Governance and Performance of Microfinance Institutions in Central and Eastern Europe and the Newly Independent States

Valentina M. Hartarska

No 24568, 2005 International Congress, August 23-27, 2005, Copenhagen, Denmark from European Association of Agricultural Economists

Abstract: This paper presents the first evidence on the impact of board diversity and independence, and management compensation on outreach and sustainability of microfinance institutions in Central and Eastern Europe and the Newly Independent States. Results indicate that board diversity improves both outreach and sustainability while larger and less independent boards lower sustainability. Performance-based compensation is not effective in aligning the interest of managers and stakeholders, and underpaying managers reduces outreach.

Keywords: Financial; Economics (search for similar items in EconPapers)
Pages: 15
Date: 2005
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Citations: View citations in EconPapers (145)

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Persistent link: https://EconPapers.repec.org/RePEc:ags:eaae05:24568

DOI: 10.22004/ag.econ.24568

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