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Les déterminants de la structure financière des institutions de microfinance

  • Hubert Tchakouté Tchuigoua


    (Bordeaux Ecole de Management - Bordeaux Management School (BEM))

  • Guy Serge Kouao


    (IRGO - Institut de Recherche en Gestion des Organisations - Université Montesquieu - Bordeaux 4 - Institut d'Administration des Entreprises (IAE) - Bordeaux)

Rely on the pecking order theory, this paper empirically verifies the relationship between rating, which reflects the perceived level of risk by rating agencies, and financial structure of microfinance institutions. Due to selection bias, the two-step procedure of Heckman selection model is used on a sample of 277 microfinance institutions rated between 2001 and 2007 and 214 unrated. Rating score, performance and size play an important role in the evolution of the financial structure of MFIs. The results are in the vein of the pecking order predictions, indicating that MFIs prioritize their funding sources and those that are highly rated prefer internal financing to external financing and debt to equity.

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Paper provided by HAL in its series Post-Print with number hal-00650585.

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Date of creation: 10 May 2011
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Publication status: Published in Comptabilités, économie et société, May 2011, Montpellier, France., 2011
Handle: RePEc:hal:journl:hal-00650585
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