Duho, King Carl Tornam - In: Cogent economics & finance 11 (2023) 2, pp. 1-33
This study examines the determinants of capital adequacy and voluntary capital buffers among microfinance institutions (MFIs). We apply the two-stage least squares (2SLS) with instrumental variables to account for endogeneity. Using quarterly panel data of 439 MFIs in Ghana covering the period...