Foreign ownership in Latin American microfinance institutions: evidence and impact

被引：0
作者：
Martins F. [1 ]
Winkler A. [2 ]
机构：
[1] Finance in Motion, Technical Assistance Management, Theodor-Stern-Kai 1, Frankfurt am Main
[2] Frankfurt School of Finance and Management, Centre for Development Finance, Sonnemannstr. 9-11, Frankfurt am Main
来源：
Journal of Business Economics | 2013年 / 83卷 / 6期
关键词：
Foreign banks; Microfinance; Outreach; Sustainability;
D O I：
10.1007/s11573-013-0668-2
中图分类号：
学科分类号：
摘要：
Based on a unique dataset covering 84 institutions operating in 15 countries this paper provides evidence as to the impact of foreign ownership on microfinance sustainability and outreach in Latin America. Overall, we find that foreign-owned microfinance institutions have more borrowers than domestic-owned institutions. This suggests that foreign investors, mainly development finance institutions and other investors with close ties to the microfinance industry, exert governance in line with their stated policy goal: expanding financial inclusion among microentrepreneurs and poor households. In contrast to this, majority ownership of foreign investors neither provides a strong push towards the sustainability of microfinance institutions nor does it lead to “mission drift”, i.e. microfinance institutions issuing larger loans to comparatively wealthier clients. © 2013, Springer-Verlag Berlin Heidelberg.
引用
收藏
页码：665 / 702
页数：37
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