James G. March conceived organizational learning as a balance between the exploration of new alternatives and the exploitation of existing competencies in an organization. This study extends March's model to consider exploration and exploitation in a hierarchical organization. First, the effect...

This paper investigates a relationship between economic governance and the dual objectives of Microfinance Institutions (MFIs): poverty reduction and financial viability. Using an unbalanced panel of 531 MFIs the important role of other institutions such as country-level business registry...