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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.

Suggested Citation

  • Anaïs Périlleux & Eddy Bloy & Marek Hudon, 2010. "Productivity Surplus Distribution in Microfinance: Does Ownership Matter?," Working Papers CEB 10-036, ULB -- Universite Libre de Bruxelles.
  • Handle: RePEc:sol:wpaper:2013/60442

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    References listed on IDEAS

    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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    Cited by:

    1. Anaïs A Périlleux, 2010. "Maturity Mismatch and Governance of Microfinance Cooperatives: Lessons from History," Working Papers CEB 10-005.RS, ULB -- Universite Libre de Bruxelles.

    More about this item


    Microfinance; Surplus; Ownership; Cooperatives; Governance;

    JEL classification:

    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O50 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages


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