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Corporate governance in microfinance institutions: A systematic review of theoretical perspectives, methodological approaches, and empirical evidence
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DOI：10.1016/j.worlddev.2026.107455.png)
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Abstract
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• We review 47 studies on MFI governance and show that data availability shapes theory selection and empirical strategy. • Governance proxies function as bundled variables whose effects vary across organizational forms and regulatory statuses. • MFIs require distinct governance analysis due to their dual missions, institutional voids, and funding structures. • Informal and relational governance remain largely unobserved despite theoretical relevance. • Effective MFI governance should expand on structural compliance to capture dimensions critical to institutional resilience.
Keywords:
Microfinance institutions (MFIs)
Corporate governance
Hybrid organizations
Financial performance
Social outreach
Systematic literature review
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