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Assessing the financial and outreach efficiency of microfinance institutions: Do age and size matter?

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  • Wijesiri, Mahinda
  • Yaron, Jacob
  • Meoli, Michele

Abstract

Using a two-stage data envelopment analysis (DEA) bootstrapped metafrontier approach, we investigate the effects of age and size on financial and social efficiency estimates of microfinance institutions (MFIs). In the first stage, we use a metafrontier model, combined with a DEA bootstrap procedure, to obtain statistically robust and comparable efficiencies for MFIs operating in different geographic regions. In the second stage, we employ a bootstrap method to account for the impact of exogenous factors on both dimensions of efficiency. The results show that in most cases, the average efficiency scores are too low regardless of the reference frontier, indicating that most MFIs are financially and socially inefficient. From the second stage analysis, we find that although older MFIs perform better than younger ones in terms of achieving financial objectives, they are relatively inefficient in achieving outreach objectives. We also document that MFI size matters: larger MFIs tend to have higher financial and social efficiency, which is attributed to the presence of higher-scale economies.

Suggested Citation

  • Wijesiri, Mahinda & Yaron, Jacob & Meoli, Michele, 2017. "Assessing the financial and outreach efficiency of microfinance institutions: Do age and size matter?," Journal of Multinational Financial Management, Elsevier, vol. 40(C), pages 63-76.
  • Handle: RePEc:eee:mulfin:v:40:y:2017:i:c:p:63-76
    DOI: 10.1016/j.mulfin.2017.05.004
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    5. Li, Lin Yang & Hermes, Niels & Meesters, Aljar, 2019. "Convergence of the performance of microfinance institutions: A decomposition analysis," Economic Modelling, Elsevier, vol. 81(C), pages 308-324.
    6. Dorfleitner, Gregor & Nguyen, Quynh Anh & Röhe, Michaela, 2019. "Microfinance institutions and the provision of mobile financial services: First empirical evidence," Finance Research Letters, Elsevier, vol. 31(C).
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    More about this item

    Keywords

    Microfinance; Outreach; Sustainability; Efficiency; Data envelopment analysis; Subsidy dependent index;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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