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Microfinance Investment Vehicles and Social Performance: Moving forward with the MACBETH Approach

Author

Listed:
  • Jean-Marie De Corte
  • Marc Labie
  • Ludovic Urgeghe
  • Jean-Claude Vansnick

Abstract

In a context where MIVs face several bottlenecks regarding their future role in the microfinance industry, this paper suggests a brand new way of reviewing their commitment to double bottom line returns. We suggest using the MACBETH (Measuring Attractiveness by a Categorical Based Evaluation TecHnique) approach as an investment screening method which, combined to existing social performance tools such as the Social Performance Indicators, can ensure that investment decisions are taken in accordance with socially responsible investors’ values. This approach could contribute to the emergence of the transparency MIVs need in ensuring the whole sector that their commitment to double bottom line returns is real.

Suggested Citation

  • Jean-Marie De Corte & Marc Labie & Ludovic Urgeghe & Jean-Claude Vansnick, 2012. "Microfinance Investment Vehicles and Social Performance: Moving forward with the MACBETH Approach," Working Papers CEB 12-025, ULB -- Universite Libre de Bruxelles.
    • Handle: RePEc:sol:wpaper:2013/128723
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    References listed on IDEAS

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    1. Cochran, Philip L., 2007. "The evolution of corporate social responsibility," Business Horizons, Elsevier, vol. 50(6), pages 449-454.
    2. Ludovic Urgeghe, 2010. "Les véhicules d'investissement en microfinance et le défi de la performance sociale," Mondes en développement, De Boeck Université, vol. 0(4), pages 69-82.
    3. Xavier Reille & Jasmina Glisovic-Mezieres & Yannis Berthouzoz & Damian Milverton, 2009. "MIV Performance and Prospects : Highlights from the CGAP 2009 MIV Benchmark Survey," World Bank Other Operational Studies 9490, The World Bank.
    4. Van den Bossche, Filip & Rogge, Nicky & Devooght, Kurt & Van Puyenbroeck, Tom, 2010. "Robust Corporate Social Responsibility investment screening," Ecological Economics, Elsevier, vol. 69(5), pages 1159-1169, March.
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    Cited by:

    1. Dorfleitner, Gregor & Röhe, Michaela & Renier, Noémie, 2017. "The access of microfinance institutions to debt capital: An empirical investigation of microfinance investment vehicles," The Quarterly Review of Economics and Finance, Elsevier, vol. 65(C), pages 1-15.
    2. Lutz G. Arnold & Benedikt Booker & Gregor Dorfleitner & Michaela Röhe, 2016. "Refinancing MFIs with Market Power: Theory and Evidence," Working Papers 162, Bavarian Graduate Program in Economics (BGPE).

    More about this item

    Keywords

    Microfinance; Social performance; Microfinance Investment Vehicles; Investment screening; Multicriteria assessment;

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements

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