How do social performance and financial performance of microfinance institutions interact: A panel data study upon the MENA region (1998-2011)
Philippe Adair and
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The relationship between social performance (SP) and financial performance (FP) of microfi-nance institutions (MFIs) in the Middle East and North Africa (MENA) region is a matter of substitution or complementarity. A panel data study (1998-2011) upon a sample of 64 MFIs in nine MENA countries examines both one-way and reciprocal dependency between SP and FP. We document the various determinants according to information transparency, credit methodology, status, the operating area of MFIs and their macroeconomic environment. Simultaneous equations models show that SP has a negative impact upon FP and conversely for mature MFIs: hence, substitution takes place. However, there is no clear interaction between these performances.
Keywords: simultaneous equations; Financial and social performance; MENA; microfinance institutions; panel data (search for similar items in EconPapers)
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Published in Savings and Development, 2014
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01667328
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