References
- Afonso, A., & Jalles, J. T. (2011). Economic performance and government size. European Central Bank Working Paper Series, No. 1399.
- Aghion, B. A. D., & Morduch, J. (2004). Microfinance: Where do we stand? In Goodhart C.A.E. (Eds.), Financial development and economic growth. British association for the advancement of science. Palgrave Macmillan.
- Akhter, P. (2018). A study on the factors affecting the performance of microfinance institutions in Bangladesh. Pacific Business Review International, 10(11), 124–132.
- Alaeddin, O., Altounjy, R., Zainudin, Z., & Kamarudin, F. (2018). From physical to digital: investigating consumer behaviour of switching to mobile wallet. Polish Journal of Management Studies, 17(2), 18–30. https://doi.org/https://doi.org/10.17512/pjms.2018.17.2.02
- Androniceanu, A., Gherghina, R., & Ciobănaşu, M. (2019). The interdependence between fiscal public policies and tax evasion. Administratie si Management Public, 32, 32–41.
- Ayayi, A. G., & Sene, M. (2010). What drives microfinance institution’s financial sustainability. The Journal of Developing Areas, 44(1), 303–324. https://doi.org/https://doi.org/10.1353/jda.0.0093
- Banker, R. D., Charnes, A., & Cooper, W. W. (1984). Some models for estimating technical and scale inefficiencies in data envelopment analysis. Management Science, 30, 1078–1092. https://doi.org/https://doi.org/10.1287/mnsc.30.9.1078
- Bassem, B. S. (2008). Efficiency of microfinance institutions in the Mediterranean: An application of DEA. Transition Studies Review, 15(2), 343–354. https://doi.org/https://doi.org/10.1007/s11300-008-0012-7
- Berger, A. N., & Humphrey, D. B. (1997). Efficiency of financial institutions: International survey and directions for future research. European Journal of Operational Research, 98(2), 175–212. https://doi.org/https://doi.org/10.1016/S0377-2217(96)00342-6
- Bibi, U., Balli, H. O., Matthews, C. D., & Tripe, D. W. (2018). New approaches to measure the social performance of microfinance institutions (MFIs). International Review of Economics & Finance, 53, 88–97.
- Bilan, Y., Mishchuk, H., Roshchyk, I., & Kmecova, I. (2020). An analysis of intellecutal potential and its impact on the social and economic development of European countries. Journal of Competitiveness, 12(1), 22–38. https://doi.org/https://doi.org/10.7441/joc.2020.01.02
- Boateng, I. A., & Agyei, A. (2013). Microfinance in Ghana: Development, success factors and challenges. International Journal of Academic Research in Accounting, Finance and Management Sciences, 3(4), 153–160.
- Carlos Díaz-Casero, J., Ángel Manuel Díaz-Aunión, D., Cruz Sanchez-Escobedo, M., Coduras, A., & Hernández-Mogollón, R. (2012). Economic freedom and entrepreneurial activity. Management Decision, 50(9), 1686–1711.
- Charnes, A., Cooper, W. W., & Rhodes, E. (1978). Measuring the efficiency of decision-making units. European Journal of Operational Research, 2(6), 429–444. https://doi.org/https://doi.org/10.1016/0377-2217(78)90138-8
- Chortareas, G. E., Girardone, C., & Ventouri, A. (2012). Bank supervision, regulation, and efficiency: Evidence from the European Union. Journal of Financial Stability, 8(4), 292–302. https://doi.org/https://doi.org/10.1016/j.jfs.2011.12.001
- Chortareas, G., Kapetanios, G., & Ventouri, A. (2016). Credit market freedom and cost efficiency in US state banking. Journal of Empirical Finance, 37, 173–185. https://doi.org/https://doi.org/10.1016/j.jempfin.2016.03.002
- Cull, R., Demirguc-Kunt, A., & Morduch, J. (2011). Does regulatory supervision curtail microfinance profitability and outreach? World Development, 39(6), 949–965. https://doi.org/https://doi.org/10.1016/j.worlddev.2009.10.016
- Duve, M., Mandizvidza, R., Chibaya, T., & Nyakuwanika, M. (2017). Tax regulation and sustainability of microfinance institutions in Masvingo Urban, Zimbabwe. IRA-International Journal of Management & Social Sciences, 6(3), 429–439. https://doi.org/https://doi.org/10.21013/jmss.v6.n3.p9
- Efendic, V., & Hadziahmetovic, N. (2017). The social and financial efficiency of microfinance institutions: the case of Bosnia and Herzegovina. South East European Journal of Economics and Business, 12(2), 85–101. https://doi.org/https://doi.org/10.1515/jeb-2017-0018
- Ginevicius, R. (2019). Quantitative assessment of the compatibility of the development of socioeconomic systems. Journal of Competitiveness, 11(2), 36–50. https://doi.org/https://doi.org/10.7441/joc.2019.02.03
- Gujarati, D. (2002). Basic econometric (6th ed.). McGraw Hill.
- Hussain, H. I., Kamarudin, F., Thaker, H. M. T., & Salem, M. A. (2019). Artificial neural network to model managerial timing decision: Non-linear evidence of deviation from target leverage. International Journal of Computational Intelligence Systems, 12(2), 1282–1294.
- Hussain, H. I., Kot, S., Kamarudin, F., & Mun, W. C. (2020). The Nexus of competition freedom and the efficiency of microfinance institutions. Journal of Competitiveness, 12(2), 67–89. https://doi.org/https://doi.org/10.7441/joc.2020.02.05
- Iqbal, S., Nawaz, A., & Ehsan, S. (2019). Financial performance and corporate governance in microfinance: Evidence from Asia. Journal of Asian Economics, 60, 1–13. https://doi.org/https://doi.org/10.1016/j.asieco.2018.10.002
- Kamarudin, F., Sufian, F., & Nassir, A. M. (2016). Global financial crisis, ownership and bank profit efficiency in the Bangladesh’s state owned and private commercial banks. Contaduría y Administración, 61(4), 705–745. https://doi.org/https://doi.org/10.1016/j.cya.2016.07.006
- Kamarudin, F., Zack, H. C., Sufian, F., & Anwar, N. A. M. (2017). Does productivity of Islamic banks endure progress or regress? Empirical evidence using data envelopment analysis based Malmquist productivity index. Humanomics, 33(1), 84–118. https://doi.org/https://doi.org/10.1108/H-08-2016-0059
- Khan, W., Shaorong, S., & Ullah, I. (2017). Doing business with the poor: The rules and impact of the microfinance institutions. Economic Research-Ekonomska Istraživanja, 30(1), 951–963. https://doi.org/https://doi.org/10.1080/1331677X.2017.1314790
- Kovacova, M., Kliestik, T., Valaskova, K., Durana, P., & Juhaszova, Z. (2019). Systematic review of variables applied in bankruptcy prediction models of Visegrad group countries. Oeconomia Copernicana, 10(4), 743–772. https://doi.org/https://doi.org/10.24136/oc.2019.034
- Lebovics, M., Hermes, N., & Hudon, M. (2016). Are financial and social efficiency mutually exclusive? A case study of Vietnamese microfinance institutions. Annals of Public and Cooperative Economics, 87(1), 55–77. https://doi.org/https://doi.org/10.1111/apce.12085
- Majumdar, S. K., & Marcus, A. A. (2001). Rules versus discretion: The productivity consequences of flexible regulation. Academy of Management Journal, 44(1), 170–179.
- Meinzen-Dick, R., Kameri-Mbote, P., & Markelova, H. (2009). Property rights for poverty reduction? New York, NY.
- Mia, M. A., & Soltane, B. I. B. (2016). Productivity and its determinants in microfinance institutions (Mfis): Evidence from South Asian countries. Economic Analysis and Policy, 51, 32–45. https://doi.org/https://doi.org/10.1016/j.eap.2016.05.003
- Qayyum, A., & Ahmed, M. (2006). Efficiency and sustainability of micro finance institutions in South Asia.
- Rauf, S. A., & Mahmood, T. (2009). Growth and performance of microfinance in Pakistan. Pakistan Economic and Social Review, 47, 99–122.
- Shu, C. A., & Oney, B. (2014). Outreach and performance analysis of microfinance institutions in Cameroon. Economic Research-Ekonomska Istraživanja, 27(1), 107–119. https://doi.org/https://doi.org/10.1080/1331677X.2014.947108
- Ślusarczyk, B. (2018). Tax incentives as a main factor to attract foreign direct investments in Poland. Administratie SI Management Public, 30, 67–81. https://doi.org/https://doi.org/10.24818/amp/2018.30-05
- Sufian, F., & Kamarudin, F. (2014). The impact of ownership structure on bank productivity and efficiency: Evidence from semi-parametric Malmquist productivity index. Cogent Economics and Finance, 2(1), 1–27. https://doi.org/https://doi.org/10.1080/23322039.2014.932700
- Sufian, F., & Shah Habibullah, M. (2014). Economic freedom and bank efficiency: Does ownership and origins matter? Journal of Financial Regulation and Compliance, 22(3), 174–207. https://doi.org/https://doi.org/10.1108/JFRC-01-2013-0001
- Tahir, I. M., & Tahrim, S. N. C. (2013). Efficiency analysis of microfinance institutions in ASEAN: A DEA approach. Business Management Dynamics, 3(4), 13.
- Wagner, C., & Winkler, A. (2013). The vulnerability of microfinance to financial turmoil - evidence from the global financial crisis. World Development, 51, 71–90. https://doi.org/https://doi.org/10.1016/j.worlddev.2013.05.008
- White, H. (1980). A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica, 48(4), 817–838. https://doi.org/https://doi.org/10.2307/1912934
- Widiarto, I., & Emrouznejad, A. (2015). Social and financial efficiency of Islamic microfinance institutions: A data envelopment analysis application. Socio-Economic Planning Sciences, 50, 1–17. https://doi.org/https://doi.org/10.1016/j.seps.2014.12.001
- Zainal, N., Nassir, A. M., Kamarudin, F., & Law, S. H. (2020). Does bank regulation and supervision impedes the efficiency of microfinance institutions to eradicate poverty? Evidence from ASEAN-5 countries. Studies in Economics and Finance. Forthcoming. https://doi.org/https://doi.org/10.1108/SEF-10-2019-0414
- Zainal, N., Nassir, A. M., Kamarudin, F., Siong Hook, L. S., Sufian, F., & Hussain, H. I. (2019). Social role of microfinance institutions in poverty eradication: Evidence from ASEAN-5 countries. International Journal of Innovation, Creativity and Change, 5(2), 1551–1576.
- Zamore, S. (2018). Should microfinance institutions diversify or focus? A global analysis. Research in International Business and Finance, 46, 105–119. https://doi.org/https://doi.org/10.1016/j.ribaf.2017.12.001