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All Journal Journal Of Management Science (JMAS) The Journal of Financial, Accounting and Economics
Asienga, Irene
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Financial structure and financial sustainability of Microfinance Institutions in Kenya Cheboi, Livingstone Talel; Asienga, Irene; Otuya, Robert
Junal Ilmu Manajemen Vol 7 No 2 (2024): April: Management Science and Field
Publisher : Institute of Computer Science (IOCS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35335/jmas.v7i2.469

Abstract

This study investigated the effect of financial structure on microfinance firms’ financial sustainability. The study utilized panel data from 32 Microfinance Institutions (MFIs), resulting in 320 firm-year observations for the period of 2010-2019. The dataset was obtained from MIX market, a global database that collects self-reported information from MFIs. The study used a battery of panel data regression methods to test the hypotheses. The regression analysis indicated a statistically significant negative association between debts and donations and the financial sustainability of MFIs in Kenya. In contrast, there was a positive relationship between deposits and equity and the sustainability of microfinance firms in Kenya. Therefore, MFIs are strongly advised to prioritize internal financing in order to achieve financial sustainability. In addition, it is advisable for MFIs to avoid excessive dependence on donations and commercial funding, as these sources of funds often come with strict requirements and conditions that could impede their progress towards achieving financial stability. The results of this study can offer valuable insights to MFIs managers and regulators in formulating financing strategies that can assist MFIs in achieving financial sustainability.
Income Diversification and Financial Sustainability of Microfinance Institutions In Kenya Talel, Livingstone Cheboi; Asienga, Irene; Githaiga, Peter Nderitu
The Journal of Financial, Accounting, and Economics Vol. 1 No. 1 (2024)
Publisher : PT. Global World Scientific

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58857/JFAE.2024.v01.i01.p04

Abstract

The purpose of this paper was to investigate the effect of income diversification and financial sustainability of microfinance institutions in Kenya. The study used panel data drawn from 32 MFIs over the period 2010-2019 that yielded 320 observations. The data was sourced from the MIX market, a World Bank Database for all MFIs that self-report. Data was analyzed through the ordinary least squares (OLS), the system generalized method of moments, the fixed effect and random effect model. The findings revealed that income diversification had a positive significant relationship to the sustainability of microfinance institutions in Kenya. The results further revealed that breadth of outreach, firm size, average loan size, debt to equity ratio and portfolio at risk (Par>30) had a significant effect on financial sustainability of microfinance institutions in Kenya. Based on the findings this study recommend that MFIs should consider income diversification in their effort towards attaining financial sustainability
Co-Authors Cheboi, Livingstone Talel Githaiga, Peter Nderitu Otuya, Robert Talel, Livingstone Cheboi