IDEAS home Printed from
   My bibliography  Save this article

Comparison of four microfinance markets from the point of view of the effectuation theory, complemented by proposed musketeer principle illustrating forces within village banks


  • Hes Tomáš


  • Sulaiman Haiyan
  • Mintah Samuel

    (Czech University of Life Sciences Prague, Prague, Czech Republic)

  • Bali Chávez Guillermo

    (Comisión Nacional Para El Desarrollo De Los Pueblos Indígenas, Mexico City, Mexico)

  • Salman Ali

    (Syrian Virtual University, Damascus, Syrian Arab Republic)


Microfinance services are essential tools of formalization of shadow economics, leveraging immature entrepreneurship with external capital. Given the importance of shadow economics for the social balance of developing countries, the importance of an answer to a question of how microfinance entities come into existence, is rather essential. While decision-taking process leading to entrepreneurship were explained by the effectuation theory developed in the 90’, these explanations were not concerned with the logics of creation of microenterprises in neither developing countries nor microfinance village banks. While the abovementioned theories explain the nascence of companies in environment of developed markets, importance of a focus on emerging markets related to large share of human society of microfinance clientele is obvious. The study provides a development streak to the effectuation Theory, adding the musketeer principle to the five effectuation principles proposed by Sarasvathy. Furthermore, the hitherto not considered relationship between social capital and effectuation related concepts is another proposal of the paper focusing on description of the nature of microfinance clientele from the point of view of effectuation theory and social capital drawing a comparison of microfinance markets in four countries, Turkey, Sierra Leone, Indonesia and Afghanistan.

Suggested Citation

  • Hes Tomáš & Sulaiman Haiyan & Mintah Samuel & Bali Chávez Guillermo & Salman Ali, 2017. "Comparison of four microfinance markets from the point of view of the effectuation theory, complemented by proposed musketeer principle illustrating forces within village banks," Management & Marketing, Sciendo, vol. 12(1), pages 37-48, March.
  • Handle: RePEc:vrs:manmar:v:12:y:2017:i:1:p:37-48:n:3

    Download full text from publisher

    File URL:
    Download Restriction: no


    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:vrs:manmar:v:12:y:2017:i:1:p:37-48:n:3. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Peter Golla). General contact details of provider: .

    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.

    We have no references for this item. You can help adding them by using 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.

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

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.