To support the continued expansion of their operations, microfinance institutions (MFIs) worldwide rely heavily on debt, which exposes them to bankruptcy risk. This underscores the need for prudent selection of debt instruments by MFIs. Therefore, this study aims to investigate the possible...

Maintaining an optimal level of liquidity remains a crucial agenda for firms to minimise liquidity risks. Therefore, the study aims to identify the drivers of liquidity by utilizing firm-level data of 1,544 microfinance institutions (MFIs), covering a total of 112 developing countries and a...