文章基本信息

标题：Do Institutional Characteristics of Microfinance Institutions Matter for External Sources of Funds? Evidence from Bangladesh
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作者：Emrah Eray Akça ; Abdullahil Mamun ; Serajul Islam 等
期刊名称：Australian Journal of Business and Management Research
电子版ISSN：1839-0846
出版年度：2021
卷号：6
期号：1
页码：107-119
DOI：10.52283/NSWRCA.AJBMR.20210601A09
语种：English
出版社：New South Wales Research Centre Australia (NSWRCA)
摘要：This study mainly aims to examine whether the institutional characteristics matter for external sources of funds of microfinance institutions (MFIs) in Bangladesh considering unbalanced panel data of 258 MFIs for the period of 2009-2014. The study considers four institutional characteristics of MFIs, namely, the number of branches, profitability measured by return on assets, location, and age of MFIs as well as several macroeconomic variables such as interest rate cap, economic growth, and inflation. The external sources of funds are decomposed into five sub-panels, that is, government funds, loans from commercial banks, loans from Palli Karma Sahayak Foundation, donors' funds, and loans from other MFIs in order to draw more conclusive evidence. It also helps provide a comparative analysis on the effects of each institutional characteristic of MFIs on different types of external sources of funds. The study employs the Poisson pseudo maximum likelihood method which is supposed to be more appropriate in the present case for avoiding the problem associated with zero value of dependent variable. The estimation results suggest that institutional characteristics of the MFIs contribute considerably in supporting the growth and development of the industry by drawing funds from external financial sources albeit some indicators of institutional characteristics refer to adverse impact on a few external sources of funds. In the case of macroeconomic factors, market intervention through the interest rate cap limits the operation of microfinance institutions making funds scarce for them. Additionally, the comparative analysis of alternative funding both from the debt and equity sources will help policymakers and managers to adopt an appropriate policy to attain the cost-effectiveness of MFIs of Bangladesh which is one of the important policy implications of the study.
关键词：Microfinance institutions;institutional characteristics;Poisson pseudo maximum likelihood estimation approach;Bangladesh