The bidirectional relationship between MFIs’ financial and social performance: Sustainability and outreach perspective

References

• Abdulai, A., & Tewarib, D. D. (2017). Determinants of microfinance outreach in Sub-Saharan Africa: A panel approach. Acta Commercii, 17(1), 1–30. https://doi.org/10.4102/ac.v17i1.414
   Google Scholar
• Abrar, A., & Javaid, A. Y. (2016). The Impact of capital structure on the profitability of microfinance institutions. South Asian Journal of Management Sciences, 10(1), 21–37. https://doi.org/10.21621/sajms.2016101.03
   Google Scholar
• Abu Wadi, R., Bashayreh, A., Khalaf, L., & Abdelhadi, S. (2022). Financial sustainability and outreach in microfinance institutions: evidence from MENA countries. Journal of Sustainable Finance and Investment, 12(1), 238–250. https://doi.org/10.1080/20430795.2021.1964814
   Web of Science ®Google Scholar
• Ahmed, I., Ibrahim, Y., & Minai, M. S. (2018). Capital structure and outreach nexus of microfinance institutions: New evidences from the society of Muslim economies. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3278443
   Google Scholar
• Alattas, N. F., & Tayachi, T. (2021). Microfinance in the Middle East and North Africa. PalArch's Journal of Archaeology of Egypt/egyptology, 18(13), 725–735.
   Google Scholar
• Anisul Islam, M., & Nasreen, F. (2018). The effects of capital structure on the performance of microfinance institutions in Bangladesh. Journal of Business Studies, XXXIX(1), 201–224. https://fbs-du.com/news_event/191561027658(Page%20201-224).pdf
   Google Scholar
• Ario, A. (2020). Lending methodologies, sustainability and depth of outreach of microfinance institutions in Indonesia. [Unpublished doctoral dissertation]. Victoria University, Australia. https://vuir.vu.edu.au/42003/1/ARIO_Ario-thesis_nosignature.pdf
   Google Scholar
• Asteriou, D., & Hall, S. G. (2007). Applied econometrics: A modern approach (2nd) ed.). Palgrave Macmillan.
   Google Scholar
• Bansah, E. D. (2021). Examining potential linkages between sustainability and outreach: Perspectives from the microfinance sector of Ghana. [Unpublished master’s thesis], University of Pavia.
   Google Scholar
• Bayai, I., & Ikhide, S. (2016). Financing structure and outreach of selected SADC microfinance institutions (MFIs). Corporate Ownership and Control, 13(3continued2), 284–292. https://doi.org/10.22495/cocv13i3c2p3
   Google Scholar
• Bhanot, D., & Bapat, V. (2015). Sustainability index of Micro Finance Institutions (MFIs) and contributory factors. International Journal of Social Economics, 42(4), 387–403. https://doi.org/10.1108/ijse-01-2014-0001
   Google Scholar
• Blanco-Oliver, A., Reguera-Alvarado, N., & Veronesi, G. (2021). Credit risk in the microfinance industry: The role of gender affinity. Journal of Small Business Management, 59(2), 280–311. https://doi.org/10.1080/00472778.2020.1844487
   Web of Science ®Google Scholar
• Brooks, C. (2008). Introductory econometrics for finance (2nd) ed.). Cambridge University Press.
   Google Scholar
• Carrillo, N. R., & Reviakin, A. (2022). Sustainable Finance in the MENA Region: State of Development, Challenges, and Opportunities. Report of the SANAD Fund for MSMEs Technical Assistance Facility, November 2022.
   Google Scholar
• Christen, R. P., & Drake, D. (2002). The new reality of microfinance. In D. Drake & E. Rhyne (Eds.), The commercialization of microfinance. Balancing business and development (pp. 2–22). Kumarian Press.
   Google Scholar
• Churchill, S. A. (2018). Sustainability and depth of outreach: Evidence from microfinance institutions in sub‐Saharan Africa. Development Policy Review, 36(1), 35–50. https://doi.org/10.1111/dpr.12362
   PubMedGoogle Scholar
• Churchill, S. A. (2020). Microfinance financial sustainability and outreach: Is there a trade-off? Empirical Economics, 59(3), 1329–1350. https://doi.org/10.1007/s00181-019-01709-1
   Web of Science ®Google Scholar
• Churchill, S. A., & Marr, A. (2017). Sustainability and outreach: A comparative study of MFIs in South Asia and latin america and the Caribbean. Bulletin of Economic Research, 69(4), 19–41. https://doi.org/10.1111/boer.12100
   Web of Science ®Google Scholar
• Cozarenco, A., Hartarska, V., & Szafarz, A. (2022). Subsidies to microfinance institutions: How do they affect cost efficiency and mission drift? Applied Economics, 54(44), 5099–5132. https://doi.org/10.1080/00036846.2022.2041176
   Web of Science ®Google Scholar
• Cull, R., Demirgu¨ç‐kunt, A., & Morduch, J. (2007). Financial performance and Outreach: A Global Analysis of Leading Microbanks. The Economic Journal, 117(517), F107–F133. https://doi.org/10.1111/j.1468-0297.2007.02017.x
   Web of Science ®Google Scholar
• De Crombrugghe, A., Tenikue, M., & Sureda, J. (2008). Performance analysis for a sample of microfinance institutions in India. Annals of Public and Cooperative Economics, 79(2), 269–299. https://doi.org/10.1111/j.1467-8292.2008.00362.x
   Google Scholar
• 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/10.1515/jeb-2017-0018
   Web of Science ®Google Scholar
• Ek, S. (2011). The implications of financial sustainability in the microfinance industry. [ Unpublished master’s thesis], KTH Industrial Engineering and Management.
   Google Scholar
• El-maksoud, S. A. (2016). Performance of microfinance institutions. [Unpublished doctoral dissertation]. Cardiff Metropolitan University, Cardiff School of Management.
   Google Scholar
• Francis, M. E. (2013). Determinants of Commercial Bank Profitability in Sub-Saharan Africa. IJEF, 5(9). https://doi.org/10.5539/ijef.v5n9p134
   Google Scholar
• Gibson, A. B. (2012). Determinants of operational sustainability of micro finance institutions in Kenya. In MBA. School of Business, University of Nairobi, November 2012, 1–63.
   Google Scholar
• Githaiga, P. N. (2022). Revenue diversification and financial sustainability of microfinance institutions. Asian Journal of Accounting Research, 7(1), 31–43. https://doi.org/10.1108/ajar-11-2020-0122
   Google Scholar
• Gizaw, M., Kebede, M., & Selvaraj, S. (2015). The impact of credit risk on profitability performance of commercial banks in Ethiopia. African Journal of Business Management, 9(2), 59–66. https://doi.org/10.5897/ajbm2013.7171
   Google Scholar
• Hartarska, V. (2005). Governance and performance of microfinance institutions in Central and Eastern Europe and the Newly Independent States. World Development, 33(10), 1627–1643. https://doi.org/10.1016/j.worlddev.2005.06.001
   Web of Science ®Google Scholar
• Hartungi, R. (2007). Understanding the success factors of micro‐finance institution in a developing country. International Journal of Social Economics, 34(6), 388–401. https://doi.org/10.1108/03068290710751803
   Google Scholar
• Hermes, N., Lensink, R., & Meesters, A. (2011). Outreach and efficiency of microfinance institutions. World Development, 39(6), 938–948. https://doi.org/10.1016/j.worlddev.2009.10.018
   Web of Science ®Google Scholar
• Hoque, M., Chishty, M., Halloway, R., & Hoque, M. (2011). Commercialization and changes in capital structure in microfinance institutions An innovation or wrong turn? Managerial Finance, 37(5), 414–425. https://doi.org/10.1108/03074351111126906
   Web of Science ®Google Scholar
• Hulme, D., & Arun, T. (Eds.). (2009). Microfinance: A reader. Routledge.
   Google Scholar
• Hwang, C. L., & Yoon, K. (1981). Multiple attribute decision making: Methods and applications. Springer-Verlag. https://doi.org/10.1007/978-3-642-48318-9
   Google Scholar
• Kar, A. K. (2012). Does capital and financing structure have any relevance to the performance of microfinance institutions? International Review of Applied Economics, 26(3), 329–348. https://doi.org/10.1080/02692171.2011.580267
   Google Scholar
• Kar, A. K. (2013). Double bottom lines in microfinance: Are they mutually exclusive? Journal of Small Business & Entrepreneurship, 26(1), 87–107. https://doi.org/10.1080/08276331.2012.761804
   Google Scholar
• Kereta, B. (2007). Outreach and financial performance analysis of Microfinance Institutions in Ethiopia. African Economic Conference, Addis Ababa.
   Google Scholar
• Khachatryan, K., Hartarska, V., & Grigoryan, A. (2019). Performance and capital structure of microfinance institutions in eastern Europe and Central Asia. Eastern European Economics, 55(5), 395–419. https://doi.org/10.1080/00128775.2017.1336064
   Web of Science ®Google Scholar
• Khalaf, L., & Saqfalhait, N. I. (2019). Social outreach of microfinance institutions in Arab Countries. The 9th International Economics Conference, April 2019, Yarmouk University, Irbid, Jordan. April 2019. https://www.researchgate.net/publication/344173868
   Google Scholar
• Khan, W., Naz, A., Shah, I., Khan, F., Alam, A., & Khan, N. (2016). Measuring mission drift in emerging economies: An evidence from Pakistan microfinance network. Journal of Applied Environmental and Biological Sciences, 6(6), 20–27.
   Google Scholar
• Kinde, B. A. (2012). Financial sustainability of microfinance institutions (MFIs) in Ethiopia. European Journal of Business and Management, 4(15), 1–10.
   Google Scholar
• Kyereboah-Coleman, A. (2007). The impact of capital structure on the performance of microfinance institutions. Journal of Risk Finance, 8(1), 56–71. https://doi.org/10.1108/15265940710721082
   Google Scholar
• Lislevand, C. J. (2012). The effect of capital structure on microfinance institutions performance. [Unpublished master’s thesis], University of Agder.
   Google Scholar
• Long, G., & Marwa, N. (2015). Determinants of financial sustainability of microfinance institutions in Ghana. Journal of Economics and Behavioral Studies, 7(4), 71–81. https://doi.org/10.22610/jebs.v7i4(j).595
   Google Scholar
• Louis, P., Seret, A., & Baesens, B. (2013). Financial efficiency and social impact of microfinance institutions using self-organizing maps. World Development, (46), 197–210. https://doi.org/10.1016/j.worlddev.2013.02.006
   Google Scholar
• Masood, O., Masood, O., & Ashraf, M. (2012). Bank‐specific and macroeconomic profitability determinants of Islamic banks. Qualitative Research in Financial Markets, 4(2/3), 255–268. https://doi.org/10.1108/17554171211252565
   Google Scholar
• Mersland, R., & Strøm, R. Ø. (2010). Microfinance mission drift? World Development, 38(1), 28–36. https://doi.org/10.1016/j.worlddev.2009.05.006
   Web of Science ®Google Scholar
• Meyer, R. (2002). Track Record of Financial Institutions in Assisting the Poor in Asia, Asian Development Bank (ADB). Research Paper Series No. 49
   Google Scholar
• Millson, H. F. (2013). The trade-off between sustainability and outreach: the experience of commercial microfinance institutions [Unpublished doctoral dissertation]. Haverford College.
   Google Scholar
• Narwal, K. P., & Yadav, M. K. (2014). Impact of Characteristics on Outreach and Profitability of Microfinance Institution in India. International Journal of Financial Management, 4(3), 50–57.
   Google Scholar
• Navajas, S., Schreiner, M., Meyer, R. L., Gonzalez-vega, C., & Rodriguez-meza, J. (2000). Microcredit and the poorest of the poor: Theory and evidence from Bolivia. World Development, 28(2), 333–346. https://doi.org/10.1016/s0305-750x(99)
   Web of Science ®Google Scholar
• Navin, N., & Sinha, P. (2021). Social and financial performance of MFIs: Complementary or compromise? Vilakshan - XIMB Journal of Management, 18(1), 42–61. https://doi.org/10.1108/xjm-08-2020-0075
   Google Scholar
• Nyanzu, F., Peprah, J. A., & Ayayi, A. G. (2019). Regulation, outreach, and sustainability of microfinance institutions in Sub‐Saharan Africa: A multilevel analysis. Journal of Small Business Management, 57(sup2), 200–217. https://doi.org/10.1111/jsbm.12467
   Web of Science ®Google Scholar
• Osotimehin, K. O., Jegede, C. A., & Akinlabi, B. H. (2011). Determinants of microfinance outreach in South-Western Nigeria: An empirical analysis. International Journal of Management and Business Studies, 1(1), 001–007.
   Google Scholar
• Parvin, S. S., Hossain, B., Mohiuddin, M., & Cao, Q. (2020). Capital structure, financial performance, and sustainability of micro-finance institutions (MFIs) in Bangladesh. Sustainability (Switzerland), 12, 15. https://doi.org/10.3390/su12156222
   Web of Science ®Google Scholar
• Perera, S., Skully, M., & Chaudrey, Z. (2012). Determinants of Commercial Bank Profitability: South Asian Evidence. AJFA, 5(1). https://doi.org/10.5296/ajfa.v5i1.3012
   Google Scholar
• Pollinger, J. J., Outhwaite, J., & Cordero-Guzmán, H. (2007). The question of sustainability for microfinance institutions. Journal Of Small Business Management, 45(1), 23–41. https://doi.org/10.1111/J.1540-627X.2007.00196.X
   Web of Science ®Google Scholar
• Ponce, L. A., Rocha, A. R., & Navarro, R. P. (2021). A causality approach in the analysis of the trade-off between financial sustainability and Outreach. Finance Research Letters, 42, 101920. https://doi.org/10.1016/j.frl.2021.101920
   Web of Science ®Google Scholar
• Quayes, S. (2015). Outreach and performance of microfinance institutions: A panel analysis. Applied Economics, 47(18), 1909–1925. https://doi.org/10.1080/00036846.2014.1002891
   Web of Science ®Google Scholar
• Quayes, S., & Khalily, M. A. (2014). Efficiency of Microfinance Institutions in Bangladesh. Economics Bulletin, 34(3), 1512–1521.
   Google Scholar
• Rahman, M., & Mazlan, A. (2014). Determinants of financial sustainability of microfinance institutions in Bangladesh. International Journal of Economics and Finance, 6(9), 107–116. https://doi.org/10.5539/ijef.v6n9p107
   Google Scholar
• Rai, A. A., & Rai, S. (2012). Factors affecting financial sustainability of microfinance institutions. Journal of Economics and Sustainable Development, 3(6), 1–9.
   Google Scholar
• Ramírez Rocha, A., Cervantes Zepeda, M., & Bernal Ponce, L. A. (2019). The determinants of outreach and profitability in MFI´s: A structural equation approach. REMEF, 14(1), 129–146. https://doi.org/10.21919/remef.v14i1.363
   Google Scholar
• Reichert, P. (2018). A meta-analysis examining the nature of trade-offs in microfinance. Oxford Development Studies, 1–23. https://doi.org/10.1080/13600818.2018.1427223
   Web of Science ®Google Scholar
• Sebhatu, K. T. (2011). Management of savings and credit cooperatives from the perspective of outreach and sustainability: Evidence from Southern Tigrai of Ethiopia. Research Journal of Finance and Accounting, 2(7/8), 10–23.
   Google Scholar
• Shahzad, U. B. (2015). Performance Measurement of South Asian Microfinance Institutions. [Unpublished doctoral dissertation]. Massey University, Newzeland.
   Google Scholar
• Towo, N., Mori, N., Ishengoma, E., & McMillan, D. (2019). Financial leverage and labor productivity in microfinance co-operatives in Tanzania. Cogent Business & Management, 6(1). https://doi.org/10.1080/23311975.2019.1635334
   Web of Science ®Google Scholar
• Vichore, S., & Deshpande, S. (2012). Microfinance in India- A comprehensive analysis of the growth and performance of MFI’s. The International Journal’s Research Journal of Social Science and Management, 2(1), 51–56.
   Google Scholar
• Wagenaar, K. (2012). Institutional Transformation and Mission Drift in Microfinance. Working paper of the centre of development studies. University of Cambridge.
   Google Scholar
• Wasiaturrahma, A. S. R., Sari, T. N., Sari, T. N., Hudaifah, A., & Hudaifah, A. (2020). Breadth and depth outreach of Islamic cooperatives: Do size, non-performing finance, and grant matter? Heliyon, 6(7), e04472. https://doi.org/10.1016/j.heliyon.2020.e04472
   PubMed Web of Science ®Google Scholar
• Woller, G. (2000). Poverty lending, financial self-sufficiency, and the six aspects of outreach. The SEEP Network: Poverty Lending Working Group.
   Google Scholar
• Wooldridge, J. M. (2013). Introductory econometrics: A modern approach (5th) ed). South-Western, Cengage Learning.
   Google Scholar
• Zainuddin, M., Mahi, M., Akter, S., & Yasin, I. M. (2020). The role of national culture in the relationship between microfinance outreach and sustainability: A correlated random effects approach. Cross Cultural & Strategic Management, 27(3), 447–472. https://doi.org/10.1108/CCSM-12-2019-0219
   Web of Science ®Google Scholar
• Zainuddin, M., & Yasin, I. M. (2019). The trade-off debate in microfinance: A review of the theoretical and empirical literature. Enterprise Development and Microfinance, 30(1), 36–54. https://doi.org/10.3362/1755-1986.18-00027
   Google Scholar
• Zerai, B., & Rani, L. (2012). Is there a tradeoff between outreach and sustainability of micro finance institutions? Evidence from Indian microfinance institutions (MFIs). European Journal of Business and Management, 4(2), 90–98.
   Google Scholar