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Productivity Surplus Distribution in Microfinance: Does Ownership Matter?

Anaïs Périlleux (), Eddy Bloy and Marek Hudon

No 10-036, Working Papers CEB from ULB -- Universite Libre de Bruxelles

Abstract: How do microfinance institutions (MFIs) allocate their productivity surplus to stakeholders? This paper shows that this allocation process varies according to the MFI ownership structure. Non-profit organisations and shareholders-held MFIs exhibit a tendency to largely keep their surplus within the MFI as a self-financing margin (reserve accounts, future investments, and capital increase) rather than transferring it to their clients (interest rates decrease) and their employees (salary increase). Cooperatives however tend to give the largest part of their surplus to the employees and providers. Finally, the paper discusses the importance of those findings for MFIs evaluation by policy makers.

Keywords: Microfinance; Surplus; Ownership; Cooperatives; Governance (search for similar items in EconPapers)
JEL-codes: G21 O16 O50 (search for similar items in EconPapers)
Pages: 36 p.
Date: 2010-07
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