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What Explains Microfinance Distribution Surplus? A Stakeholder-oriented Approach

Marek Hudon and Anaïs Périlleux ()

No 10-045, Working Papers CEB from ULB -- Universite Libre de Bruxelles

Abstract: What are the drivers of productivity surplus distribution to microfinance stakeholders? This paper shows that the size of the institution is the main indicator that can explain the gain in productivity surplus but also the surplus given to clients (decrease of interest rates) and staff. Moreover, cooperatives keep a significantly lesser part of their surplus for future growth, reserve, or distribution to investors. Finally, larger, more subsidised MFIs, and particularly cooperatives, tend to give a greater part of their surplus to their employees.

Keywords: Microfinance; Surplus; Governance; Size; Subsidies; Cooperatives (search for similar items in EconPapers)
JEL-codes: O16 O50 G21 (search for similar items in EconPapers)
Pages: 35 p.
Date: 2010-09
New Economics Papers: this item is included in nep-dev, nep-ent and nep-mfd
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