Périlleux, Anaïs; Bloy, Eddy; Hudon, Marek - Centre Emile Bernheim, Solvay Brussels School of … - 2010
How do microfinance institutions (MFIs) allocate their productivity surplus to stakeholders? This paper shows that this allocation process varies according to the MFI ownership structure. Non-profit organisations and shareholders-held MFIs exhibit a tendency to largely keep their surplus within...