Microfinance Institutions and Corporate Social Responsibility. A scientometric study

  1. López-Penabad, Mª Celia 1
  2. Maside-Sanfiz, José Manuel 1
  3. Agha, Yousif 34
  4. Iglesias-Casal, Ana 2
  1. 1 Department of Finance and Accounting, ECOBAS Research Center, University of Santiago de Compostela, Spain
  2. 2 Department of Quantitative Economics, University of Santiago de Compostela, ECOBAS Research Center, Santiago de Compostela, Spain
  3. 3 Universidade de Santiago de Compostela
    info

    Universidade de Santiago de Compostela

    Santiago de Compostela, España

    ROR https://ror.org/030eybx10

  4. 4 University of Palestine, Khan Younis, Gaza, Palestine
Zugehörigkeit anzeigen +
Zeitschrift:
Future Business Journal

ISSN: 2314-7210

Datum der Publikation: 2024

Ausgabe: 10

Nummer: 1

Art: Artikel

DOI: 10.1186/S43093-024-00374-W GOOGLE SCHOLAR lock_openOpen Access editor

Andere Publikationen in: Future Business Journal

Zusammenfassung

This study investigates the integration of Corporate Social Responsibility (CSR) within Microfinance Institutions (MFIs) in relation to Sustainable Development Goals. Through a Systematic Literature Review (SLR) and bibliometric analysis of 281 Scopus-indexed articles from January 1999 to November 2023, we delineate seven essential thematic clusters that define the CSR paradigm in MFIs: performance dimensions, balanced social and financial goals, improved social performance, qualitative perspectives, mission drift determinants, environmental sustainability, and funding sources and lending techniques. The study uncovers emerging research areas including the impact of digital-fintech innovations, climate change adaptations, the rise of Islamic microfinance, and explores significant gaps such as internationalization, corporate governance, gender diversity, and alternative funding mechanisms. These insights are pivotal for framing future research and offer critical guidance for policymakers and practitioners aiming to maximize the societal impacts of MFIs. Our analysis not only maps the current landscape but also sets a comprehensive agenda for enhancing CSR’s role in achieving sustainable development, thus providing a strategic framework for ongoing empirical and theoretical advancements.

Bibliographische Referenzen

  • Ahlin C, Lin J, Maio M (2011) Where does microfinance flourish? Microfinance institution performance in macroeconomic context. J Dev Econ 95(2):105–120. https://doi.org/10.1016/j.jdeveco.2010.04.004
  • Akter S, Uddin MH, Tajuddin AH (2021) Knowledge mapping of microfinance performance research: a bibliometric analysis. Int J Soc Econ 48(3):399–418. https://doi.org/10.1108/IJSE-08-2020-0545
  • Ali A, Ramakrishnan S, Faisal F, Ullah Z (2023) Bibliometric analysis of global research trends on microfinance institutions and microfinance: Suggesting new research agendas. Int J Financ Econ 28(4):3552–3573. https://doi.org/10.1002/ijfe.2607
  • Allet M, Hudon M (2015) Green microfinance: Characteristics of microfinance institutions involved in environmental management. J Bus Ethics 126:395–414. https://doi.org/10.1007/s10551-013-1942-5
  • Allison TH, McKenny AF, Short JC (2013) The effect of entrepreneurial rhetoric on microlending investment: An examination of the warm–glow effect. J Bus Ventur 28(6):690–707. https://doi.org/10.1016/j.jbusvent.2013.01.003
  • Anglin AH, Short JC, Ketchen DJ Jr, Allison TH, McKenny AF (2020) Third-party signals in crowdfunded microfinance: The role of microfinance institutions. Entrep Theory Pract 44(4):623–644. https://doi.org/10.1177/1042258719839709
  • Annim, S. K. (2012). Microfinance efficiency: trade-offs and complementarities between the objectives of microfinance institutions and their performance perspectives. The European Journal of Development Research, 24, 788–807.https://doi.org/10.1057/ejdr.2011.60
  • Armendariz B, Morduch J (2005) The economics of microfinance. MIT Press, Cambridge, Massachusetts, London, England
  • Augustine D (2012) Good practice in corporate governance: Transparency, trust, and performance in the microfinance industry. Bus Soc 51(4):659–676. https://doi.org/10.1177/0007650312448623
  • Augustine D, Wheat CO, Jones KS, Baraldi M, Malgwi CA (2016) Gender diversity within the workforce in the microfinance industry in Africa: Economic performance and sustainability. Canadian Journal of Administrative Sciences/Revue Canadienne des Sciences de l’Administration 33(3):227–241. https://doi.org/10.1002/cjas.1365
  • Banerjee SB, Jackson L (2017) Microfinance and the business of poverty reduction: Critical perspectives from rural Bangladesh. Human relations 70(1):63–91. https://doi.org/10.1177/0018726716640865
  • Bansal S, Garg I, Singh S (2023) Corporate social responsibility: insights from COVID-19 and stakeholder theory. Glob Bus Organ Excell 42(6):154–169. https://doi.org/10.1002/joe.22222
  • Basu R, Lim WM, Kumar A, Kumar S (2023) Marketing analytics: The bridge between customer psychology and marketing decision-making. Phychology & Marketing 40(12):2588–2611. https://doi.org/10.1002/mar.21908
  • Beisland LA, D’Espallier B, Mersland R (2019) The commercialization of the microfinance industry: Is there a ‘personal mission drift’among credit officers? J Bus Ethics 158:119–134. https://doi.org/10.1007/s10551-017-3710-4
  • Beisland LA, Djan KO, Mersland R, Randøy T (2021) Measuring social performance in social enterprises: A global study of microfinance institutions. J Bus Ethics 171:51–71. https://doi.org/10.1007/s10551-019-04417-z
  • Berge LIO, Bjorvatn K, Tungodden B (2015) Human and financial capital for microenterprise development: Evidence from a field and lab experiment. Manage Sci 61(4):707–722. https://doi.org/10.1287/mnsc.2014.1933
  • Bibi U, Balli HO, Matthews CD, Tripe DW (2018) New approaches to measure the social performance of microfinance institutions (MFIs). Int Rev Econ Financ 53:88–97. https://doi.org/10.1016/j.iref.2017.10.010
  • Biswas WK, Bryce P, Diesendorf M (2001) Model for empowering rural poor through renewable energy technologies in Bangladesh. Environ Sci Policy 4(6):333–344. https://doi.org/10.1016/S1462-9011(01)00031-4
  • Bros C, Fareed F, Lochard J (2022) Climbing the economic ladder: The role of microfinance institutions in promoting entrepreneurship in Pakistan. J Int Dev 35:1143–1162. https://doi.org/10.1002/jid.3722
  • Casselman RM, Sama LM, Stefanidis A (2015) Differential social performance of religiously-affiliated microfinance institutions (MFIs) in base of pyramid (BoP) markets. J Bus Ethics 132:539–552. https://doi.org/10.1007/s10551-014-2360-z
  • Chahine, S., & Tannir, L. (2010). On the social and financial effects of the transformation of microfinance NGOs. Voluntas: International Journal of Voluntary and Nonprofit Organizations, 21, 440–461. https://doi.org/10.1007/s11266-010-9136-6
  • Chakrabarty S, Erin Bass A (2015) Comparing virtue, consequentialist, and deontological ethics-based corporate social responsibility: Mitigating microfinance risk in institutional voids. J Bus Ethics 126:487–512. https://doi.org/10.1007/s10551-013-1963-0
  • Clarkson ME (1995) A stakeholder framework for analyzing and evaluating corporate social performance. Acad Manag Rev 20(1):92–117. https://doi.org/10.2307/258888
  • Copestake J (2007) Mainstreaming microfinance: Social performance management or mission drift? World Dev 35(10):1721–1738. https://doi.org/10.1016/j.worlddev.2007.06.004
  • Copestake, J., Johnson, S., Cabello, M., Goodwin-Groen, R., Gravesteijn, R., Humberstone, J., & Titus, M. (2016). Towards a plural history of microfinance. Canadian Journal of Development Studies/Revue canadienne d'études du développement, 37(3), 279–297. Avaliable at: https://www.econstor.eu/bitstream/10419/128135/1/bpd40.pdf
  • Coronel-Pangol K, Heras-Tigre D, Jiménez-Yumbla J, Aguirre Quezada J, Mora P (2023) Microfinance, an Alternative for Financing Entrepreneurship: Implications and Trends-Bibliometric Analysis. International Journal of Financial Studies 11:83. https://doi.org/10.3390/ijfs11030083
  • D’Espallier B, Hudon M, Szafarz A (2013) Unsubsidized microfinance institutions Economics letters 120(2):174–176. https://doi.org/10.1016/j.econlet.2013.04.021
  • D’Espallier B, Hudon M, Szafarz A (2017) Aid volatility and social performance in microfinance. Nonprofit Volunt Sect Q 46(1):116–140. https://doi.org/10.1177/0899764016639670
  • Das NC, Shams R (2012) Integrating the poorest into microfinance: The role of grant-based support and group-based lending. Enterprise Development & Microfinance 2:130–145
  • de Bem Machado, A., Secinaro, S., Calandra, D., & Lanzalonga, F. (2021). Knowledge management and digital transformation for Industry 4.0: a structured literature review. Knowledge Management Research & Practice, 20(2), 320–338. https://doi.org/10.1080/14778238.2021.2015261
  • Dkhili, H. (2023). Does environmental, social and governance (ESG) affect market performance? The moderating role of competitive advantage. Competitiveness Review. https://doi.org/10.1108/cr-10-2022-0149
  • Donthu N, Kumar S, Mukherhjee D, Pandey N, Lim WM (2021) How to conduct a bibliometric analysis: An overview and guidelines. J Bus Res 133:285–296. https://doi.org/10.1016/j.jbusres.2021.04.070
  • Dorfleitner G, Röhe M, Renier N (2017) The access of microfinance institutions to debt capital: An empirical investigation of microfinance investment vehicles. Q Rev Econ Finance 65:1–15. https://doi.org/10.1016/j.qref.2016.06.005
  • Duvendack, M., Palmer-Jones, R., Copestake, J. G., Hooper, L., Loke, Y., & Rao, N. (2011). What is the evidence of the impact of microfinance on the well-being of poor people? EPPI-Centre Social Science Research Unit, Institute of Education, University of London, London. Available at: https://purehost.bath.ac.uk/ws/portalfiles/portal/234902/Microfinance_2011Duvendack_report.pdf
  • Dwivedi NT, Dwivedi AK (2022) Understanding impact of microcredit on socio-economic status of women micro-entrepreneurs. International Journal of Business and Globalisation 30(2):262–278. https://doi.org/10.1504/IJBG.2022.122668
  • Egghe L (2000) Bibliometrics and beyond: Some thoughts on web-based citation analysis. J Inf Sci 26(6):443–451. https://doi.org/10.1177/016555150002600601
  • Engert S, Baumgartner RJ (2016) Corporate sustainability strategy–bridging the gap between formulation and implementation. J Clean Prod 113:822–834. https://doi.org/10.1016/j.jclepro.2015.11.094
  • Estapé-Dubreuil G, Torreguitart-Mirada C (2015) Governance mechanisms, social performance disclosure and performance in microfinance: does legal status matter? Ann Public Coop Econ 86(1):137–155. https://doi.org/10.1111/apce.12070
  • Fall F, Akim AM, Wassongma H (2018) DEA and SFA research on the efficiency of microfinance institutions: A meta-analysis. World Dev 107:176–188. https://doi.org/10.1016/j.worlddev.2018.02.032
  • Feng Y, Zhu Q, Lai KH (2017) Corporate social responsibility for supply chain management: A literature review and bibliometric analysis. J Clean Prod 158:296–307. https://doi.org/10.1016/j.jclepro.2017.05.018
  • Field E, Pande R, Papp J, Rigol N (2013) Does the classic microfinance model discourage entrepreneurship among the poor? Experimental evidence from India. American Economic Review 103(6):2196–2226. https://doi.org/10.1257/aer.103.6.2196
  • Forcella D, Hudon M (2016) Green microfinance in Europe. J Bus Ethics 135:445–459. https://doi.org/10.1007/s10551-014-2452-9
  • Franck AK (2012) Factors motivating women’s informal micro-entrepreneurship: Experiences from Penang, Malaysia. Int J Gend Entrep 4(1):65–78. https://doi.org/10.1108/17566261211202981
  • Freeman RE (1984) Strategic Management: A Stakeholder Approach. Pitman, Boston, MA
  • Gálvez-Sánchez FJ, Lara-Rubio J, Verdú-Jóver AJ, Meseguer-Sánchez V (2021) Research Advances on Financial Inclusion: A Bibliometric Analysis. Sustainability 13:3156. https://doi.org/10.3390/su13063156
  • García-Pérez I, Muñoz-Torres MJ, Fernández-Izquierdo MA (2017) Microfinance literature: A sustainability level perspective survey. J Clean Prod 142:3382–3395. https://doi.org/10.1016/j.jclepro.2016.10.128
  • Glänzel W (2001) National characteristics in international scientific co-autorship relations. Scientometrics 51(1):69–115. https://doi.org/10.1023/a:1010512628145
  • Gora, K., Dhingra, B., & Yadav, M. (2023). A bibliometric study on the role of micro-finance services in micro, small and medium enterprises. Competitiveness Review: An International Business Journal. https://doi.org/10.1108/CR-11-2022-0174
  • Greyson D, Rafferty E, Slater L, Macdonald N, Bettinger JA, Dube E, Macdonald, S.E.Systematic review searches must be systematic, comprehensive, and transparent: a critique of Perman, et al (2019) BMC Public Health 19:153. https://doi.org/10.1186/s12889-018-6275-y
  • Gutiérrez-Nieto B, Serrano-Cinca C (2007) Factors explaining the rating of microfinance institutions. Nonprofit Volunt Sect Q 36(3):439–464. https://doi.org/10.1177/0899764006296055
  • Gutiérrez-Nieto B, Serrano-Cinca C (2019) 20 years of research in microfinance: An information management approach. Int J Inf Manage 47:183–197. https://doi.org/10.1016/j.ijinfomgt.2019.01.001
  • Haerudin, Fajri, A., Shukor, S. A., Wibowo, K. A. (2023). The Future Growth for Islamic Microfinance in Indonesia: Baitul Maal wat Tamwil Domains, International Journal of Professional Business Review, Miami, 8(7), 01–11. https://doi.org/10.26668/businessreview/2023.v8i7.1632
  • Haidar, A., & Satifa, S. A. (2022). Sustainable Development Goals (SDGs): A Bibliometric Approach to Islamic Microfinance Improvement as an Alternative to Reducing Poverty. In Indonesian Conference of Zakat-Proceedings (pp. 150–161). Available at: https://iconzbaznas.com/submission/index.php/proceedings/article/view/406
  • Hartarska V, Nadolnyak D (2007) Do regulated microfinance institutions achieve better sustainability and outreach? Cross-country evidence Applied economics 39(10):1207–1222. https://doi.org/10.1080/00036840500461840
  • Harzing AW, Alakangas S (2016) Google Scholar, Scopus and the Web of Science: A longitudinal and cross-disciplinary comparison. Scientometrics 106(2):787–804. https://doi.org/10.1007/s11192-015-1798-9
  • Hassan MK, Alshater MM, Hasan R, Bhuiyan AB (2021) Islamic microfinance: A bibliometric review. Glob Financ J 49:100651. https://doi.org/10.1016/j.gfj.2021.100651
  • Helfaya A, Morris R, Aboud A (2023) Investigating the factors that determine the ESG disclosure practices in Europe. Sustainability 15(6):5508. https://doi.org/10.3390/su15065508
  • Hermes N, Hudon M (2018) Determinants of the performance of microfinance institutions: A systematic review. Journal of Economics Survey 32(5):1221–1559. https://doi.org/10.1111/joes.12290
  • Hermes N, Lensink R, Meesters A (2011) Outreach and efficiency of microfinance institutions. World Dev 39(6):938–948. https://doi.org/10.1016/j.worlddev.2009.10.018
  • Hulme, D., & Maitrot, M. (2014). Has microfinance lost its moral compass? Economic and Political Weekly, 77–85. Available at: https://www.jstor.org/stable/24481084
  • Jones-Khosla LA, Gomes JFS (2023) Purpose: From theory to practice. Glob Bus Organ Excell 43(1):90–103. https://doi.org/10.1002/joe.22203
  • Kauffman RJ, Riggins FJ (2012) Information and communication technology and the sustainability of microfinance. Electron Commer Res Appl 11(5):450–468. https://doi.org/10.1016/j.elerap.2012.03.001
  • Kaushal, N., Sanjoli, S., Raj, J.M., & Suman, J. (2021). Microfinance institutions and women empowerment trends and future research directions: a bibliometric analysis. Libr Philos Pract (e-journal) 5534:1–23
  • Kumar K, Prakash A (2020) Managing sustainability in banking: extent of sustainable banking adaptations of banking sector in India. Environ Dev Sustain 22:5199–5217. https://doi.org/10.1007/s10668-019-00421-5
  • Liao L, Lin T, Zhang Y (2018) Corporate Board and Corporate Social Responsibility Assurance: Evidence from China. J Bus Ethics 150(1):211–225. https://doi.org/10.1007/s10551-016-3176-9
  • Lim WM, Kumar S, Ali F (2022) Advancing knowledge through literature reviews: ‘what’, ‘why’, and ‘how to contribute.’ Serv Ind J 42(7–8):481–513. https://doi.org/10.1080/02642069.2022.2047941
  • Lim WM, Ciasullo MV, Douglas A, Kumar S (2022) Environmental social governance (ESG) and total quality management (TQM): a multi-study meta-systematic review. Total Qual Manag Bus Excell 43(3):61–71. https://doi.org/10.1080/14783363.2022.2048952
  • Lim WM, Kumar S (2024) Guidelines for interpreting the results of bibliometric analysis: A sensemaking approach. Glob Bus Organ Excell 43:17–26. https://doi.org/10.1002/joe.22229
  • Liu R, Wang Z, Sindakis S, Showkat S (2023) Unlocking Financial Inclusion Through ICT and Mobile Banking: A Knowledge-Based Analysis of Microfinance Institutions in Ghana. J Knowl Econ 1–33. https://doi.org/10.1007/s13132-023-01460-0
  • Lopatta K, Tchikov M, Jaeschke R, Lodhia S (2017) Sustainable development and microfinance: the effect of outreach and profitability on microfinance institutions’ development mission. Sustain Dev 25(5):386–399. https://doi.org/10.1002/sd.1663
  • Lwesya F, Mwakalobo ABS (2023) Frontiers in microfinance research for small and medium enterprises (SMEs) and microfinance institutions (MFIs): a bibliometric analysis. Future Bus J 9(1):1–18. https://doi.org/10.1186/s43093-023-00195-3
  • Maclean K (2010) Capitalizing on women’s social capital? Women-targeted microfinance in Bolivia. Dev Chang 41(3):495–515. https://doi.org/10.1111/j.1467-7660.2010.01649.x
  • Mader P (2016) Questioning three fundamental assumptions in financial inclusion, IDS Evidence Report 176, Brighton: IDS. Available at: https://opendocs.ids.ac.uk/opendocs/handle/20.500.12413/9566
  • Madichie NO, Nkamnebe AD (2010) Micro-credit for microenterprises? A study of women “petty” traders in Eastern Nigeria. Gender in Manag Int J 25(4):301–319. https://doi.org/10.1108/17542411011048173
  • Mahajan R, Lim WM, Sareen M, Kumar S, Panwar R (2023) Stakeholder theory. J Bus Res 166:114104. https://doi.org/10.1016/j.jbusres.2023.114104
  • Marwa N, Aziakpono M (2015) Financial sustainability of Tanzanian saving and credit cooperatives. Int J Soc Econ 42(10):870–887. https://doi.org/10.1108/IJSE-06-2014-0127
  • Mersland R, Strøm RØ (2009) Performance and governance in microfinance institutions. J Bank Finance 33(4):662–669. https://doi.org/10.1016/j.jbankfin.2008.11.009
  • Mersland R, Strøm RØ (2010) Microfinance mission drift? World Dev 38(1):28–36. https://doi.org/10.1016/j.worlddev.2009.05.006
  • Mersland R, Randøy T, Strøm RØ (2011) The impact of international influence on microbanks’ performance: a global survey. Int Bus Rev 20(2):163–176. https://doi.org/10.1016/j.ibusrev.2010.07.006
  • Mia MA, Lee HA (2017) Mission drift and ethical crisis in microfinance institutions: what matters? J Clean Prod 164:102–114. https://doi.org/10.1016/j.jclepro.2017.06.176
  • Mohamed EF, Fauziyyah NE (2020) Islamic microfinance for poverty alleviation: a systematic literature review. Int J Econom Manag Account 28(1):141–163
  • Mohiuddin M, Mazumder MNH, Al Mamun A, Su Z (2020) Evolution of social microenterprises from rural to the urban area: A study on income-generating micro-entrepreneurs in an urban context. Strateg Chang 29(4):435–446. https://doi.org/10.1002/jsc.2355
  • Mongeon P, Paul-Hus A (2016) The journal coverage of web of science, and scopus: a comparative analysis. Scientometrics 126(6):5113–5142. https://doi.org/10.1007/s11192-021-03948-5
  • Morduch J (1999) The microfinance promise. J Econom Liter 37(4):1569–1614. https://doi.org/10.1257/jel.37.4.1569
  • Morduch J (2000) The microfinance schism. World Dev 28(4):617–629. https://doi.org/10.1016/S0305-750X(99)00151-5
  • Mori N, Mersland R (2014) Boards in microfinance institutions: how do stakeholders matter? J Manag Govern 18:285–313. https://doi.org/10.1007/s10997-011-9191-4
  • Mukherjee D, Lim WM, Kumar S, Donthu N (2022) Guidelines for advancing theory and practice through bibliometric research. J Bus Res 148:101–115. https://doi.org/10.1016/j.jbusres.2022.04.042
  • Mushtaq R, Dastane O, Rafiq M, Başar BD (2023) Women financial inclusion research: a bibliometric and network analysis. Int J Soc Econ 50(8):1169–1185. https://doi.org/10.1108/IJSE-06-2022-0438
  • Nair M, Njolomole M (2020) Microfinance, entrepreneurship and institutional quality. J Entrepren Public Policy 9(1):137–148. https://doi.org/10.1108/JEPP-07-2019-0061
  • Narin F, Olivastro D, Stevens KA (1994) Bibliometrics/theory, practice and problems. Eval Rev 18(1):65–76. https://doi.org/10.1177/0193841X9401800107
  • Nekhili M, Boukadhaba A, Nagati H, Chtioui T (2021) ESG performance and market value: the moderating role of employee board representation. Int J Human Resour Manag 32(14):3061–3087. https://doi.org/10.1080/09585192.2019.1629989
  • Nisa C, Viverita V, Chalid DA (2022) Impact of competition on microfinance institutions: bibliometric analysis and systematic literature review. Heliyon 8:e10749. https://doi.org/10.1016/j.heliyon.2022.e10749
  • Nishitani K, Nguyen TBH, Trinh TQ, Wu Q, Kokubu K (2021) Are corporate environmental activities to meet sustainable development goals (SDGs) simply greenwashing? An empirical study of environmental management control systems in Vietnamese companies from the stakeholder management perspective. J Environ Manage 296:113364. https://doi.org/10.1016/j.jenvman.2021.113364
  • Nogueira S, Duarte F, Gama AP (2020) Microfinance: where are we and where are we going? Dev Pract 30(7):874–889. https://doi.org/10.1080/09614524.2020.1782844
  • Okoli C (2015) A guide to conducting a standalone systematic literature review. Commun Assoc Inform Syst 37:753. https://doi.org/10.17705/1CAIS.03743
  • Omwono GAO, Paul HJ (2019) Effect of microfinance credit on the financial performance of micro, small and medium enterprises in Muhanga district, Rwanda. Int J Res Bus Manag 1(2):39–63
  • Patil S, Kokate K (2017) Identifying factors governing attitude of rural women towards self-help groups using principal component analysis. J Rural Stud 55:157–167. https://doi.org/10.1016/j.jrurstud.2017.08.003
  • Patt A, Suarez P, Hess U (2010) How do small-holder farmers understand insurance, and how much do they want it? Evid Africa Global Environ Change 20(1):153–161. https://doi.org/10.1016/j.gloenvcha.2009.10.007
  • Paul J, Lim WM, O’Cass A, Hao AW, Bresciani S (2021) Scientific procedures and rationales for systematic literature reviews (SPAR-4-SLR). Int J Consum Stud 45:O1–O16. https://doi.org/10.1111/ijcs.12695
  • Pérez-Gutiérrez M, Cobo-Corrales C (2020) Surfing scientific output indexed in the Web of Science and Scopus (1967–2017). Movimento 26(1):e26015. https://doi.org/10.22456/1982-8918.94062
  • Postelnicu L, Hermes N (2018) Microfinance performance and social capital: a cross-country analysis. J Bus Ethics 153:427–445. https://doi.org/10.1007/s10551-016-3326-0
  • Prasad K, Kumar S, Devji S, Lim WM, Prabhu N, Moodbidri S (2022) Corporate social responsibility and cost of capital: the moderating role of policy intervention. Res Int Bus Financ 60:101620. https://doi.org/10.1016/j.ribaf.2022.101620
  • Premchander S (2003) NGOs and local MFIs—how to increase poverty reduction through women’s small and micro-enterprise. Futures 35(4):361–378. https://doi.org/10.1016/S0016-3287(02)00086-1
  • Priyan PK, Nyabakora WI, Rwezimula G (2023) A bibliometric review of the knowledge base on financial inclusion. SN Bus Econom 3(2):58. https://doi.org/10.1007/s43546-023-00441-4
  • Qudah H, Malahim S, Airout R, Alomari M, Hamour AA, Alqudah M (2023) Islamic finance in the era of financial technology: a bibliometric review of future trends. Int J Financ Stud 11(2):76. https://doi.org/10.3390/ijfs11020076
  • Rahman A (1999) Micro-credit initiatives for equitable and sustainable development: who pays? World Dev 27(1):67–82. https://doi.org/10.1016/S0305-750X(98)00105-3
  • Ranabahu N, Tanima FA (2022) Empowering vulnerable microfinance women through entrepreneurship: opportunities, challenges and the way forward. Int J Gend Entrep 14(2):145–166. https://doi.org/10.1108/IJGE-01-2021-0020
  • Randøy T, Strøm RØ, Mersland R (2015) The impact of entrepreneur–CEOs in microfinance institutions: a global survey. Entrep Theory Pract 39(4):927–953. https://doi.org/10.1111/etap.12085
  • Rasel MA, Win S (2020) Microfinance governance: a systematic review and future research directions. J Econom Stud 47(7):1811–1847. https://doi.org/10.1108/JES-03-2019-0109
  • Reichert P (2018) A meta-analysis examining the nature of trade-offs in microfinance. Oxf Dev Stud 46(3):430–452. https://doi.org/10.1080/13600818.2018.1427223
  • Ribeiro JPC, Duarte F, Gama APM (2022) Does microfinance foster the development of its clients? A bibliometric analysis and systematic literature review. Financ Innov 8(1):34. https://doi.org/10.1186/s40854-022-00340-x
  • Rijal S, Gentle P, Khanal U, Wilson C, Rimal B (2022) A systematic review of Nepalese farmers’ climate change adaptation strategies. Climate Policy 22(1):132–146. https://doi.org/10.1080/14693062.2021.1977600
  • Robinson MS (2001) The microfinance revolution: sustainable finance for the poor. The World Bank, Washington
  • Serrano-Cinca C, Gutiérrez-Nieto B (2014) Microfinance, the long tail and mission drift. Int Bus Rev 23(1):181–194. https://doi.org/10.1016/j.ibusrev.2013.03.006
  • Shaukat A, Qiu Y, Trojanowski G (2016) Board attributes, corporate social responsibility strategy, and corporate environmental and social performance. J Bus Ethics 135(3):569–585. https://doi.org/10.1007/s10551-014-2460-9
  • Sigalla RJ, Carney S (2012) Poverty reduction through entrepreneurship: microcredit, learning and ambivalence amongst women in urban Tanzania. Int J Educ Dev 32(4):546–554. https://doi.org/10.1016/j.ijedudev.2012.02.011
  • Simo C, Tchuigoua HT, Nzongang J (2023) Does corporate social responsibility pay? Evidence from social ratings in microfinance institutions. Technol Forecast Soc Chang 187:122180. https://doi.org/10.1016/j.techfore.2022.122180
  • Singh J, Dutt P, Adbi A (2022) Microfinance and entrepreneurship at the base of the pyramid. Strateg Entrep J 16(1):3–31. https://doi.org/10.1002/sej.1394
  • Tijjani B, Ashiq M, Siddique N, Khan MA, Rasul A (2021) A bibliometric analysis of quality research papers in Islamic finance: evidence from Web of Science. ISRA Int J Islamic Finance 13(1):84–101
  • Van Eck NJ, Waltman L (2010) Software survey: VOSviewer, a computer program for bibliometric mapping. Scientometrics 84(2):523–538. https://doi.org/10.1007/s11192-009-0146-3
  • Van Eck NJ, Waltman L (2014) CitNetExplorer: a new software tool for analyzing and visualizing citation networks. J Inform 8(4):802–823. https://doi.org/10.1016/j.joi.2014.07.006
  • Van Rooyen C, Stewart R, De Wet T (2012) The impact of microfinance in sub-Saharan Africa: a systematic review of the evidence. World Dev 40(11):2249–2262. https://doi.org/10.1016/j.worlddev.2012.03.012
  • Waltman L, Calero-Medina C, Kosten J, Noyons EC, Tijssen RJ, van Eck NJ, Wouters P (2012) The Leiden Ranking 2011/2012: data collection, indicators, and interpretation. J Am Soc Inform Sci Technol 63(12):2419–2432. https://doi.org/10.1002/asi.22708
  • Whetten DA (1989) What constitutes a theoretical contribution? Acad Manag Rev 14(4):490–495
  • Xu S, Copestake J, Peng X (2016) Microfinance institutions’ mission drift in macroeconomic context. J Int Dev 28(7):1123–1137. https://doi.org/10.1002/jid.3097
  • Zaby S (2019) Science mapping of the global knowledge base on microfinance: Influential authors and documents, 1989–2019. Sustainability 11(14):3883. https://doi.org/10.3390/su11143883