Commercialisation et financement de la microfinance : quels enjeux de gouvernance ? (notice n° 1024213)
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| fixed length control field | 03700cam a2200289 4500500 |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20250125170413.0 |
| 041 ## - LANGUAGE CODE | |
| Language code of text/sound track or separate title | fre |
| 042 ## - AUTHENTICATION CODE | |
| Authentication code | dc |
| 100 10 - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Urgeghe, Ludovic |
| Relator term | author |
| 245 00 - TITLE STATEMENT | |
| Title | Commercialisation et financement de la microfinance : quels enjeux de gouvernance ? |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Date of publication, distribution, etc. | 2009.<br/> |
| 500 ## - GENERAL NOTE | |
| General note | 87 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | RésuméDepuis la récente tendance à la commercialisation du secteur, les institutions de microfinance (IMF) sont de plus en plus connectées aux marchés des capitaux internationaux. Les IMF les plus concernées présentent même des structures de financement qui s’apparentent à celles des banques commerciales (Bogan, 2008). Or, selon Reille et Forster (2008), la grande majorité des investissements en microfinance viennent des investisseurs dits « sociaux » qui ont une double motivation pour investir, l’une financière et l’autre sociale ou de développement. Un aspect fondamental des IMF recevant ces fonds pose dès lors question : la gouvernance. Dans cet article, nous apportons des éclaircissements sur les questions de gouvernance liées à la structure de financement des IMF dans un contexte de commercialisation. En nous basant sur les théories de l’agence et des coûts de transaction, nous développons les « aptitudes à la gouvernance » des diverses sources de fonds et explorons les liens qui unissent les choix de financement des IMF à leur gouvernance. Nous concluons en invitant à la vigilance et à la prudence quant au lien grandissant entre la microfinance et les marchés internationaux des capitaux, surtout en ces temps de crise ; et en soulignant l’importance du potentiel de développement de l’épargne en tant que source de financement stable et à long terme pour les IMF. Classification JEL – G21, G30, G32, L2, L3, O16, O17. |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | Since the recent trend of commercialization, microfinance is increasingly being connected to international capital markets. The most connected microfinance institutions (MFIs) even present capital structures resembling to those of commercial financial institutions (Bogan, 2008). However, according to Reille & Forster (2008) the vast majority of international investments in microfinance come from social investors claiming to have a double motivation for their investment; one financial and another social. À fundamental aspect of MFIs receiving these funds comes then to mind: corporate governance. This paper investigates corporate governance issues linked with the evolution of MFIs’ financing structure in the context of commercialization. Based on agency and transaction costs theories, we develop the “governance properties” of MFIs funding sources and draw some insights on the link between financing choices and governance of MFIs. As a result, we argue that increased awareness and caution about microfinance’s growing connection with international capital markets is crucial, especially in these times of crisis; and we highlight the important potential for development of savings as a stable and long term financing source for MFIs. JEL Classification – G21, G30, G32, L2, L3, O16, O17. |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | microfinance |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | gouvernance |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | commercialization |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | MIVs |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | structure de financement |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | microfinance |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | governance |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | capital structure |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | commercialization |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | MIVs |
| 786 0# - DATA SOURCE ENTRY | |
| Note | Reflets et perspectives de la vie économique | XLVIII | 3 | 2009-08-28 | p. 39-50 | 0034-2971 |
| 856 41 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://shs.cairn.info/revue-reflets-et-perspectives-de-la-vie-economique-2009-3-page-39?lang=fr&redirect-ssocas=7080">https://shs.cairn.info/revue-reflets-et-perspectives-de-la-vie-economique-2009-3-page-39?lang=fr&redirect-ssocas=7080</a> |
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