Purpose – The purpose of this paper is to find out whether investors tend to reward firms that resist the urge to borrow and operated with debt free balance sheet and penalize firms that have high levels of debt. Design/methodology/approach – The performance of portfolios of debt free firms...

Purpose – The purpose of this paper is to examine the impact of commercialization on capital structure, mission and performance of microfinance institutions (MFIs). Design/methodology/approach – Robust estimation techniques ranging from simple OLS to fixed and random effects, Tobit and...

Purpose – The purpose of this paper is to examine the impact of commercialization on capital structure, mission and performance of microfinance institutions (MFIs). Design/methodology/approach – Robust estimation techniques ranging from simple OLS to fixed and random effects, Tobit and...