competition and the dual performance of regulated microfinance institutions in Peru," SN Business & Economics, Springer, vol. 3(7), pages 1-27, July.
    3. Tristan Caballero-Montes, 2023. "Integrating market conditions into regulatory decisions on microfinance interest rates: does competition matter?," Annals of Finance, Springer, vol. 19(2), pages 201-232, June.
    4. Ashim Kumar Kar & Ranjula Bali Swain, 2018. "Competition, Performance and Portfolio Quality in Microfinance Markets," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 30(5), pages 842-870, December.
    5. Ranjula Bali Swain & Supriya Garikipati, 2019. "Microfinance in the Global South: Examining Evidence on Social Efficacy," Working Papers 201908, University of Liverpool, Department of Economics.
    6. Md Aslam Mia & Hasanul Banna & Abu Hanifa Md Noman & Md Rabiul Alam & Md. Sohel Rana, 2022. "Factors affecting borrowers’ turnover in microfinance institutions: A panel evidence," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 93(1), pages 55-84, March.
    7. Joyeeta Deb, 2020. "Impact of Competition on Social Performance of MFIs: Comparative Analysis of India and Bangladesh," Vision, , vol. 24(2), pages 160-170, June.
    8. Olga Gorelkina & Ioanna Grypari & Erin Hengel, 2019. "One strike and you’re out! The Master Lever’s effect on senatorial policy-making," Working Papers 201906, University of Liverpool, Department of Economics.
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    10. Adriana Ramírez Rocha & L. Arturo Bernal Ponce & Mauricio Cervantes Zepeda, 2019. "Differences in the interest rates of microfinance institutions in some emerging markets economies: An HLM approach/Diferencias en las tasas de interés entre instituciones financieras de algunas econo," Estudios Económicos, El Colegio de México, Centro de Estudios Económicos, vol. 34(2), pages 275-307.

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    More about this item

    Keywords

    microfinance institutions; competition; outreach; financial performance; panel data IV estimation; stochastic frontier model; Boone indicator;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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