文章基本信息

标题：Financial Performance and Corporate Governance in Microfinance: Evidence from Vietnam
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作者：Thi Dieu Thu Nguyen ; Van Dang Pham ; Thi Hue Dang 等
期刊名称：European Journal of Business and Management
印刷版ISSN：2222-2839
电子版ISSN：2222-2839
出版年度：2020
卷号：12
期号：3
页码：97-102
DOI：10.7176/EJBM/12-3-12
出版社：The International Institute for Science, Technology and Education (IISTE)
摘要：Good corporate governance is considered a building block of success for microfinance institutions (MFIs) as it is presumed to help them in achieving their social and financial goals. This study analyzes the corporate governance and financial performance relationship for MFIs in Vietnam. We construct a corporate governance index based on seven measures pertaining to board size and composition, CEO characteristics, and ownership type. We then estimate the two-way relationship between this index and each of five different financial performance indicators. To address the likely simultaneity between corporate governance and financial performance, we adopt a two-stage least squares estimation approach with instrumental variables. The results confirm the endogenous nature of corporate governance and financial performance. We conclude that profitability and sustainability of MFIs improve with good governance practices and conversely that more profitable and sustainable MFIs have better governance systems..
关键词：Corporate governance; financial performance; microfinance.