Szafarz, Ariane; D'Espallier, Bert; Hudon, Marek - Solvay Brussels School of Economics and Management, … - 2013
This paper starts from the observation that 23% of the world’s microfinance institutions (MFIs) manage without subsidies. We examine how unsubsidized institutions cope with their social mission. Overall, the lack of subsidies worsens social performances. However, our results show that...
