- Consulting Editors
- Finance of New industries
- The Returns to Entrepreneurship
- Risk Attitudes and Private Business Equity
- New Firm Financing and Performance
- New Perspectives On Entrepreneurial Capital Structure
- The Capital Structure of Family Firms
- Influence of Internal Factors on the Use of Equity-and Mezzanine-Based Financing in Family Firms
- Planning For Entrepreneurial Finance And Capital: A Critical Review Of The Importance Of Teaching Business Planning
- Funding Gaps
- Availability of Credit to Small Firms Young and Old: Evidence from the Surveys of Small Business Finances
- Asymmetric Information, Credit Market Condition, and Entrepreneurial Finance
- Alternative Types Of Entrepreneurial Finance
- Angel Investors and Their Investments
- Firm Growth, Schumpeterian Entrepreneurship, and Venture Capital
- Why Do Firms Go Public?
- Valuation Of IPOs
- Trade Credit and Its Role in Entrepreneurial Finance
- Factoring and Invoice Financing
- Project Finance
- Hedge Fund Asset-Based Lending
- Business Taxation, Corporate Finance, and Economic Performance
- Financial Capital among Minority-Owned Businesses
- Financing Women-Owned Firms: A Review Of Recent Literature
- International Differences In Entrepreneurial Finance
- Entrepreneurial Finance in Weak Institutional Environments
- Microfinance for Entrepreneurs
- The Past and Future of Innovations in Microfinance
- Index of Names
Abstract and Keywords
The microfinance industry has every sign of an innovation in its take-off phase. The characteristic aspects of the microfinance innovation were developed in the 1970s and 1980s; thirty years later the industry experienced a phenomenal growth rate, and it has diffused to most developing countries in the world. This article looks at microfinance as an entrepreneurial activity in its own right, contributing to the development of small and medium-size firms in developing countries. It traces the innovations in microfinance, for instance, group lending, loans to women, and their financing, and it asks whether the business model implied is sustainable once diffusion has gone far, competition enters, and customers enter higher income levels.
Roy Mersland, Professor in the Department of Economics and Business Administration at University of Agder, Kristiansand, Norway.
R. Øystein Strøm is professor of finance at Oslo and Akershus University College in Oslo, Norway, where he teaches corporate finance and corporate governance. His main research interests are in corporate governance (board structure, network linkages, and CEO compensation issues) and microfinance. His microfinance interests span from the governance of microfinance institutions to lending practices and efficiency. He has published in journals such as Journal of Banking & Finance and World Development.
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