Determinants of Board Structure in Microfinance Institutions: Evidence from East Africa

Neema Mori, Trond Randøy and Sougand Golesorkhi
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Neema Mori: Neema Mori, Kristiansand School of Business, University of Agder, Kristiansand, Norway; University of Dar es Salaam Business School, Dar es Salaam, Tanzania. E-mail: neemagm@uia.no
Trond Randøy: Trond Randøy, Kristiansand School of Business, University of Agder, Kristiansand, Norway. E-mail: trond.randoy@uia.no
Sougand Golesorkhi: Sougand Golesorkhi, Manchester Metropolitan University Business School, All Saints Campus, Oxford Road, Manchester, UK. E-mail: s.golesorkhi@mmu.ac.uk

Journal of Emerging Market Finance, 2013, vol. 12, issue 3, 323-365

Abstract: This study investigates the association between the unique characteristics of microfinance institutions and board structure. The agency and resource dependence theories provided theoretical guidance for this study. Using a panel dataset of 63 microfinance institutions in East Africa, we found that the presence of regulations and international influence is associated with larger boards, while the presence of founders is associated with small boards and less board independence. There is a higher level of board gender diversity in microfinance institutions managed by founders. There is greater diversity of nationalities in microfinance institutions that are internationally influenced. The implications for practice and theory from this study are further discussed. JEL Classification: G21, G34

Keywords: Board structure; microfinance institutions; East Africa; corporate governance (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:sae:emffin:v:12:y:2013:i:3:p:323-365

DOI: 10.1177/0972652713512916

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