Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/303889 
Year of Publication: 
2022
Citation: 
[Journal:] Cogent Economics & Finance [ISSN:] 2332-2039 [Volume:] 10 [Issue:] 1 [Article No.:] 2153411 [Year:] 2022 [Pages:] 1-17
Publisher: 
Taylor & Francis, Abingdon
Abstract: 
This study primarily investigates the effect of financial sustainability on capital leverage in microfinance setting. In doing this, this study looks at operating performance of 45 commercial microfinance institutions under current dual pressure of downturn and deleveraging in China. Empirically, this study employs the system GMM to observe a robustly small and negative impact of financial sustainability on capital leverage. Furthermore, this study presents a conclusion with evidence by mediation analysis that profitability exhibits a suppressing effect on the relationship between financial sustainability and capital leverage. Theoretically, this study verifies that the impact of financial sustainability on capital structure obeys the pecking order theory.
Subjects: 
capital leverage
Financial sustainability
microfinance institutions
profitability
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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