This paper presents an empirical analysis of the operational efficiency of microfinance institutions. Using a cross section of 750 microfinance institutions operating in Asia, Latin America and Sub-Saharan Africa, the analysis shows that operating costs and efficiency are negatively related....

The 2003 Italian corporate law reform, which established one-tier and two-tier boards for listed and unlisted joint stock companies, introduced alternative corporate governance systems. In addition to the traditional model, which, at least in its basic features, continues to be used by the...