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Productivity Surplus Distribution in Microfinance: Does Ownership Matter?

  • Anaïs Périlleux
  • Eddy Bloy
  • Marek Hudon

How do microfinance institutions (MFIs) allocate their productivity surplus to stakeholders? This paper shows that this allocation process varies according to the MFI ownership structure. Non-profit organisations and shareholders-held MFIs exhibit a tendency to largely keep their surplus within the MFI as a self-financing margin (reserve accounts, future investments, and capital increase) rather than transferring it to their clients (interest rates decrease) and their employees (salary increase). Cooperatives however tend to give the largest part of their surplus to the employees and providers. Finally, the paper discusses the importance of those findings for MFIs evaluation by policy makers.

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Paper provided by ULB -- Universite Libre de Bruxelles in its series Working Papers CEB with number 10-036.

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Length: 36 p.
Date of creation: Jul 2010
Date of revision:
Publication status: Published by:
Handle: RePEc:sol:wpaper:2013/60442
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  1. Gutiérrez-Nieto, Begoña & Serrano-Cinca, Carlos & Mar Molinero, Cecilio, 2007. "Microfinance institutions and efficiency," Omega, Elsevier, vol. 35(2), pages 131-142, April.
  2. Begoña Gutiérrez Nieto & Carlos Serrano Cinca, 2006. "Factors explaining the rating of Microfinance Institutions," Documentos de Trabajo dt2006-03, Facultad de Ciencias Económicas y Empresariales, Universidad de Zaragoza.
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