The relationship between the performance and legal form of microfinance institutions
Autor(a) principal: | |
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Data de Publicação: | 2017 |
Tipo de documento: | Artigo |
Idioma: | eng por |
Título da fonte: | Revista Contabilidade & Finanças (Online) |
Texto Completo: | https://www.revistas.usp.br/rcf/article/view/138285 |
Resumo: | This paper investigates the relationship between the legal forms adopted by microfinance institutions (MFIs) and their performance within three scopes: financial performance, social performance, and efficiency in resource allocation. The MFIs studied are classified into four groups: banks, non-governmental organizations, cooperatives, and a fourth group formed of for-profit institutions not characterized as banks, made up of non-bank financial institutions (NBFIs) and rural banks. The data used are annual and cover the six years from 2007 to 2012. The quantitative regression model with panel data was used together with dummy variables to compare between the four groups of legal forms, except for the group made up of NBFIs and rural banks, which was not represented by any dummy variable. 304 MFIs from 59 countries made up the sample. In the study it was observed that larger MFIs have higher profits, higher returns, and higher operational self-sufficiency rates than smaller MFIs, indicating that MFI growth could enable consolidation in the microfinance market. The results also indicate that for smaller MFIs the way to consolidate and improve the indicators could be through assimilating or merging with other MFIs. It was also noted that non-bank financial institutions and rural banks are able to serve more customers and that cooperatives provide smaller loans, causing a bigger social impact, and that they obtain higher returns and profits. The results indicate that these legal forms may be the most appropriate for the microfinance market. |
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The relationship between the performance and legal form of microfinance institutionsA relação entre o desempenho e a forma legal das instituições de microcréditomicrocréditomicrofinançasforma legalestrutura de propriedadedesempenho financeiromicrocreditmicrofinancelegal formownership structurefinancial performance This paper investigates the relationship between the legal forms adopted by microfinance institutions (MFIs) and their performance within three scopes: financial performance, social performance, and efficiency in resource allocation. The MFIs studied are classified into four groups: banks, non-governmental organizations, cooperatives, and a fourth group formed of for-profit institutions not characterized as banks, made up of non-bank financial institutions (NBFIs) and rural banks. The data used are annual and cover the six years from 2007 to 2012. The quantitative regression model with panel data was used together with dummy variables to compare between the four groups of legal forms, except for the group made up of NBFIs and rural banks, which was not represented by any dummy variable. 304 MFIs from 59 countries made up the sample. In the study it was observed that larger MFIs have higher profits, higher returns, and higher operational self-sufficiency rates than smaller MFIs, indicating that MFI growth could enable consolidation in the microfinance market. The results also indicate that for smaller MFIs the way to consolidate and improve the indicators could be through assimilating or merging with other MFIs. It was also noted that non-bank financial institutions and rural banks are able to serve more customers and that cooperatives provide smaller loans, causing a bigger social impact, and that they obtain higher returns and profits. The results indicate that these legal forms may be the most appropriate for the microfinance market. Este trabalho observa a relação entre as formas legais adotadas por instituições de microcrédito (IMCs) e o desempenho das instituições sob três escopos: o desempenho financeiro, o desempenho social e a eficiência na alocação de recursos. As IMCs estudadas classificaram-se em quatro grupos, de acordo com as formas legais adotadas: bancos, organizações não governamentais, cooperativas e um quarto grupo formado pelas instituições com fins lucrativos não caracterizadas como bancos; esse grupo formou-se por instituições financeiras não bancárias (IFNBs) e bancos rurais. Os dados utilizados compreendem o período de seis anos, de 2007 a 2012, com periodicidade anual. Empregou-se o modelo quantitativo de regressão com dados em painel no qual se utilizaram variáveis dummies para comparação entre os quatro grupos de formas legais, excetuando-se o grupo formado por IFNBs e bancos rurais, não representados por uma variável dummy. Formaram a amostra 304 IMCs de 59 países. No trabalho, observou-se que IMCs maiores conseguem lucros maiores, retornos maiores e índices de autossuficiência operacional maiores, indicando que o crescimento das IMCs pode permitir a consolidação no mercado de microfinanças. O resultado também indica que, para as IMCs menores, o caminho para consolidação e melhora nos indicadores pode ser a assimilação ou fusão com outras IMCs. Também se observou que as IFNBs e os bancos rurais conseguem atender mais clientes; já as cooperativas fornecem empréstimos menores, causando maior impacto social, obtêm maiores lucros e maiores retornos. Tais resultados são indicativos que essas formas legais podem ser as mais adequadas para o mercado de microfinanças.Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária2017-12-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfapplication/pdfhttps://www.revistas.usp.br/rcf/article/view/13828510.1590/1808-057x201703660Revista Contabilidade & Finanças; v. 28 n. 75 (2017); 377-389Revista Contabilidade & Finanças; Vol. 28 No. 75 (2017); 377-389Revista Contabilidade & Finanças; Vol. 28 Núm. 75 (2017); 377-3891808-057X1519-7077reponame:Revista Contabilidade & Finanças (Online)instname:Universidade de São Paulo (USP)instacron:USPengporhttps://www.revistas.usp.br/rcf/article/view/138285/133730https://www.revistas.usp.br/rcf/article/view/138285/133731Copyright (c) 2018 Revista Contabilidade & Finançasinfo:eu-repo/semantics/openAccessCosta, Ruan Rodrigo Araújo da2017-09-22T16:26:02Zoai:revistas.usp.br:article/138285Revistahttp://www.revistas.usp.br/rcf/indexPUBhttps://old.scielo.br/oai/scielo-oai.phprecont@usp.br||recont@usp.br1808-057X1519-7077opendoar:2017-09-22T16:26:02Revista Contabilidade & Finanças (Online) - Universidade de São Paulo (USP)false |
dc.title.none.fl_str_mv |
The relationship between the performance and legal form of microfinance institutions A relação entre o desempenho e a forma legal das instituições de microcrédito |
title |
The relationship between the performance and legal form of microfinance institutions |
spellingShingle |
The relationship between the performance and legal form of microfinance institutions Costa, Ruan Rodrigo Araújo da microcrédito microfinanças forma legal estrutura de propriedade desempenho financeiro microcredit microfinance legal form ownership structure financial performance |
title_short |
The relationship between the performance and legal form of microfinance institutions |
title_full |
The relationship between the performance and legal form of microfinance institutions |
title_fullStr |
The relationship between the performance and legal form of microfinance institutions |
title_full_unstemmed |
The relationship between the performance and legal form of microfinance institutions |
title_sort |
The relationship between the performance and legal form of microfinance institutions |
author |
Costa, Ruan Rodrigo Araújo da |
author_facet |
Costa, Ruan Rodrigo Araújo da |
author_role |
author |
dc.contributor.author.fl_str_mv |
Costa, Ruan Rodrigo Araújo da |
dc.subject.por.fl_str_mv |
microcrédito microfinanças forma legal estrutura de propriedade desempenho financeiro microcredit microfinance legal form ownership structure financial performance |
topic |
microcrédito microfinanças forma legal estrutura de propriedade desempenho financeiro microcredit microfinance legal form ownership structure financial performance |
description |
This paper investigates the relationship between the legal forms adopted by microfinance institutions (MFIs) and their performance within three scopes: financial performance, social performance, and efficiency in resource allocation. The MFIs studied are classified into four groups: banks, non-governmental organizations, cooperatives, and a fourth group formed of for-profit institutions not characterized as banks, made up of non-bank financial institutions (NBFIs) and rural banks. The data used are annual and cover the six years from 2007 to 2012. The quantitative regression model with panel data was used together with dummy variables to compare between the four groups of legal forms, except for the group made up of NBFIs and rural banks, which was not represented by any dummy variable. 304 MFIs from 59 countries made up the sample. In the study it was observed that larger MFIs have higher profits, higher returns, and higher operational self-sufficiency rates than smaller MFIs, indicating that MFI growth could enable consolidation in the microfinance market. The results also indicate that for smaller MFIs the way to consolidate and improve the indicators could be through assimilating or merging with other MFIs. It was also noted that non-bank financial institutions and rural banks are able to serve more customers and that cooperatives provide smaller loans, causing a bigger social impact, and that they obtain higher returns and profits. The results indicate that these legal forms may be the most appropriate for the microfinance market. |
publishDate |
2017 |
dc.date.none.fl_str_mv |
2017-12-01 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://www.revistas.usp.br/rcf/article/view/138285 10.1590/1808-057x201703660 |
url |
https://www.revistas.usp.br/rcf/article/view/138285 |
identifier_str_mv |
10.1590/1808-057x201703660 |
dc.language.iso.fl_str_mv |
eng por |
language |
eng por |
dc.relation.none.fl_str_mv |
https://www.revistas.usp.br/rcf/article/view/138285/133730 https://www.revistas.usp.br/rcf/article/view/138285/133731 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2018 Revista Contabilidade & Finanças info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2018 Revista Contabilidade & Finanças |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf application/pdf |
dc.publisher.none.fl_str_mv |
Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária |
publisher.none.fl_str_mv |
Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária |
dc.source.none.fl_str_mv |
Revista Contabilidade & Finanças; v. 28 n. 75 (2017); 377-389 Revista Contabilidade & Finanças; Vol. 28 No. 75 (2017); 377-389 Revista Contabilidade & Finanças; Vol. 28 Núm. 75 (2017); 377-389 1808-057X 1519-7077 reponame:Revista Contabilidade & Finanças (Online) instname:Universidade de São Paulo (USP) instacron:USP |
instname_str |
Universidade de São Paulo (USP) |
instacron_str |
USP |
institution |
USP |
reponame_str |
Revista Contabilidade & Finanças (Online) |
collection |
Revista Contabilidade & Finanças (Online) |
repository.name.fl_str_mv |
Revista Contabilidade & Finanças (Online) - Universidade de São Paulo (USP) |
repository.mail.fl_str_mv |
recont@usp.br||recont@usp.br |
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1787713777367515136 |