English
Análisis cuantitativo y cualitativo del desempeño del sistema micro financiero mexicano: 2005-20151040
Publicado:
may 9, 2022
Palabras clave:
Sustentabilidad financiera, Microfinancieras, ONG, Desempeño, Rentabilidad
Contenido principal del artículo
Resumen
El objetivo de esta investigación consiste en analizar la evolución del sistema micro financiero mexicano y su desempeño financiero y social, usando variables cuantitativas y cualitativas. Se recolectó datos de 25 entidades micro financieras, por un período de 11 años, se realizó un análisis descriptivo y correlacional. El principal hallazgo fue que pocas dominan el sector y obtienen retornos atractivos, la mayoría no tienen buen desempeño, principalmente por costos y gastos de operación elevados, morosidad en la recuperación de la cartera, baja retención de la clientela atendida, alta rotación del personal ocupado, fenómenos asociados a una débil eficiencia social. Lo que implica que son entes de baja competitividad, el valor de esta investigación radica en se lograron identificar y aplicar indicadores de desempeño tanto cuantitativos como cualitativos, concluyendo que los altos costos y gastos y la débil eficiencia social dan como resultado una baja rentabilidad en estos entes.
Descargas
Los datos de descargas todavía no están disponibles.
Detalles del artículo
Cómo citar
Bricard Abbadie, H. Y., Saavedra Garcia, M. L., & Vega, T. de J. V. (2022). Análisis cuantitativo y cualitativo del desempeño del sistema micro financiero mexicano: 2005-2015. Revista Del Centro De Investigación De La Universidad La Salle, 15(57), 59–100. https://doi.org/10.26457/recein.v15i57.3048
Sección
Artículos
Esta revista se encuentra bajo la licencia de Creative Commons, por tanto, los autores, al postular su artículo, lo adhieren a dicha licencia.
El autor puede disponer de su artículo para su archivo en repositorios institucionales o en páginas web personales, con la referencia y agradecimientos a la fuente donde se ha publicado.
El autor puede disponer de su artículo para su archivo en repositorios institucionales o en páginas web personales, con la referencia y agradecimientos a la fuente donde se ha publicado.
Citas
Accinelli, E., Sánchez, E. (2010). Los fundamentos estratégicos de las trampas de la pobreza. Revista de análisis de Economía, Comercio y Negocios Internacionales. http://publicaciones.eco.uaslp.mx/VOL5/Paper01-4(1).pdf
Accinelli, E., Sánchez, E. (2012). The evolutionary game of poverty traps, The Manchester School, 80(4) 381-400. Doi: 10 – 1111/j-1467-2011-02268-x
Ackerman, R. (1973). How companies respond to social demand. Harvard Business Review, 51(4), 88-98.
Alonso, J., Santiago, C., López-Moctezuma, C. & Tuesta, D. (2013). Mobile banking in Mexico as a mechanism for financial inclusion: recent developments and a closer look into the potential market, BBVA Research.
Armendariz, B. & Morduch, J. (2011). The Economics of Micro Finance (2 Ed.). USA: Massachussets Institute of Technology.
Ashbaugh-Skaife, H., Collins, D., LaFond, R. (2006). The effects of corporate governance on firms’ credit ratings. Journal of Accounting & Economics, 42(1-2), 203-243. https://doi.org/10.1016/j.jacceco.2006.02.003
Ashta, A. (2009). Microcredit Capital Flows and Interest Rates: An Alternative Explanation. Journal of Economics, 43(3), 681-684. doi: 10.2753/JEI0021- 3624430305
Attuel-Mendès, L. (2012). Is Microcredit a Real Innovation? Recent Developments in Alternative Finance. Empirical Assesments and Economic implications, International Symposia in Economic Theory and Econometrics, (22), 235-245. DOI: 10.1108/S1571-0386 (2012)0000022017
Balkenhol, B. y Valazza, A. (2010). Eficiencia y sostenibilidad en las microfinanzas, en Microfinanzas y políticas públicas, Objetivos de eficiencia para un sector responsable. Ginebra: Organización Internacional del Trabajo.
Barber, C., González, J., Moreno, R. y Franck, A. (2010). Microfinanzas en América Latina. Ciudad de México: Lid Editorial.
Beisland, L., Mersland, R., & Randøy, T. (2014a). Transparency and disclosure in the global microfinance industry: Implications for practice and policymakers. In J. Forssbaeck, & L. Oxelheim (Eds.), The Oxford Handbook of Political, Institutional and CorporateTransparency. New York: Oxford University Press; pp. 1-27.
Beisland, L., Mersland, R. & Randoy, T. (2014b). The Association between microfinance rating scores and corporate governance: a global survey, International Review of financial Analysis, (35), 268-280. DOI:10.1016/j.irfa.2014.10.012
Abdelkader, B., Hathroubi, B. & Mekki, M. (2014). Microfinance Institutions’Efficieny in the MENA Region: a Bootstrap-DEA approach. Research Journal of Finance and Accounting, 5(6), 179-191.
Berger M., Goldmark L., Miller-Sanabria T. (2007). El boom de las microfinanzas, el modelo latinoamericano visto desde adentro. Washington: Banco Interamericano de Desarrollo.
Bowen, H. (1953). Social Responsabilities of the Businessman. New York: Harper & Row.
Burdín G., Ferrando, M., Leites, M. y Salas, G. (2008). Trampas de pobreza: concepto y medición - Nueva evidencia sobre la dinámica de ingreso en Uruguay. Montevideo: Instituto de Economía, Universidad de la República.
Carroll, A. (1979). A Three-Dimensional Conceptual Model of Corporate Performance. Academy of Management Review, 4(4), 497-505.
Conning, J. (1999). Outreach, Sustainability and Leverage in Monitored and Peer-Monitored Lending. Journal of Development Economics, 60(1), 51-77. https://doi.org/10.1016/S0304-3878(99)00036-X
Copestake, J., Bhalotra, S. & Johnson, S. (2001). Assessing the impact of microcredit: A Zambian case study. Journal of Development Studies, 37(4), 81-100. DOI:10.1080/00220380412331322051
Cotler, P. y López Rodríguez, P. (2013). Las Microfinanzas en México, Instrumento de Desarrollo e Inclusión Financiera. Ciudad de México: IMEF, Fundación de Investigación.
Cull, R., Demirguc-Kunt, A. & Morduch, J. (2007). Financial Performance and Outreach: A Global Analysis of Leading MicroBanks. The Economic Journal, (117), 107-133. https://doi.org/10.1111/j.1468-0297.2007.02017.x
Cull, R., Demirguc-Kunt, A. & Morduch, J. (2009a). Does regulatory supervision curtail microfinance probability and outreach? World Development, 39(6), 949-965. https://doi.org/10.1016/j.worlddev.2009.10.016
Cull, R., Demirguc-Kunt, A. y Morduch, J. (2009b). Microfinance meets the market. Journal of Economic Perspectives, 23(1), 167-192. DOI: 10.1257/jep.23.1.167
Donaldson, T. y Preston, E. (1995). The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications. Academy of Management Review, 20(1), 65-91.
Duvendack, M., Palmer-Jones, R., Copestake, J., Hooper, L., Loke, Y. & Rao, N. (2011). What is the evidence of the impact of microfinance on the well-being of poor people? London: EPPI-Centre, Social Science Research Unit Institute of Education, University of London.
Economist Intelligence Unit (2014). Microscopio Global 2014: Análisis del entorno para la inclusión financiera. New York: FOMIN/BID, CAF, ACCION and Citi, EIU.
Evan, W. y Freeman, R. (1988). A Stakeholder Theory of the Corporation: Kantian Capitalism en T. Beauchamp y N. Bowie (ed.). Ethical Theory Business, pp. 75-98. New Jersey: Prentice Hall.
Freeman, R. y Phillips, R. (2002). Stakeholder Theory: A Libertarian Defence., Business Ethics Quarterly, 12 (3), 331-349.
García, C. y Olivié, I. (2003). Alcance versus desempeño financiero en los programas de microfinanzas: apuntes teóricos y algunos ejemplos. Revista de Economía Mundial, (9), 129-152.
Gutierrez-Goiria, J. y Goitisolo, B. (2011). Profitability and Social Performance of Microfinance Institutions: Empirical Evidence of Relations between Different Types of Variables. Revista de Economía Mundial, (27), 189-214.
Gutierrez-Goiria, J., San-José, L. & Retolaza, J.L. (2016). Social Efficiency in Microfinance Institutions. Identifying how to improve it. Journal of International Development, 29(2), 1-22. DOI: 10.1002/jid.3239
Gutierrez-Nieto B., Serrano C. & Molinero, M. (2009). Social efficiency in microfinance institutions. Journal of the Operational Research Society, 60(1), 104-119. https://doi.org/10.1057/palgrave.jors.2602527
Hartarska, V. (2005). Gobernance and performance of microfinance institutions in Central and Eastern Europe and the newly independent states. World Development, 33(10), 1627- 1643. https://doi.org/10.1016/j.worlddev.2005.06.001
Hastings, H. (2015). Global Microfinance Leaders Launch Initiatives to Prevent Over-Indebtedness and Translate Client Protection Principles into a Model Legal Framework, Responsible Inclusive Finance and Customer Empowerment, UMM Thematic Paper, by the e-MFP University Meets Microfinance Action Group, 14th University Meets Microfinance Workshop, Frankfurt School of Finance & Management, September 2015.
Hidalgo, N., Altamirano R., Zapata, E. y Martínez, B. (2005). Impacto económico de las microfinanzas dirigidas a mujeres en el Estado de Veracruz, México. Agrociencia (39), 351-359.
Hudon, M. (2008). Norms and values of the various microfinance institutions. International Journal of Social Economics, 35(1), 35-48. http://dx.doi.org/10.1108/03068290810843828
Hulme, D. (2000). Impact assessment methodologies for microfinance: Theory, experience and better practice. World Development, 28(1), 79–98. https://doi.org/10.1016/S0305-750X(99)00119-9
Kalira, T. & Rhyne, E. (2014). Customer-Centricity for Financial Inclusion. Wasghinton: CGAP, BRIEF 90 951. https://www.cgap.org/sites/default/files/Brief-Customer-Centricity-for-Financial-Inclusion-Jun-2014.pdf
Kaplan, R. y Norton, D. (1996). El cuadro de mando Integral. Barcelona: Gestión 2000, Grupo Planeta.
Karim, M. & Osada, M. (1998). Dropping out: An emerging factor in the success of microcredit-based poverty alleviation programs. The Development Economic, 36(3), 257-288. https://doi.org/10.1111/j.1746-1049.1998.tb00219.x
Kelly, S. & Rhyne, E. (2013). Growing Income. Growing Inclusion: How Rising Incomes at the Base of the Pyramid Will Shape Financial Inclusion. Financial Inclusion 2020 Project: Maping the Invisible Market. USA: Center for Financial Inclusion at Action.
Koveos, P. y Randhawa, D. (2004). Financial services for the poor: assessing microfinance institutions. Managerial Finance, 30(9), 70-95. http://dx.doi.org/10.1108/03074350410769281
Labie, M. & Mersland, R. (2011). Corporate gobernance challenges in micro finance. In B. Armendariz & B. Labie (Eds), The handbook of microfinance. Singapore: World Scientific Publishing; pp. 283-298. https://doi.org/10.1142/9789814295666_0013
Lanzi, D. (2008). Microfinance at a crossroads. Review of Banking, Finance and Monetary Economics, 37(2), 203-210. https://doi.org/10.1111/j.1468-0300.2008.00197.x
Lebovics, M., Hermes, N. y Hudon, M. (2015). Are financial and social efficiency mutually exclusive? A case study of Vietnamese microfinance institutions. Annales de l’économie publique, sociale et cooperative, 87(1), 1-32. https://doi.org/10.1111/apce.12085
Mar, C. (2009). Eficiencia social y financiera de las entidades de microcrédito, 3rd International Conference on Industrial Engineering and Industrial Management, XIII Congreso de Ingeniería de Organización Barcelona-Terrassa, September-2nd-4th, pp. 1115-1124.
Marulanda, B., Fajury, L., Paredes, M. y Gómez, F. (2010). Lo bueno de lo malo en Microfinanzas: lecciones aprendidas de experiencias fallidas en América Latina. Washington D.C.: Fondo Multilateral de Inversiones (FOMIN), Banco Interamericano de Desarrollo.
Matin, I., Hulme, D. & Rutherford, S. (2002). Finance for the poor: From microcredit to microfinancial services. Journal International Development, 14(2), 273-294. https://doi.org/10.1002/jid.874
Melé, D. (2007). Responsabilidad social de la empresa: una revisión crítica a las principales teorías. Ekonomiaz, Revista Vasca de Economía, 65(2), 50-67.
Mersland, R. & Strom, O. (2009. Performance and governance in microfinance institutions. Journal of Banking & Finance, (33), 662-669. doi:10.1016/j.jbankfin.2008.11.009
Meyer, J. (2013). Investing in Microfinance: An Analysis of Financial and Social Returns. Thesis of Doctor of Philosophy in Banking & Finance. University of Zurich.
MicroRate (2013). Microfinance Institution Tier Definitions.
www.microrate.com/media/downloads/2013/04/MicroRate-White-paper-Microfinance Institution-Tier-Definitions.pdf
MicroRate (2014). Indicadores de desempeño financiero y social para instituciones Microfinancieras, Guía Técnica. www.microrate.com/ /es/technical-guide-performance-and-social-indicators-for-microfinance-institutions-2014
MixMarket (MIX) (2014). Bulk annual Data 2014. The world Bank. Recuperado de: https://datacatalog.worldbank.org/dataset/mix-market
Moon, E. (2009). The great divide in microfinance: Political economy in microcosm. Moving Beyond Storytelling: Emerging Research in Microfinance, (92), 109-144. http://dx.doi.org/10.1108/S1569-3759(2009)0000092007
Mosley, P. (2001). Microfinance and poverty in Bolivia. Journal of Development Studies, 37(4), 101-132. https://doi.org/10.1080/00220380412331322061
Navajas, S., Schreiner, M., Meyer, L., González-Vega, C. & Rodríguez-Meza, J. (2000). Microcredit and the poorest of the poor: Theory and evidence from Bolivia. World Development, 28(2), 333-346. https://doi.org/10.1016/S0305-750X(99)00121-7
Nyapati, K. (2011). Stakeholder Analysis of IT Applications for Microfinance. En Advanced Technologies for Microfinance: Solutions and Challenges. Pennsylvania: IGI Global Publisher; pp. 1-17. DOI: 10.4018/978-1-61520-993-4.ch001
Pava, M. & Krausz, J. (1996). The Associationbetween Social Responsabilityy and Financial Performance: the Paradox of Social Cost. Journal of Business Ethics, 15(3), 321-357. DOI:10.1007/BF00382958
Pistelli, M., Geake, S. & González, A. (2012). Measuring governance in microfinance: Initial findings from a pilot project. MicroBanking Bulletin, 1-17
Pitt, M. M., & Khandker, S. R. (1998). The impact of group-based credit on poor households in Bangladesh: Does the gender of participants matter? Journal of Political Economy, (106), 958-996.
Quayes, S. & Hasan, T. (2014). Financial disclosure and performance of microfinance institutions. Journal of Accounting & Organizational Change, 10(3), 314-337. http://dx.doi.org/10.1108/JAOC-12-2011-0067
Rhyne, E. y Guimon, A. (2007). Oferta pública Inicial de Banco Compartamos. Acción Insight, (23), 1-20.
Robinson, M. (2001). The Microfinance Revolution: Sustainable finance for the poor. Washington, DC: The World Bank.
Rodríguez, F. (2009). ¿Está América Latina sumida en una trampa de la pobreza? Serie Macroeconomía del Desarrollo. Santiago de Chile: CEPAL.
Roodman, D. & Morduch, J. (2014). The Impact of Microcredit on the Poor in Bangladesh: Revisiting the Evidence. Journal of Development Studies, 50(4), 583-604. DOI:10.1080/00220388.2013.858122
Rosenberg, R. (2007). CGAP reflections on the compartamos initial public offering: a case study on microfinance interest rates and profits. Focus Note No 42. Washington, D. C.: World Bank Group.
Sánchez, C., Corella, M. (2010). La participación de la banca comercial en las microfinanzas: el caso de América Latina. Revista Internacional Administración & Finanzas (RIAF), 3(2), 31-147.
San José L., Retolaza, JL., Pruñonosa JT. (2014). Efficiency in Spanish banking: A multistakeholder approach analysis. Journal of International Financial Markets Institutions and Money, (32), 240-255. DOI: 10.1016/j.intfin 2014.06.005
Schreiner, M. (1999). A Framework for measuring the Performance and Sustainability of Subsdized Development Finance Institutions, https://www.microfinance.com/English/Papers/Framework_for_Measurement.pdf
Schreiner, M. (2011). A Simple Poverty Scorecard for México. Well-being and Social Policy, 7(1), 47-85.
Sethi, S. (1975). Dimensions of Corporate Social performance: An Analytical Framework. California Management Review, 17(3), 58-64.
Schicks, J., & Rosenberg, R. (2011). Too Much Microcredit?: A Survey of Issues and Evidence on Over-Indebtedness among Micro-Borrowers. CGAP Occasional Paper, (19), 1-43.
Shrader, L. & Duflos, E. (2014). China: A New Paradigm in Branchless Banking? CGAP, Consultative Group to Assist the Poor, Working Paper, march.
Stocco, E. y Goizueta, J. (2012). Las Microfinanzas: una comparativa en siete regiones del mundo. Tesis de grado de Master para el Desarrollo. Universidad Autónoma de Madrid. España: UAM.
Trigo, J., Devaney, L. y Rhyne E. (2004). Supervisión y Regulación de las Microfinanzas en el Contexto de la Liberación del Sector Financiero, Las experiencias de Bolivia, Colombia y México. Nueva York: Fundación Tinker.
Vélez, I. (1999). Creación de valor. Colombia: Universidad Pontificia Javeriana.
Widiarto, E. (2015). Social and Financial Efficiency of Islamic Microfinance Institutions: a Data Envelopment Analisis Application. Socio Economic Planning Sciences, (50), 1-17. DOI: 10. 1016/ j.seps 2014, 12.001
Wu, E. & Harris, G. (2014). The role of Microfinance Ratings in the Sustainable Development of China’s Financial Inclusion Sector. China: Planet Finance China and Planet Rating.
Yaron, J. (1994). What makes rural finance institutions successful? The World Bank Research Observer, 9(1), 49–70. https://www.jstor.org/stable/3986549
Yunus, M. (2007). Remarks by Muhammad Yunus, Managing Director, Grameen Bank. Microcredit Summit E-News, 5(1),1.
Zeller, M., Sharma, M., Henry, C. & Lapenu, C. (2002). An operational tool for evaluating poverty outreach of development policies and projects. In: Zeller M and Meyer RL (eds). The Triangle of Microfinance. London: John Hopkins University Press; pp. 172–191.
Accinelli, E., Sánchez, E. (2012). The evolutionary game of poverty traps, The Manchester School, 80(4) 381-400. Doi: 10 – 1111/j-1467-2011-02268-x
Ackerman, R. (1973). How companies respond to social demand. Harvard Business Review, 51(4), 88-98.
Alonso, J., Santiago, C., López-Moctezuma, C. & Tuesta, D. (2013). Mobile banking in Mexico as a mechanism for financial inclusion: recent developments and a closer look into the potential market, BBVA Research.
Armendariz, B. & Morduch, J. (2011). The Economics of Micro Finance (2 Ed.). USA: Massachussets Institute of Technology.
Ashbaugh-Skaife, H., Collins, D., LaFond, R. (2006). The effects of corporate governance on firms’ credit ratings. Journal of Accounting & Economics, 42(1-2), 203-243. https://doi.org/10.1016/j.jacceco.2006.02.003
Ashta, A. (2009). Microcredit Capital Flows and Interest Rates: An Alternative Explanation. Journal of Economics, 43(3), 681-684. doi: 10.2753/JEI0021- 3624430305
Attuel-Mendès, L. (2012). Is Microcredit a Real Innovation? Recent Developments in Alternative Finance. Empirical Assesments and Economic implications, International Symposia in Economic Theory and Econometrics, (22), 235-245. DOI: 10.1108/S1571-0386 (2012)0000022017
Balkenhol, B. y Valazza, A. (2010). Eficiencia y sostenibilidad en las microfinanzas, en Microfinanzas y políticas públicas, Objetivos de eficiencia para un sector responsable. Ginebra: Organización Internacional del Trabajo.
Barber, C., González, J., Moreno, R. y Franck, A. (2010). Microfinanzas en América Latina. Ciudad de México: Lid Editorial.
Beisland, L., Mersland, R., & Randøy, T. (2014a). Transparency and disclosure in the global microfinance industry: Implications for practice and policymakers. In J. Forssbaeck, & L. Oxelheim (Eds.), The Oxford Handbook of Political, Institutional and CorporateTransparency. New York: Oxford University Press; pp. 1-27.
Beisland, L., Mersland, R. & Randoy, T. (2014b). The Association between microfinance rating scores and corporate governance: a global survey, International Review of financial Analysis, (35), 268-280. DOI:10.1016/j.irfa.2014.10.012
Abdelkader, B., Hathroubi, B. & Mekki, M. (2014). Microfinance Institutions’Efficieny in the MENA Region: a Bootstrap-DEA approach. Research Journal of Finance and Accounting, 5(6), 179-191.
Berger M., Goldmark L., Miller-Sanabria T. (2007). El boom de las microfinanzas, el modelo latinoamericano visto desde adentro. Washington: Banco Interamericano de Desarrollo.
Bowen, H. (1953). Social Responsabilities of the Businessman. New York: Harper & Row.
Burdín G., Ferrando, M., Leites, M. y Salas, G. (2008). Trampas de pobreza: concepto y medición - Nueva evidencia sobre la dinámica de ingreso en Uruguay. Montevideo: Instituto de Economía, Universidad de la República.
Carroll, A. (1979). A Three-Dimensional Conceptual Model of Corporate Performance. Academy of Management Review, 4(4), 497-505.
Conning, J. (1999). Outreach, Sustainability and Leverage in Monitored and Peer-Monitored Lending. Journal of Development Economics, 60(1), 51-77. https://doi.org/10.1016/S0304-3878(99)00036-X
Copestake, J., Bhalotra, S. & Johnson, S. (2001). Assessing the impact of microcredit: A Zambian case study. Journal of Development Studies, 37(4), 81-100. DOI:10.1080/00220380412331322051
Cotler, P. y López Rodríguez, P. (2013). Las Microfinanzas en México, Instrumento de Desarrollo e Inclusión Financiera. Ciudad de México: IMEF, Fundación de Investigación.
Cull, R., Demirguc-Kunt, A. & Morduch, J. (2007). Financial Performance and Outreach: A Global Analysis of Leading MicroBanks. The Economic Journal, (117), 107-133. https://doi.org/10.1111/j.1468-0297.2007.02017.x
Cull, R., Demirguc-Kunt, A. & Morduch, J. (2009a). Does regulatory supervision curtail microfinance probability and outreach? World Development, 39(6), 949-965. https://doi.org/10.1016/j.worlddev.2009.10.016
Cull, R., Demirguc-Kunt, A. y Morduch, J. (2009b). Microfinance meets the market. Journal of Economic Perspectives, 23(1), 167-192. DOI: 10.1257/jep.23.1.167
Donaldson, T. y Preston, E. (1995). The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications. Academy of Management Review, 20(1), 65-91.
Duvendack, M., Palmer-Jones, R., Copestake, J., Hooper, L., Loke, Y. & Rao, N. (2011). What is the evidence of the impact of microfinance on the well-being of poor people? London: EPPI-Centre, Social Science Research Unit Institute of Education, University of London.
Economist Intelligence Unit (2014). Microscopio Global 2014: Análisis del entorno para la inclusión financiera. New York: FOMIN/BID, CAF, ACCION and Citi, EIU.
Evan, W. y Freeman, R. (1988). A Stakeholder Theory of the Corporation: Kantian Capitalism en T. Beauchamp y N. Bowie (ed.). Ethical Theory Business, pp. 75-98. New Jersey: Prentice Hall.
Freeman, R. y Phillips, R. (2002). Stakeholder Theory: A Libertarian Defence., Business Ethics Quarterly, 12 (3), 331-349.
García, C. y Olivié, I. (2003). Alcance versus desempeño financiero en los programas de microfinanzas: apuntes teóricos y algunos ejemplos. Revista de Economía Mundial, (9), 129-152.
Gutierrez-Goiria, J. y Goitisolo, B. (2011). Profitability and Social Performance of Microfinance Institutions: Empirical Evidence of Relations between Different Types of Variables. Revista de Economía Mundial, (27), 189-214.
Gutierrez-Goiria, J., San-José, L. & Retolaza, J.L. (2016). Social Efficiency in Microfinance Institutions. Identifying how to improve it. Journal of International Development, 29(2), 1-22. DOI: 10.1002/jid.3239
Gutierrez-Nieto B., Serrano C. & Molinero, M. (2009). Social efficiency in microfinance institutions. Journal of the Operational Research Society, 60(1), 104-119. https://doi.org/10.1057/palgrave.jors.2602527
Hartarska, V. (2005). Gobernance and performance of microfinance institutions in Central and Eastern Europe and the newly independent states. World Development, 33(10), 1627- 1643. https://doi.org/10.1016/j.worlddev.2005.06.001
Hastings, H. (2015). Global Microfinance Leaders Launch Initiatives to Prevent Over-Indebtedness and Translate Client Protection Principles into a Model Legal Framework, Responsible Inclusive Finance and Customer Empowerment, UMM Thematic Paper, by the e-MFP University Meets Microfinance Action Group, 14th University Meets Microfinance Workshop, Frankfurt School of Finance & Management, September 2015.
Hidalgo, N., Altamirano R., Zapata, E. y Martínez, B. (2005). Impacto económico de las microfinanzas dirigidas a mujeres en el Estado de Veracruz, México. Agrociencia (39), 351-359.
Hudon, M. (2008). Norms and values of the various microfinance institutions. International Journal of Social Economics, 35(1), 35-48. http://dx.doi.org/10.1108/03068290810843828
Hulme, D. (2000). Impact assessment methodologies for microfinance: Theory, experience and better practice. World Development, 28(1), 79–98. https://doi.org/10.1016/S0305-750X(99)00119-9
Kalira, T. & Rhyne, E. (2014). Customer-Centricity for Financial Inclusion. Wasghinton: CGAP, BRIEF 90 951. https://www.cgap.org/sites/default/files/Brief-Customer-Centricity-for-Financial-Inclusion-Jun-2014.pdf
Kaplan, R. y Norton, D. (1996). El cuadro de mando Integral. Barcelona: Gestión 2000, Grupo Planeta.
Karim, M. & Osada, M. (1998). Dropping out: An emerging factor in the success of microcredit-based poverty alleviation programs. The Development Economic, 36(3), 257-288. https://doi.org/10.1111/j.1746-1049.1998.tb00219.x
Kelly, S. & Rhyne, E. (2013). Growing Income. Growing Inclusion: How Rising Incomes at the Base of the Pyramid Will Shape Financial Inclusion. Financial Inclusion 2020 Project: Maping the Invisible Market. USA: Center for Financial Inclusion at Action.
Koveos, P. y Randhawa, D. (2004). Financial services for the poor: assessing microfinance institutions. Managerial Finance, 30(9), 70-95. http://dx.doi.org/10.1108/03074350410769281
Labie, M. & Mersland, R. (2011). Corporate gobernance challenges in micro finance. In B. Armendariz & B. Labie (Eds), The handbook of microfinance. Singapore: World Scientific Publishing; pp. 283-298. https://doi.org/10.1142/9789814295666_0013
Lanzi, D. (2008). Microfinance at a crossroads. Review of Banking, Finance and Monetary Economics, 37(2), 203-210. https://doi.org/10.1111/j.1468-0300.2008.00197.x
Lebovics, M., Hermes, N. y Hudon, M. (2015). Are financial and social efficiency mutually exclusive? A case study of Vietnamese microfinance institutions. Annales de l’économie publique, sociale et cooperative, 87(1), 1-32. https://doi.org/10.1111/apce.12085
Mar, C. (2009). Eficiencia social y financiera de las entidades de microcrédito, 3rd International Conference on Industrial Engineering and Industrial Management, XIII Congreso de Ingeniería de Organización Barcelona-Terrassa, September-2nd-4th, pp. 1115-1124.
Marulanda, B., Fajury, L., Paredes, M. y Gómez, F. (2010). Lo bueno de lo malo en Microfinanzas: lecciones aprendidas de experiencias fallidas en América Latina. Washington D.C.: Fondo Multilateral de Inversiones (FOMIN), Banco Interamericano de Desarrollo.
Matin, I., Hulme, D. & Rutherford, S. (2002). Finance for the poor: From microcredit to microfinancial services. Journal International Development, 14(2), 273-294. https://doi.org/10.1002/jid.874
Melé, D. (2007). Responsabilidad social de la empresa: una revisión crítica a las principales teorías. Ekonomiaz, Revista Vasca de Economía, 65(2), 50-67.
Mersland, R. & Strom, O. (2009. Performance and governance in microfinance institutions. Journal of Banking & Finance, (33), 662-669. doi:10.1016/j.jbankfin.2008.11.009
Meyer, J. (2013). Investing in Microfinance: An Analysis of Financial and Social Returns. Thesis of Doctor of Philosophy in Banking & Finance. University of Zurich.
MicroRate (2013). Microfinance Institution Tier Definitions.
www.microrate.com/media/downloads/2013/04/MicroRate-White-paper-Microfinance Institution-Tier-Definitions.pdf
MicroRate (2014). Indicadores de desempeño financiero y social para instituciones Microfinancieras, Guía Técnica. www.microrate.com/ /es/technical-guide-performance-and-social-indicators-for-microfinance-institutions-2014
MixMarket (MIX) (2014). Bulk annual Data 2014. The world Bank. Recuperado de: https://datacatalog.worldbank.org/dataset/mix-market
Moon, E. (2009). The great divide in microfinance: Political economy in microcosm. Moving Beyond Storytelling: Emerging Research in Microfinance, (92), 109-144. http://dx.doi.org/10.1108/S1569-3759(2009)0000092007
Mosley, P. (2001). Microfinance and poverty in Bolivia. Journal of Development Studies, 37(4), 101-132. https://doi.org/10.1080/00220380412331322061
Navajas, S., Schreiner, M., Meyer, L., González-Vega, C. & Rodríguez-Meza, J. (2000). Microcredit and the poorest of the poor: Theory and evidence from Bolivia. World Development, 28(2), 333-346. https://doi.org/10.1016/S0305-750X(99)00121-7
Nyapati, K. (2011). Stakeholder Analysis of IT Applications for Microfinance. En Advanced Technologies for Microfinance: Solutions and Challenges. Pennsylvania: IGI Global Publisher; pp. 1-17. DOI: 10.4018/978-1-61520-993-4.ch001
Pava, M. & Krausz, J. (1996). The Associationbetween Social Responsabilityy and Financial Performance: the Paradox of Social Cost. Journal of Business Ethics, 15(3), 321-357. DOI:10.1007/BF00382958
Pistelli, M., Geake, S. & González, A. (2012). Measuring governance in microfinance: Initial findings from a pilot project. MicroBanking Bulletin, 1-17
Pitt, M. M., & Khandker, S. R. (1998). The impact of group-based credit on poor households in Bangladesh: Does the gender of participants matter? Journal of Political Economy, (106), 958-996.
Quayes, S. & Hasan, T. (2014). Financial disclosure and performance of microfinance institutions. Journal of Accounting & Organizational Change, 10(3), 314-337. http://dx.doi.org/10.1108/JAOC-12-2011-0067
Rhyne, E. y Guimon, A. (2007). Oferta pública Inicial de Banco Compartamos. Acción Insight, (23), 1-20.
Robinson, M. (2001). The Microfinance Revolution: Sustainable finance for the poor. Washington, DC: The World Bank.
Rodríguez, F. (2009). ¿Está América Latina sumida en una trampa de la pobreza? Serie Macroeconomía del Desarrollo. Santiago de Chile: CEPAL.
Roodman, D. & Morduch, J. (2014). The Impact of Microcredit on the Poor in Bangladesh: Revisiting the Evidence. Journal of Development Studies, 50(4), 583-604. DOI:10.1080/00220388.2013.858122
Rosenberg, R. (2007). CGAP reflections on the compartamos initial public offering: a case study on microfinance interest rates and profits. Focus Note No 42. Washington, D. C.: World Bank Group.
Sánchez, C., Corella, M. (2010). La participación de la banca comercial en las microfinanzas: el caso de América Latina. Revista Internacional Administración & Finanzas (RIAF), 3(2), 31-147.
San José L., Retolaza, JL., Pruñonosa JT. (2014). Efficiency in Spanish banking: A multistakeholder approach analysis. Journal of International Financial Markets Institutions and Money, (32), 240-255. DOI: 10.1016/j.intfin 2014.06.005
Schreiner, M. (1999). A Framework for measuring the Performance and Sustainability of Subsdized Development Finance Institutions, https://www.microfinance.com/English/Papers/Framework_for_Measurement.pdf
Schreiner, M. (2011). A Simple Poverty Scorecard for México. Well-being and Social Policy, 7(1), 47-85.
Sethi, S. (1975). Dimensions of Corporate Social performance: An Analytical Framework. California Management Review, 17(3), 58-64.
Schicks, J., & Rosenberg, R. (2011). Too Much Microcredit?: A Survey of Issues and Evidence on Over-Indebtedness among Micro-Borrowers. CGAP Occasional Paper, (19), 1-43.
Shrader, L. & Duflos, E. (2014). China: A New Paradigm in Branchless Banking? CGAP, Consultative Group to Assist the Poor, Working Paper, march.
Stocco, E. y Goizueta, J. (2012). Las Microfinanzas: una comparativa en siete regiones del mundo. Tesis de grado de Master para el Desarrollo. Universidad Autónoma de Madrid. España: UAM.
Trigo, J., Devaney, L. y Rhyne E. (2004). Supervisión y Regulación de las Microfinanzas en el Contexto de la Liberación del Sector Financiero, Las experiencias de Bolivia, Colombia y México. Nueva York: Fundación Tinker.
Vélez, I. (1999). Creación de valor. Colombia: Universidad Pontificia Javeriana.
Widiarto, E. (2015). Social and Financial Efficiency of Islamic Microfinance Institutions: a Data Envelopment Analisis Application. Socio Economic Planning Sciences, (50), 1-17. DOI: 10. 1016/ j.seps 2014, 12.001
Wu, E. & Harris, G. (2014). The role of Microfinance Ratings in the Sustainable Development of China’s Financial Inclusion Sector. China: Planet Finance China and Planet Rating.
Yaron, J. (1994). What makes rural finance institutions successful? The World Bank Research Observer, 9(1), 49–70. https://www.jstor.org/stable/3986549
Yunus, M. (2007). Remarks by Muhammad Yunus, Managing Director, Grameen Bank. Microcredit Summit E-News, 5(1),1.
Zeller, M., Sharma, M., Henry, C. & Lapenu, C. (2002). An operational tool for evaluating poverty outreach of development policies and projects. In: Zeller M and Meyer RL (eds). The Triangle of Microfinance. London: John Hopkins University Press; pp. 172–191.