CAPITAL STRUCTURE AND SUSTAINABILITY: AN EMPIRICAL STUDY OF MICROFINANCE INSTITUTIONS

• 成果类型: Article
• 署名作者: Bogan, Vicki L.
• 署名单位: Cornell University
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/REST_a_00223
• 发表日期: 2012-11
• 页码: 1045-1058
• 关键词: risk-management; cost

摘要

The capital structure of lending institutions has become an increasingly prominent issue in the world of finance. Contemporaneously, microfinance institutions (MFIs) have risen to the forefront as invaluable lending institutions in the development process. Since capital constraints have hindered the expansion of microfinance programs and microfinance organizations have had various degrees of sustainability, the question of how best to finance these organizations is a key issue. This paper explores how changes in capital structure could improve MFI efficiency and financial sustainability. I find causal evidence supporting the assertion that increased use of grants by large MFIs decreases operational self-sufficiency.