Taking Trade-offs Seriously: Examining the Contextually Contingent Relationship Between Social Outreach Intensity and Financial Sustainability in Global Microfinance

References

• Adger WN (2006) Vulnerability. Global Environ. Change 16(3):268–281.Crossref, Google Scholar
• Alesina A, Baqir R, Easterly W (1999) Public goods and ethnic division. Quart. J. Econom. 114(4):1243–1284.Crossref, Google Scholar
• Alesina A, Devleeschauwer A, Easterly W, Kurlat S, Wacziarg R (2003) Fractionalization. J. Econom. Growth 8(2):155–195.Crossref, Google Scholar
• Anderson J, Billou N (2007) Serving the world’s poor: Innovation at the base of the economic pyramid. J. Bus. Strategy 28(2):14–21.Crossref, Google Scholar
• Armendariz B, Morduch J (2010) Economics of Microfinance, 2nd ed. (MIT Press, Cambridge, MA).Google Scholar
• Ault JK (2016) An institutional perspective on the social outcome of entrepreneurship: Commercial microfinance and inclusive markets. J. Internat. Bus. Stud. 47(8)951–967.Crossref, Google Scholar
• Ault JK, Spicer A (2014) The institutional context of poverty: State fragility as a predictor of cross-national variation in commercial microfinance lending. Strategic Management J. 35(12):1818–1838.Crossref, Google Scholar
• Baldwin K, Huber JD (2010) Economic versus cultural differences: Forms of ethnic diversity and public goods provision. Amer. Political Sci. Rev. 104(4):644–662.Crossref, Google Scholar
• Baron RM, Kenny DA (1986) The moderator-mediator variable distinction in social psychological research: Conceptual, strategic and statistical considerations. J. Personality Soc. Psych. 51(6):1173–1182.Crossref, Google Scholar
• Battilana J, Dorado S (2010) Building sustainable hybrid organizations: The case of commercial microfinance organizations. Acad. Management J. 53(6):1419–1440.Crossref, Google Scholar
• Battilana J, Lee M (2014) Advancing research on hybrid organizing—Insights from the study of social enterprises. Acad. Management Ann. 8(1):397–441.Crossref, Google Scholar
• Battilana J, Besharov ML, Mitzinneck B (2017) On hybrids and hybrid organizing: A review and roadmap for future research. Greenwood R, Oliver C, Lawrence TB, Meyer R, eds. The SAGE Handbook of Organizational Institutionalism (Sage, Thousand Oaks, CA), 128–162.Crossref, Google Scholar
• Battilana J, Lee M, Walker J, Dorsey C (2012) In search of the hybrid ideal. Stanford Soc. Innovation Rev. (Summer):51–55.Google Scholar
• Battilana J, Sengul M, Pache A-C, Model J (2015) Harnessing productive tensions in hybrid organizations: The case of work integration social enterprises. Acad. Management J. 58(6):1658–1685.Crossref, Google Scholar
• Bell T (2011) Being the only B. Stanford Soc. Innovation Rev. 9(3):27–28.Google Scholar
• Besharov ML, Smith WK (2014) Multiple logics in organizations: An theoretical integration. Acad. Management Rev. 39(3):364–381.Crossref, Google Scholar
• Botti F, Corsi M (2011) Measuring the social performance of microfinance in Europe. CEB Working Paper 11-037, Universite Libre de Bruxelles, Brussels.Google Scholar
• Bratton M (1986) Financing smallholder production: A comparison of individual and group credit schemes in Zimbabwe. Public Admin. Development 6(2):115–132.Crossref, Google Scholar
• Brennan S, Ackers S (2004) Recycling, best value and social enterprise: Assessing the “Liverpool Model.” Local Econom. 19(2): 175–180.Crossref, Google Scholar
• Brubaker R (2009) Ethnicity, race, and nationalism. Annual Rev. Sociol. 35:21–42.Crossref, Google Scholar
• Canales R, Greenberg J (2016) A matter of (relational) style: Loan officer consistency and exchange continuity in microfinance. Management Sci. 62(4):1202–1224.Link, Google Scholar
• Chell E (2007) Social enterprise and entrepreneurship: Towards a convergent theory of the entrepreneurial process. Internat. Small Bus. J. 25(1):5–26.Crossref, Google Scholar
• Christen RP, Lyman TR, Rosenberg R (2003) Microfinance consensus guidelines: Guiding principles on regulation and supervision of microfinance. CGAP/The World Bank Group, Washington, DC.Google Scholar
• Cobb A, Wry T, Zhao EY (2016) Funding financial inclusion: Institutional logics and the contextual contingency of funding for microfinance organizations. Acad. Management J. 59(6): 2103–2131.Crossref, Google Scholar
• Conning J (1999) Outreach, sustainability and leverage in monitored and peer-monitoring lending. J. Development Econom. 60(1):51–77.Crossref, Google Scholar
• Cooney K (2012) Mission control: Examining the institutionalization of new legal forms of social enterprise in different strategic action fields. Gidron B, Hasenfeld Y, eds. Social Enterprises: An Organizational Perspective (Palgrave Macmillan, Basingstoke, UK), 198–221.Crossref, Google Scholar
• Crowther N (2010) Factors influencing poverty outreach among microfinance institutions in Latin America. Report, Grameen Foundation/International Finance Corporation, Washington, DC.Google Scholar
• Cull R, Demirguc-Kunt A, Morduch J (2007) Financial performance and outreach: A global analysis of leading microbanks. Econom. J. 117(517):F107–F133.Google Scholar
• Cull R, Demirguc-Kunt A, Morduch J (2009) Microfinance meets the market. J. Econom. Perspect. 23(1):167–192.Crossref, Google Scholar
• Dacin MT, Dacin PA, Tracey P (2011) Social entrepreneurship: A critique and future directions. Organ. Sci. 22(5):1203–1213.Link, Google Scholar
• D’Espallier B, Guérin I, Mersland R (2011) Women and repayment in microfinance: A global analysis. World Development 39(5): 758–772.Crossref, Google Scholar
• D’Espallier B, Hudon M, Szafarz A (2016) Aid volatility and social performance in microfinance. Nonprofit Voluntary Sector Quart. 46(1):116–140.Crossref, Google Scholar
• de Quidt J, Fetzer TR, Ghatak M (2016) Market structure and borrower welfare in microfinance. Working paper, London School of Economics, London.Google Scholar
• Di Gregorio M, Hagedorn K, Kirk M, Korf B, McCarthy N, Meinzen-Dick R, Swallow B (2008) Property rights, collective action, and poverty: The role of institutions for poverty reduction. CAPRi Working Paper 81, CGIAR Systemwide Program on Collective Action and Property Rights, Washington, DC.Google Scholar
• Dobson W, Hufbauer G (2001) World Capital Markets: Challenges to the G-10 (Institute for International Economics, Washington, DC).Google Scholar
• Doering L (2017) Doing well and doing good? The unexpected burdens of social entrepreneurship on front-line employees. Working paper, University of Toronto, Toronto.Google Scholar
• Duvendack M, Palmer-Jones R, Copestake JG, Hooper L, Loke Y, Rao N (2011) What Is the Evidence of the Impact of Microfinance on the Well-Being of Poor People? Report, EPPI-Centre, Social Science Research Unit, Institute of Education, University of London, London.Google Scholar
• Economist Intelligence Unit (2013) Global microscope on the microfinance business environment 2013. Report, Economist Intelligence Unit, London.Google Scholar
• Epstein MJ, Yuthas K (2010) Mission impossible: Diffusion and drift in the microfinance industry. Sustainability Accounting, Management Policy J. 1(2):201–221.Crossref, Google Scholar
• Fearon JD (2003) Ethnic and cultural diversity by country. J. Econom. Growth 8(2):195–222.Crossref, Google Scholar
• Fearon JD, Laitin DD (2003) Ethnicity, insurgency, and civil war. Amer. Polit. Sci. Rev. 97(1):75–90.Crossref, Google Scholar
• Graham S, Tevosyan A (2015) From intentions to outcomes: Indicators and tools for managing social performance. Case study, FINCA International, Washington, DC.Google Scholar
• Greenwood R, Raynard M, Kodeih F, Micelotta E, Lounsbury M (2011) Institutional complexity and organizational responses. Acad. Management Ann. 5(1):317–371.Crossref, Google Scholar
• Gustafsson B, Shi L (2003) The ethnic minority-majority income gap in rural China during transition. Econom. Development Cultural Change 51(4):805–822.Crossref, Google Scholar
• Hahn T, Preuss L, Pinkse J, Figge F (2014) Cognitive frames in corporate sustainability: Managerial sensemaking with paradoxical and business case frames. Acad. Management Rev. 39(4):463–487.Crossref, Google Scholar
• Hammond AL, Prahalad CK (2004) Selling to the poor. Foreign Policy (142):30–37.Crossref, Google Scholar
• Henisz WJ, Zelner BA, Guillen MF (2005) The worldwide diffusion of market-oriented infrastructure reform, 1977–1999. Amer. Sociol. Rev. 70(6):871–897.Crossref, Google Scholar
• Hermes N, Lensink R, Meesters A (2011) Outreach and efficiency of microfinance institutions. World Development 39(6):938–948.Crossref, Google Scholar
• Hossein CS (2014) The exclusion of Afro-Guyanese Hucksters in micro-banking. Eur. Rev. Latin Amer. Caribbean Stud. 96(April): 75–98.Crossref, Google Scholar
• Husain M, Pistelli M (2016) Where good intentions meet good business practice. Report, The Mix, Washington, DC.Google Scholar
• Hwang H, Powell WW (2009) The rationalization of charity: The influences of professionalism in the nonprofit sector. Admin. Sci. Quart. 54(2):268–298.Crossref, Google Scholar
• IFC Advisory Services/Access to Finance (2009) Working in the Context of Today’s Crisis, Managing the Risks and Challenges: Cambodia’s Microfinance amid the Global Financial Crisis (International Finance Corporation, Washington, DC).Google Scholar
• Iskenderian ME (2011) Women’s World Banking: Annual report 2011. Annual report, Women’s World Banking, New York. http://www.swwb.org/sites/default/files/pubs/en/wwb_2011_annual_report.pdf.Google Scholar
• Kabeer N (2005) Gender equality and women’s empowerment: A critical analysis of the third millennium development goal. Gender Development 13(1):13–24.Crossref, Google Scholar
• Karim L (2011) Microfinance and Its Discontents: Women in Debt in Bangladesh (University of Minnesota Press, Minneapolis).Crossref, Google Scholar
• Karlan DS (2007) Social connections and group banking. Econom. J. 117(517):52–84.Google Scholar
• Karlan D, Valdivia M (2011) Teaching entrepreneurship: Impact of business training on microfinance clients and institutions. Rev. Econom. Statist. 93(2):510–527.Crossref, Google Scholar
• Karlan D, Zinman J (2010) Expanding credit access: Using randomized supply decisions to estimate the impacts. Rev. Financial Stud. 23(1):433–464.Crossref, Google Scholar
• Kerlin JA (2010) A comparative analysis of the global emergence of social enterprise. Voluntas: Internat. J. Voluntary Nonprofit Organ. 21(2):162–179.Crossref, Google Scholar
• Kerlin JA (2013) Defining social enterprise across different contexts: A conceptual framework based on institutional factors. Nonprofit Voluntary Sector Quart. 42(1):84–108.Crossref, Google Scholar
• King B, Pearce NA (2010) The contentiousness of markets: Social movements, and institutional change in markets. Annual Rev. Sociol. 36:249–267.Crossref, Google Scholar
• Labie M (2001) Corporate governance in microfinance organizations: A long and winding road. Management Decision 39(4):296–302.Crossref, Google Scholar
• Labie M, Périlleux A (2008) Corporate governance in microfinance: Credit unions. Working Paper CEB 08-003.RS, Universite Libre de Bruxelles, Brussels.Google Scholar
• Labie M, Meon P-G, Mersland R, Szafarz A (2015) Discrimination by microcredit officers: Theory and evidence on disability in Uganda. Quart. Rev. Econom. Finance 58(November):44–55.Crossref, Google Scholar
• Lassen DD (2007) Ethnic divisions, trust, and the size of the informal sector. J. Econom. Behav. Organ. 63(3):423–438.Crossref, Google Scholar
• Lützenkirchen C, Weistroffer C, Speyer B (2012) Microfinance in evolution: An industry between crisis and advancement. Report, Deutsche Bank Research, Frankfurt am Main, Germany.Google Scholar
• Magro C (2013) The challenges of a loan officer. Kiva Fellows Blog (October 10), https://fellowsblog.kiva.org/blog/the-challenges-of-a-loan-officer.Google Scholar
• Mair J, Martí I (2006) Social entrepreneurship research: A source of explanation, prediction, and delight. J. World Bus. 41(1):36–44.Crossref, Google Scholar
• Mair J, Martí I, Ventresca M (2012) Building inclusive markets in rural Bangladesh: How intermediaries work institutional voids. Acad. Management J. 55(4):819–850.Crossref, Google Scholar
• Mancino A, Thomas A (2005) An Italian pattern of social enterprise: The social cooperative. Nonprofit Management Leadership 15(3): 357–369.Crossref, Google Scholar
• Marquis C, Park A (2014) Inside the buy-one give-one model. Stanford Soc. Innov. Rev. 12(1):28–33.Google Scholar
• Mersland R (2009) The cost of ownership in microfinance organization. World Development 37(2):469–478.Crossref, Google Scholar
• Mersland R, Strøm RØ (2009) Performance and governance in microfinance institutions. J. Banking Finance 33(4):662–669.Crossref, Google Scholar
• Meyer KE, Mudambi R, Narula R (2011) Multinational enterprises and local contexts: The opportunities and challenges of multiple embeddedness. J. Management Stud. 48(2):235–252.Crossref, Google Scholar
• Meyer KE, Estrin S, Bhaumik SK, Peng MW (2009) Institutions, resources, and entry strategies in emerging economies. Strategic Management J. 30(1):61–80.Crossref, Google Scholar
• Miguel E, Gugerty MK (2005) Ethnic diversity, social sanctions, and public goods in Kenya. J. Public Econom. 89(11–12):2325–2368.Crossref, Google Scholar
• Moizer J, Tracey P (2010) Strategy making in social enterprise: The role of resource allocation and its effects on organizational sustainability. Systems Res. Behav. Sci. 27(3):252–266.Crossref, Google Scholar
• Morduch J (1999) The microfinance promise. J. Econom. Literature 37(4):1569–1614.Crossref, Google Scholar
• Morduch J (2000) The microfinance schism. World Development 28(4):617–629.Crossref, Google Scholar
• Nayak P (1994) Economic development and social exclusion in India. Social Exclusion and South Asia (International Institute for Labour Studies, Geneva), 51–72.Google Scholar
• North DC (1990) Institutions, Institutional Change, and Economic Performance (Cambridge University Press, Cambridge, UK).Crossref, Google Scholar
• Ocasio W (1997) Towards an attention-based view of the firm. Strategic Management J. 18(S1):187–206.Crossref, Google Scholar
• Pache A-C, Santos F (2010) When worlds collide: The internal dynamics of organizational responses to conflicting institutional demands. Acad. Management Rev. 35(3):455–476.Crossref, Google Scholar
• Pache A-C, Santos F (2013) Inside the hybrid organization: Selective coupling as a response to conflicting institutional logics. Acad. Management J. 56(4):972–1001.Crossref, Google Scholar
• Pacheco DF, York JG, Hargrave TJ (2014) The co-evolution of industries, social movements and institutions: Wind power in the United States. Organ. Sci. 25(6):1609–1632.Link, Google Scholar
• Raisch S, Birkinshaw J, Probst G,Tushman ML (2009) Organizational ambidexterity: Balancing exploitation and exploration for sustained performance. Organ. Sci. 20(4):685–695.Link, Google Scholar
• Reichert P (2018) A meta-analysis examining the nature of trade-offs in microfinance. Oxford Development Stud., ePub ahead of print January 20, https://doi.org/10.1080/13600818.2018.1427223.Google Scholar
• Ridgeway CL (2001) The emergence of status beliefs: From structural inequality to legitimizing ideology. Jost J, Major B, eds. The Psychology of Legitimacy: Emerging Perspectives on Ideology, Justice, and Intergroup Relations (Cambridge University Press, New York), 257–277.Google Scholar
• Rugh JS, Massey DS (2010) Racial segregation and the American foreclosure crisis. Amer. Sociol. Rev. 75(5):5629–5651.Crossref, Google Scholar
• Santos F, Pache A-C, Birkholz C (2015) Making hybrids work: Aligning business models and organizational design for social enterprises. California Management Rev. 57(3):36–58.Crossref, Google Scholar
• Scott WR (2013) Institutions and Organizations: Ideas, Interests, and Identities (Sage, Thousand Oaks, CA).Google Scholar
• Shaver JM (2005) Testing for mediating variables in management research: Concerns, implications, and alternative strategies. J. Management 31(3):330–353.Crossref, Google Scholar
• Shylendra HS (2006) Microfinance institutions in Andhra Pradesh: Crisis and diagnosis. Econom. Political Weekly 41(20):1959–1963.Google Scholar
• Simons T, Ingram P (1997) Organization and ideology: Kibbutzim and hired labor. Admin. Sci. Quart. 42(4):784–813.Crossref, Google Scholar
• Sine WD, Lee BH (2009) Tilting at windmills? The environmental movement and the emergence of the U.S. wind energy sector. Admin. Sci. Quart. 54(1):123–155.Crossref, Google Scholar
• Smith WK, Besharov ML (2017) Bowing before dual gods: How structured flexibility sustains organizational hybridity. Admin. Sci. Quart., ePub ahead of print December 19, https://doi.org/10.1177/0001839217750826.Crossref, Google Scholar
• Smith WK, Tracey P (2016) Institutional complexity and paradox theory: Complementarities of competing demands. Strategic Organ. 14(4):455–466.Crossref, Google Scholar
• Smith WK, Gonin M, Besharov ML (2013) Managing social-business tensions: A review and research agenda for social enterprises. Bus. Ethics Quart. 23(3):407–442.Crossref, Google Scholar
• Smith WK, Leonard H, Epstein M (2007) Digital Divide Data: A social enterprise in action. HBS Case Study 307-106, Harvard Business School, Boston.Google Scholar
• Tilly C (1998) Durable Inequality (University of California Press, Oakland).Crossref, Google Scholar
• Tracey P, Phillips N (2016) Managing the consequences of organizational stigmatization: Identity work in a social enterprise. Acad. Management J. 59(3):740–765.Crossref, Google Scholar
• Tracey P, Phillips N, Jarvis O (2011) Bridging institutional entrepreneurship and the creation of new organizational forms: A multilevel model. Organ. Sci. 22(1):60–80.Link, Google Scholar
• Vij S, Nair G (2009) Financial literacy guide: Training guide for conduct of financial literacy camps. Report, Reserve Bank of India, Rural Planning and Credit Department, Mumbai, India.Google Scholar
• Webb JW, Kistruck GM, Ireland RD, Ketchen DJ Jr (2010) The entrepreneurship process in base of the pyramid markets: The case of multinational entreprise/nongovernment organization alliances. Entrepreneurship Theory Practice 34(3):555–581.Crossref, Google Scholar
• Weber K, Heinze KL, DeSoucey M (2008) Forage for thought: Mobilizing codes in the movement for grass-fed meat and dairy products. Admin. Sci. Quart. 53(3):529–567.Crossref, Google Scholar
• Wilson F, Post JE (2013) Business models for people, planet (& profits): Exploring the phenomena of social business, a market-based approach to social value creation. Small Bus. Econom. 40(3):715–737.Crossref, Google Scholar
• Wry T, York JG (2017) An identity based approach to social enterprise. Acad. Management Rev. 42(3):437–460.Crossref, Google Scholar
• Wry T, Cobb JA, Aldrich HE (2013) More than a metaphor: Assessing the historical legacy of resource dependence and its contemporary promise as a theory of environmental complexity. Acad. Management Ann. 7(1):441–488.Crossref, Google Scholar
• Yaron J (1994) What makes rural finance institutions successful? World Bank Res. Observer 9(9):49–70.Crossref, Google Scholar
• Yunus M (1999) Banker to the Poor: Micro-Lending and the Battle Against World Poverty, 1st ed. (PublicAffairs, New York).Google Scholar
• Zahra SA, Rawhouser HN, Bhawe N, Neubaum DO, Hayton JC (2008) Globalization of social entrepreneurship opportunities. Strategic Entrepreneurship J. 2(2):117–131.Crossref, Google Scholar
• Zeller M, Meyer RL, eds. (2002) The Triangle of Microfinance: Financial Sustainability, Outreach, and Impact (International Food Policy Research Institute, Washington, DC).Google Scholar
• Zhao EY, Lounsbury M (2016) An institutional logics approach to social entrepreneurship: Market logic, religious diversity, and resource acquisition by microfinance organizations. J. Bus. Venturing 31(6):643–662.Crossref, Google Scholar
• Zhao EY, Wry T (2016) Not all inequality is equal: Deconstructing the societal logic of patriarchy to understand microfinance lending to women. Acad. Management J. 59(6):1994–2020.Crossref, Google Scholar