[go: up one dir, main page]
IDEAS home Printed from https://ideas.repec.org/a/fst/rfsisf/v4y2018i3p104-119.html
   My bibliography  Save this article

Influența structurii capitalului asupra performanței financiare a instituțiilor de microfinanțare

Author

Listed:
  • Răzvan Gabriel Hăpău

    (Academia de Studii Economice, Bucureşti, România)

Abstract
Lucrarea își propune să investigheze impactul structurii capitalului asupra performanței financiare a instituțiilor de microfinanțare(IMF-uri) utilizând un eșantion format din 89 de instituții la nivelul a 35 de țări utilizând datele furnizate de platforma MIX Market pentru anul 2015. Astfel, lucrarea se concentrează pe două obiective principale: primul se referă la evaluarea performanței financiare a instituțiilor de microfinanțare utilizând o măsură sintetică-un indice compozit pe baza meteodei analizei în componente principale utilizând mai mulți indicatori financiari, iar al doilea se referă la evaluarea impactul structurii capitalului asupra indicelui compozit al performanței financiare a IMF-urilor, utilizând analiza de regresie și considerând trei proxy-uri pentru structura capitalului, raportul depozite/total active, raportul datorii totale/capitaluri proprii și raportul capital/active precum și o varietate de variabile de control specifice IMF-urilor. Rezultatele empirice au evidențiat doi factori importanți pentru performanța financiară a IMF-urilor: marja de profit și randamentul brut al portofoliului de credite. Pe baza rezultatelor indicelui compozit, Mexic, Azerbaijan, Bolivia, Nepal, Romania, Moldova, Egipt, Armenia și Bolivia sunt considerate a fi poli de performanță în domeniul microfinanțării. În România, cele mai bune performanțe au fost înregistrate de Express Finance, în timp ce la polul opus se află OMRO și Pro-Credit, instituții care au avut rezultate slabe. Analizând impactul structurii capitalului asupra performanței financiare a IMFurilor, un impact semnificativ și pozitiv a fost evidențiat de raportul capital /active, în timp ce pentru celelalte două variabile proxy, orice tip de potențială influență a fost infirmată. Prin urmare, o valoarea mai mare a raportului capital/active totale este asociat pozitiv cu o performanță financiară mai ridicată a instituției de microfinanțare.

Suggested Citation

  • Răzvan Gabriel Hăpău, 2018. "Influența structurii capitalului asupra performanței financiare a instituțiilor de microfinanțare," Journal of Financial Studies, Institute of Financial Studies, vol. 4(3), pages 104-119, June.
    • Handle: RePEc:fst:rfsisf:v:4:y:2018:i:3:p:104-119
    as

    Download full text from publisher

    File URL: https://revista.isfin.ro/wp-content/uploads/2020/07/5.7_Razvan-Hapau_RO_revizuit-nr4.pdf
    Download Restriction: no
    File URL: https://revista.isfin.ro/2020/07/30/influenta-structurii-capitalului-asupra-performantei-financiare-a-institutiilor-de-microfinantare-razvan-gabriel-hapau/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. repec:bla:jfinan:v:43:y:1988:i:1:p:1-19 is not listed on IDEAS
    2. Michela Nardo & Michaela Saisana & Andrea Saltelli & Stefano Tarantola & Anders Hoffman & Enrico Giovannini, 2005. "Handbook on Constructing Composite Indicators: Methodology and User Guide," OECD Statistics Working Papers 2005/3, OECD Publishing.
    3. Joseph E. Stiglitz, 1972. "Some Aspects of the Pure Theory of Corporate Finance: Bankruptcies and Take-Overs," Bell Journal of Economics, The RAND Corporation, vol. 3(2), pages 458-482, Autumn.
    4. Titman, Sheridan, 1984. "The effect of capital structure on a firm's liquidation decision," Journal of Financial Economics, Elsevier, vol. 13(1), pages 137-151, March.
    5. Morduch, Jonathan, 2000. "The Microfinance Schism," World Development, Elsevier, vol. 28(4), pages 617-629, April.
    6. Tchakoute-Tchuigoua, Hubert, 2010. "Is there a difference in performance by the legal status of microfinance institutions?," The Quarterly Review of Economics and Finance, Elsevier, vol. 50(4), pages 436-442, November.
    7. Rajan, Raghuram G & Zingales, Luigi, 1995. "What Do We Know about Capital Structure? Some Evidence from International Data," Journal of Finance, American Finance Association, vol. 50(5), pages 1421-1460, December.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Correia, Ricardo & Población, Javier, 2015. "A structural model with Explicit Distress," Journal of Banking & Finance, Elsevier, vol. 58(C), pages 112-130.
    2. Tsoy Lyubov & Almas Heshmati, 2023. "Impact Of Financial Crises On The Dynamics Of Capital Structure: Evidence From Korean Listed Companies," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 68(03), pages 867-898, June.
    3. Rafael Garcia & António Cerqueira & Elísio Brandão, 2016. "Determinants of capital structure of firms: an analysis on the Euro Zone and the U.K," FEP Working Papers 584, Universidade do Porto, Faculdade de Economia do Porto.
    4. Bamiatzi, Vassiliki & Efthyvoulou, Georgios & Jabbour, Liza, 2017. "Foreign vs domestic ownership on debt reduction: An investigation of acquisition targets in Italy and Spain," International Business Review, Elsevier, vol. 26(5), pages 801-815.
    5. Serrano-Cinca, Carlos & Gutiérrez-Nieto, Begoña, 2014. "Microfinance, the long tail and mission drift," International Business Review, Elsevier, vol. 23(1), pages 181-194.
    6. Cook, Douglas O. & Fu, Xudong & Tang, Tian, 2016. "Are target leverage ratios stable? Investigating the impact of corporate asset restructuring," Journal of Empirical Finance, Elsevier, vol. 35(C), pages 150-168.
    7. Vo, Xuan Vinh & Ellis, Craig, 2017. "An empirical investigation of capital structure and firm value in Vietnam," Finance Research Letters, Elsevier, vol. 22(C), pages 90-94.
    8. Antonczyk, Ron Christian & Salzmann, Astrid Juliane, 2014. "Overconfidence and optimism: The effect of national culture on capital structure," Research in International Business and Finance, Elsevier, vol. 31(C), pages 132-151.
    9. Agha Jahanzeb & Norkhairul Hafiz Bajuri & Aisha Ghori & David McMillan, 2015. "Market power versus capital structure determinants: Do they impact leverage?," Cogent Economics & Finance, Taylor & Francis Journals, vol. 3(1), pages 1017948-101, December.
    10. Niels Hermes & Marek Hudon, 2018. "Determinants Of The Performance Of Microfinance Institutions: A Systematic Review," Journal of Economic Surveys, Wiley Blackwell, vol. 32(5), pages 1483-1513, December.
    11. Harford, Jarrad & Klasa, Sandy & Walcott, Nathan, 2009. "Do firms have leverage targets? Evidence from acquisitions," Journal of Financial Economics, Elsevier, vol. 93(1), pages 1-14, July.
    12. Kim, Hyunseob, 2020. "How does labor market size affect firm capital structure? Evidence from large plant openings," Journal of Financial Economics, Elsevier, vol. 138(1), pages 277-294.
    13. Bayan M Arqawi & William J Bertin & Laurie Prather, 2014. "The impact of product warranties on the capital structure of Australian firms," Australian Journal of Management, Australian School of Business, vol. 39(2), pages 207-225, May.
    14. Nivorozhkin, Eugene, 2005. "Financing choices of firms in EU accession countries," Emerging Markets Review, Elsevier, vol. 6(2), pages 138-169, June.
    15. Kuriakose, Francis & Joseph, Janssen, 2020. "Microfinance and Human Development in Kerala," MPRA Paper 98393, University Library of Munich, Germany.
    16. Nguyen Tra Ngoc Vy, 2016. "Does Profitability affect Debt Ratio? Evidence from Vietnam Listed Firms," Journal of Finance and Economics Research, Geist Science, Iqra University, Faculty of Business Administration, vol. 1(2), pages 87-100, October.
    17. Carlos Serrano-Cinca & Begoña Gutiérrez-Nieto & Beatriz Cuéllar Fernández & Yolanda Fuertes-Callén, 2013. "Poverty penalty and microfinance," Working Papers CEB 13-029, ULB -- Universite Libre de Bruxelles.
    18. Rizov, Marian, 2008. "Corporate capital structure and how soft budget constraints may affect it," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 22(4), pages 648-684.
    19. John K. Wald, 1999. "How Firm Characteristics Affect Capital Structure: An International Comparison," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 22(2), pages 161-187, June.
    20. Sumit K. Majumdar & Rabih Moussawi & Ulku Yaylacicegi, 2018. "Capital Structure and Mergers: Retrospective Evidence from a Natural Experiment," Journal of Industry, Competition and Trade, Springer, vol. 18(4), pages 449-472, December.

    More about this item

    Keywords

    instituții de microfinanțare; structura capitalului; performanța financiară; analiza in componente principale; analiza de regresie;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • C38 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Classification Methdos; Cluster Analysis; Principal Components; Factor Analysis
    • C40 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fst:rfsisf:v:4:y:2018:i:3:p:104-119. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Cosmin Catalin Olteanu (email available below). General contact details of provider: https://edirc.repec.org/data/isfinro.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.