Performance of Asian MFIs: The Role of Capital Structure and Macro-Institutional Quality (Article)

Adnan Habib and Shahriar Kabir
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Adnan Habib: North South University (NSU), Bangladesh.
Shahriar Kabir: Independent University Bangladesh (IUB), Bangladesh.

The Pakistan Development Review, 2023, vol. 62, issue 1, 15-40

Abstract: We draw on the capital structure theory and examine whether Modigliani & Miller’s capital leveraging ideology improves the performance of microfinance institutions (MFIs) under different macro-institutional quality. We develop and test a framework of the combined effect of capital structure and macro-institutional quality on both financial and social performance, which is a novel contribution. We collect data on 75 MFIs in Asia from 2009 to 2018 and applied Hausman-Taylor test.

Keywords: Microfinance; Capital Structure; Institutional Quality; Social Performance; Financial ustainability; Mission Drift (search for similar items in EconPapers)
Date: 2023
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