دانلود مقاله ISI انگلیسی شماره 80811
ترجمه فارسی عنوان مقاله

چارچوب نهادی و ساختار سرمایه موسسات تامین مالی خرد

عنوان انگلیسی
Institutional framework and capital structure of microfinance institutions
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
80811 2014 13 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Business Research, Volume 67, Issue 10, October 2014, Pages 2185–2197

ترجمه کلمات کلیدی
قدرت حقوق قانونی؛ توسعه بخش مالی؛ ساختار سرمایه؛ قرضه های کوچک
کلمات کلیدی انگلیسی
G21; G24; G32Strength of legal rights; Financial sector development; Capital structure; Microfinance
پیش نمایش مقاله
پیش نمایش مقاله  چارچوب نهادی و ساختار سرمایه موسسات تامین مالی خرد

چکیده انگلیسی

This article addresses the question of whether institutional frameworks matter in the capital structure of microfinance institutions. We studied a sample of 292 MFIs between 2004 and 2009. Our findings suggest that creditor rights, a country's legal tradition, and the level of financial sector development are significantly related to MFIs' level of external finance. Furthermore, the positive relationship between banking sector development and borrowings enables us to conclude that the microfinance sector and the formal banking sector are complementary. In addition, a split sample technique is used in order to assess the external validity of the model. Findings from this cross-validation strengthen the results obtained from the whole sample and indicate that our model seems to predict well the effect of institutional variables on the capital structure of MFIs.