This paper presents an empirical analysis of the significance of operational efficiency on MFIs operating costs using both a cross-section and a balanced panel data approach. Using a sample of 750 microfinance institutions operating in Asia, Latin America and Sub-Saharan Africa, the analysis...

The empirical literature over the past decade has often addressed the issue of operational efficiency within microfinance institutions. This paper extends Arnone, Bellavite Pellegrini and Messa (2010), which recognized the importance of strictly financial aspects of MFIs, nearing them to the...

The 2003 Italian Corporate Law Reform, establishing one-tier vs. two-tier board for listed and unlisted joint stock companies, introduced alternative corporate governance systems. This study implements probit regressions in order to compare 548 unlisted firms: corporations with best performances...

The literature on corporate governance has investigated the relationship between the adoption of a corporate governance system and firms’ performance, but it seems to ignore the issue of costs of the body corporate members among different systems, i.e. the traditional and alternative models,...