IDEAS home Printed from https://ideas.repec.org/a/scn/00rbes/y2016i2p53-64.html
   My bibliography  Save this article

Влияние Структуры Капитала И Юридического Статуса На Финансовую Устойчивость Микрофинансовых Институтов В Развивающихся Странах // The Effect Of Capital Structure And Legal Status On Financial Sustainability Of Mfis In Developing Countries

Author

Listed:
  • N. Ngoc B.

    (Banking Academy)

  • Н. Нгок Б.

    (Банковская Академия)

Abstract

Due to limitation of previous researches on sustainability of MFIs in general, and relationship between capital structure and MFIs’ sustainability in developing countries after financial crisis, this study has been written to fill this gap by examining the effect of factors such as the effect of capitalstructure and legal status on MFIs’ sustainability. A sample of 434 MFIs operating in developing countries from 2010 to 2014 was used. While multiple regression techniques was used to test relationship between dependent variables and predictors, one-way analysis of variance was usedto find differences in mean value of sustainability of MFIs having different legal status. The resultsrevealed that sustainability of MFIs in developing countries was significantly and negatively affectedby capital structure. Besides, the effect of legal status on MFIs’ sustainability is very small. Статья подготовлена с учетом неполноты прежних исследований, в особенности взаимосвязи между структурой капитала и устойчивостью микрофинансовых институтовв развивающихся странах после финансового кризиса, с целью проверки результатов влияния на устойчивость микрофинансовых институтов структуры их капитала и юридического статуса.Были использованы данные о 434 микрофинансовых институтах, действующих в развивающихся странах за период с 2010 по 2014 г. Для теста взаимозависимости зависимых параметрови предикторов использовалась техника многофакторной регрессии. Для оценки различийв значениях медианы устойчивости микрофинансовых институтов с разным юридическим статусом применялся однофакторный дисперсионный анализ. Результаты исследования показали,что устойчивость микрофинансовых институтов в развивающихся странах существеннои отрицательно зависит от структуры их капитала. Кроме того, юридический статус незначительно влияет на их устойчивость.

Suggested Citation

  • N. Ngoc B. & Н. Нгок Б., 2016. "Влияние Структуры Капитала И Юридического Статуса На Финансовую Устойчивость Микрофинансовых Институтов В Развивающихся Странах // The Effect Of Capital Structure And Legal Status On Financial Sustain," Review of Business and Economics Studies // Review of Business and Economics Studies, Финансовый Университет // Financial University, vol. 4(2), pages 53-64.
    • Handle: RePEc:scn:00rbes:y:2016:i:2:p:53-64
    as

    Download full text from publisher

    File URL: https://rbes.fa.ru/jour/article/viewFile/39/39.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Asad K. Ghalib & Issam Malki & Katsushi S. Imai, 2015. "Microfinance and Household Poverty Reduction: Empirical Evidence from Rural Pakistan," Oxford Development Studies, Taylor & Francis Journals, vol. 43(1), pages 84-104, March.
    2. Hartarska, Valentina, 2005. "Governance and performance of microfinance institutions in Central and Eastern Europe and the Newly Independent States," World Development, Elsevier, vol. 33(10), pages 1627-1643, October.
    3. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-329, May.
    4. Peter Crabb, 2008. "Economic Freedom And The Success Of Microfinance Institutions," Journal of Developmental Entrepreneurship (JDE), World Scientific Publishing Co. Pte. Ltd., vol. 13(02), pages 205-219.
    5. Mahjabeen, Rubana, 2008. "Microfinancing in Bangladesh: Impact on households, consumption and welfare," Journal of Policy Modeling, Elsevier, vol. 30(6), pages 1083-1092.
    6. Beatriz Armendáriz & Jonathan Morduch, 2010. "The Economics of Microfinance, Second Edition," MIT Press Books, The MIT Press, edition 2, volume 1, number 0262014106, April.
    7. Sekabira, Haruna, 2013. "Capital Structure and Its Role on Performance of Microfinance Institutions: The Ugandan Case," Sustainable Agriculture Research, Canadian Center of Science and Education, vol. 2(3).
    8. DeLoach, Stephen B. & Lamanna, Erika, 2011. "Measuring the Impact of Microfinance on Child Health Outcomes in Indonesia," World Development, Elsevier, vol. 39(10), pages 1808-1819.
    9. Robert Cull & Asli Demirguç-Kunt & Jonathan Morduch, 2007. "Financial performance and outreach: a global analysis of leading microbanks," Economic Journal, Royal Economic Society, vol. 117(517), pages 107-133, February.
    10. Gilbert O. Boateng & Akwasi A. Boateng & Harry S. Bampoe, 2015. "Microfinance And Poverty Reduction In Ghana: Evidence From Policy Beneficiaries," Review of Business and Finance Studies, The Institute for Business and Finance Research, vol. 6(1), pages 99-108.
    11. Hartarska, Valentina M., 2005. "Governance and Performance of Microfinance Institutions in Central and Eastern Europe and the Newly Independent States," 2005 International Congress, August 23-27, 2005, Copenhagen, Denmark 24568, European Association of Agricultural Economists.
    12. Tchakoute-Tchuigoua, Hubert, 2010. "Is there a difference in performance by the legal status of microfinance institutions?," The Quarterly Review of Economics and Finance, Elsevier, vol. 50(4), pages 436-442, November.
    13. Anthony Kyereboah-Coleman, 2007. "The impact of capital structure on the performance of microfinance institutions," Journal of Risk Finance, Emerald Group Publishing, vol. 8(1), pages 56-71, January.
    14. Jacinta Nwachukwu, 2014. "Interest Rates, Target Markets and Sustainability in Microfinance," Oxford Development Studies, Taylor & Francis Journals, vol. 42(1), pages 86-110, March.
    15. Shakil Quayes, 2015. "Outreach and performance of microfinance institutions: a panel analysis," Applied Economics, Taylor & Francis Journals, vol. 47(18), pages 1909-1925, April.
    16. Roy Mersland & Reidar Øystein Strøm, 2008. "Performance and trade-offs in Microfinance Organisations-does ownership matter?," Journal of International Development, John Wiley & Sons, Ltd., vol. 20(5), pages 598-612.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Niels Hermes & Marek Hudon, 2018. "Determinants Of The Performance Of Microfinance Institutions: A Systematic Review," Journal of Economic Surveys, Wiley Blackwell, vol. 32(5), pages 1483-1513, December.
    2. Hermes, Cornelis & Hudon, M., 2018. "Determinants of the Performance of Microfinance Institutions: A Systematic Review," Research Report 2018008, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
    3. Aruna Balammal & R. Madhumathi & M.P. Ganesh, 2016. "Pentagon Performance Model of Indian MFIs," Paradigm, , vol. 20(1), pages 1-13, June.
    4. Namrata Gupta & Anita Mirchandani, 2020. "Corporate governance and performance of microfinance institutions: recent global evidences," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 24(2), pages 307-326, June.
    5. Hossain, Shahadat & Galbreath, Jeremy & Hasan, Mostafa Monzur & Randøy, Trond, 2020. "Does competition enhance the double-bottom-line performance of microfinance institutions?," Journal of Banking & Finance, Elsevier, vol. 113(C).
    6. Ahmad Nawaz & Sana Iqbal & Sadaf Ehsan, 2018. "Does Social Performance Drive Corporate Governance Mechanism In Case of Asian MFIs? An Issue of Endogeneity," Global Business Review, International Management Institute, vol. 19(4), pages 988-1012, August.
    7. Beisland, Leif Atle & Mersland, Roy & Randøy, Trond, 2014. "The Association between microfinance rating scores and corporate governance: a global survey," International Review of Financial Analysis, Elsevier, vol. 35(C), pages 268-280.
    8. Tchakoute-Tchuigoua, Hubert & Soumaré, Issouf, 2019. "The effect of loan approval decentralization on microfinance institutions' outreach and loan portfolio quality," Journal of Business Research, Elsevier, vol. 94(C), pages 1-17.
    9. Kwame Ohene Djan & Roy Mersland, 2022. "Are NGOs and cooperatives similar or different? A global survey using microfinance data," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 26(2), pages 641-683, June.
    10. Iqbal, Sana & Nawaz, Ahmad & Ehsan, Sadaf, 2019. "Financial performance and corporate governance in microfinance: Evidence from Asia," Journal of Asian Economics, Elsevier, vol. 60(C), pages 1-13.
    11. Nawaz, Ahmad & Iqbal, Sana, 2015. "Does Social Performance Drives Corporate Governance Mechanism in MFIs? An Issue of Endogeneity," MPRA Paper 65312, University Library of Munich, Germany.
    12. Md. Ali Rasel & Sandar Win, 2020. "Microfinance governance: a systematic review and future research directions," Journal of Economic Studies, Emerald Group Publishing Limited, vol. 47(7), pages 1811-1847, April.
    13. Sujani Thrikawala & Stuart Locke & Krishna Reddy, 2017. "Dynamic endogeneity and corporate governance-performance relationship," Journal of Economic Studies, Emerald Group Publishing Limited, vol. 44(5), pages 727-744, October.
    14. kemdong nicodeme TENEKEU, 2020. "Les déterminants de la pérennité des institutions de microfinance au Cameroun," Journal of Academic Finance, RED research unit, university of Gabes, Tunisia, vol. 11(1), pages 122-138, June.
    15. Hubert Tchakoute Tchuigoua, 2011. "Contrat de crédit, décentralisation décisionnelle et performance des institutions de microfinance," Revue Finance Contrôle Stratégie, revues.org, vol. 14(2), pages 143-173, June.
    16. Simon Zaby, 2019. "Science Mapping of the Global Knowledge Base on Microfinance: Influential Authors and Documents, 1989–2019," Sustainability, MDPI, vol. 11(14), pages 1-21, July.
    17. Nawaz, Ahmad & Iqbal, Sana, 2015. "Financial Performance And Corporate Governance In Microfinance: Who Drives Who? An Evidence From Asia," MPRA Paper 65327, University Library of Munich, Germany.
    18. kemdong nicodeme TENEKEU, 2020. "déterminants de la pérennité des institutions de microfinance au Cameroun," Journal of Academic Finance, RED research unit, university of Gabes, Tunisia, vol. 11(1), pages 122-138, June.
    19. Simon Cornée & Gervais Thenet, 2016. "Efficience des institutions de microfinance en Bolivie et au Pérou:une approche data envelopment analysis en deux étapes," Revue Finance Contrôle Stratégie, revues.org, vol. 19(1), pages 65-91, March.
    20. Chrysovalantis Gaganis, 2016. "Assessing the overall performance of microfinance institutions," International Journal of Banking, Accounting and Finance, Inderscience Enterprises Ltd, vol. 7(1), pages 52-83.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:scn:00rbes:y:2016:i:2:p:53-64. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Алексей Скалабан (email available below). General contact details of provider: http://rbes.fa.ru/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.