Effectiveness of microfinance institutions: the importance of women CEOs and corporate governance Online publication date: Wed, 12-Feb-2025
by Fatiha Brahmi; Salma Louati; Mouna Boujelbene
International Journal of Monetary Economics and Finance (IJMEF), Vol. 17, No. 6, 2024
Abstract: This paper seeks to provide a framework to address the factors that help microfinance institutions (MFIs) achieve their goals. First, it examines the role of women managers' effectiveness and its subsequent impact on the financial stability and social performance of MFIs. Second, it questions corporate governance as a cornerstone of their success. To achieve this purpose, this research assesses the quality of IMF's corporate governance by constructing a governance index including 12 characteristics. Then, it evaluates the impact of women's leadership and corporate governance on the financial and social performance of MFIs. Using a dynamic simultaneous equation model, the results show that MFIs run by women are more effective in serving more borrowers without jeopardising their financial sustainability. Furthermore, better governance is the second most important factor that stimulates MFIs to improve their social and financial performance.
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