@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}, }