Arnold, Lutz G. and Booker, Benedikt and Dorfleitner, Gregor and Roehe, Michaela (2021) Refinancing MFIs with market power: theory and evidence. SMALL BUSINESS ECONOMICS, 56 (4). pp. 1485-1505. ISSN 0921-898X, 1573-0913
Full text not available from this repository. (Request a copy)Abstract
Microfinance investment vehicles (MIVs) play an increasingly important role as a source of funding for microfinance institutions (MFIs). This paper presents theory and evidence on the relation between the use of MIV capital and MFI market power. We present a model in which MIVs are social-minded in that they do not lend to MFIs which exploit their market power in the market for microcredit. Consistent with the theoretical model, we find empirically that measures of MFI market power are negatively related to the likelihood of using MIV capital. This suggests that MIVs play an effective role in promoting social objectives in microfinance.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | FINANCIAL INTERMEDIATION; PERFORMANCE; MICROFINANCE; Small enterprises; Microfinance; Microfinance investment vehicles; Social returns |
| Subjects: | 300 Social sciences > 330 Economics |
| Divisions: | Business, Economics and Information Systems > Institut für Betriebswirtschaftslehre > Lehrstuhl für Finanzierung (Prof. Dr. Gregor Dorfleitner) Business, Economics and Information Systems > Institut für Volkswirtschaftslehre und Ökonometrie > Lehrstuhl für Theoretische Volkswirtschaft (Prof. Dr. Lutz Arnold) |
| Depositing User: | Dr. Gernot Deinzer |
| Date Deposited: | 06 Jul 2022 05:41 |
| Last Modified: | 06 Jul 2022 05:41 |
| URI: | https://pred.uni-regensburg.de/id/eprint/45662 |
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