Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/340484 
Year of Publication: 
2024
Citation: 
[Journal:] Borsa İstanbul Review [ISSN:] 2214-8469 [Volume:] 24 [Issue:] 3 [Year:] 2024 [Pages:] 530-548
Publisher: 
Elsevier, Amsterdam
Abstract: 
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 influence of board gender diversity on the choice of debt instruments utilized by MFIs. Data from unique 1670 MFIs in 93 countries, spanning the period of 2010-2018, were collected from the World Bank and analyzed using various econometric methods, including Random Effects Model (REM), Fixed Effects Model (FEM), Pooled Ordinary Least Squares (POLS), Generalized Least Squares (GLS), and endogeneity-corrected techniques such as the Generalized Method of Moments (GMM). The study revealed that gender-diverse boards tend to utilize fewer debt instruments, reflecting the risk-averse nature of the female board members, as observed in the existing literature. However, the statistical significance of these outcomes varies depending on the specific debt, proxies, sub-sample, and econometric methods considered in the analysis.
Subjects: 
Board gender diversity
Debt
Female board members
Leverage
Microfinance
Microfinance institutions
JEL: 
J21
L31
M14
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Article
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