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Mission drift in microcredit and microfinance institution incentives

Biancini, Sara; Ettinger, David; Venet, Baptiste - 2017 - This version: January 2017

We analyze the relationship between Microfinance Institutions (MFIs) and external donors, with the aim of contributing … to the debate on "mission drift" in microfinance. We assume that both the donor and the MFI are pro-poor, possibly at … level of poor outreach). We first concentrate on hidden action. We show that asymmetric information can distort the share of …

Persistent link: https://www.econbiz.de/10011602702

Rural transformation, inequality, and the origins of microfinance

Süße, Marvin; Wolf, Nikolaus - 2019

factors shaping the market entry of rural microfinance institutions across time and space. We provide empirical evidence for …

Persistent link: https://www.econbiz.de/10012138789

Psychological and social motivations in microfinance contracts : theory and evidence

Dhami, Sanjit S.; Arshad, Junaid; Al-Nowaihi, Ali - 2019

Microfinance contracts have enormous economic and welfare significance. We study, theoretically and empirically, the …

Persistent link: https://www.econbiz.de/10012040097

When pro-poor microcredit institutions favor richer borrowers : a moral hazard story

Biancini, Sara; Ettinger, David; Venet, Baptiste - 2021

We suggest an explanation for the existence of "mission drift", the tendency for Microfinance Institutions (MFIs) to …

Persistent link: https://www.econbiz.de/10012433762

Flexible microcredit : effects on loan repayment and social pressure

Czura, Kristina; John, Anett; Spantig, Lisa - 2020

Flexible repayment schedules allow borrowers to invest in profitable yet risky projects, but practitioners fear they erode repayment morale. We study repayment choices in rigid and flexible loan contracts that allow discretion in repayment timing. To separate strategic repayment choices from...

Persistent link: https://www.econbiz.de/10012219888

Accelerated depreciation, default risk and investment decisions

Panteghini, Paolo; Vergalli, Sergio - 2016

In this article we focus on a representative firm that can decide when to invest under default risk. On the one hand, this firm can benefit from generous tax depreciation allowances, on the other hand it faces a default risk. Our aim is to study the effects of tax depreciation allowances in a...

Persistent link: https://www.econbiz.de/10011416013

Thin capitalization rules and multinational firm capital structure

Blouin, Jennifer L.; Huizinga, Harry; Laeven, Luc; … - 2014

This paper examines the impact of thin capitalization rules that limit the tax deductibility of interest on the capital structure of the foreign affiliates of US multinationals. We construct a new data set on thin capitalization rules in 54 countries for the period 1982-2004. Using confidential...

Persistent link: https://www.econbiz.de/10010256736

The commitment role of equity financing

Fahn, Matthias; Merlo, Valeria; Wamser, Georg - 2014

Existing theories of a firm’s optimal capital structure seem to fail in explaining why many healthy and profitable firms rely heavily on equity financing, even though benefits associated with debt (like tax shields) appear to be high and the bankruptcy risk low. This holds in particular for...

Persistent link: https://www.econbiz.de/10010366170

Corporate taxation and financial strategies under asymmetric information

Cohen, Francesco; Fedele, Alessandro; Panteghini, Paolo - 2014

In this article we study the corporate tax effects on credit market equilibria. In particular, we develop a model that accounts for five pieces of evidence: i) the existence of a tax incentive to borrow, ii) the negative relationship between leverage and profitability, iii) the existence of...

Persistent link: https://www.econbiz.de/10010347029

Microeconometric evidence of financing frictions and innovative activity

Tiwari, Amaresh K.; Mohnen, Pierre A.; Palm, Franz C.; … - 2014

Using Dutch data we empirically investigate how financing and innovation vary across firm characteristics. We find that when firms face financial constraints, debt financing and innovation choices are not independent of firm characteristics, and R&D slows down. In the absence of financial...

Persistent link: https://www.econbiz.de/10010249680

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