@article{(Open Science Index):https://publications.waset.org/pdf/10011134,
	  title     = {Cultural Effects on the Performance of Non- Profit and For-Profit Microfinance Institutions},
	  author    = {Patrick M. Stanton and  William R. McCumber},
	  country	= {},
	  institution	= {},
	  abstract     = {Using a large dataset of more than 2,400 individual microfinance institutions (MFIs) from 120 countries from 1999 to 2016, this study finds that nearly half of the international MFIs operate as for-profit institutions. Formal institutions (business regulatory environment, property rights, social protection, and a developed financial sector) impact the likelihood of MFIs being for-profit across countries. Cultural differences across countries (power distance, individualism, masculinity, and indulgence) seem to be a factor in the legal status of the MFI (non-profit or for-profit). MFIs in countries with stronger formal institutions, a greater degree of power distance, and a higher degree of collectivism experience better financial and social performance.},
	    journal   = {International Journal of Economics and Management Engineering},
	  volume    = {14},
	  number    = {3},
	  year      = {2020},
	  pages     = {207 - 214},
	  ee        = {https://publications.waset.org/pdf/10011134},
	  url   	= {https://publications.waset.org/vol/159},
	  bibsource = {https://publications.waset.org/},
	  issn  	= {eISSN: 1307-6892},
	  publisher = {World Academy of Science, Engineering and Technology},
	  index 	= {Open Science Index 159, 2020},
	}