Win-win or tradeoff? Investigating the hybridity of impact investing in Cambodia's microfinance industry

IF 1.7 4区 经济学 Q3 DEVELOPMENT STUDIES
Kyungmin Park, Hannah Jun
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引用次数: 0

Abstract

Impact investing plays a critical role in financing enterprises that have the potential to tackle social problems through business means, particularly in developing countries. However, concerns about over-indebtedness of microfinance institutions have fueled questions regarding potential trade-offs between financial and social efficiency of impact investing and demand further investigation. Using the case of Cambodia's microfinance industry, this paper first examines whether the microfinance industry outperforms from the perspective of both social and financial returns. In addition, as impact investments by Development Finance Institutions (DFIs) form the backbone of the microfinance sector, a related objective is to investigate whether social or financial returns are more important for DFIs when making impact investment decisions. Using Data Envelopment Analysis (DEA) and Tobit regression, our research finds that while Cambodian MFIs excel in financial efficiency, social efficiency is considerably lower. The analysis also finds that DFIs' investments are predominantly driven by financial efficiency rather than an approach that considers both social and financial outcomes. Our analysis suggests the need for enhanced impact measurement frameworks and a reevaluation of DFIs impact investing strategies to ensure a more equitable focus on both financial and social impacts.

Abstract Image

双赢还是权衡?调查柬埔寨小额信贷行业影响投资的混合性
影响力投资在为有潜力通过商业手段解决社会问题的企业提供融资方面发挥着关键作用,特别是在发展中国家。然而,对小额信贷机构过度负债的担忧引发了关于影响投资的金融和社会效率之间潜在权衡的问题,需要进一步调查。本文以柬埔寨小额信贷行业为例,首先从社会回报和财务回报两方面考察小额信贷行业是否表现优异。此外,由于发展金融机构(dfi)的影响力投资构成了小额信贷部门的支柱,一个相关的目标是调查在做出影响力投资决策时,社会回报还是财务回报对dfi更重要。使用数据包络分析(DEA)和Tobit回归,我们的研究发现,虽然柬埔寨小额信贷机构在金融效率方面表现出色,但社会效率却相当低。分析还发现,发展金融机构的投资主要是由金融效率驱动的,而不是考虑社会和金融结果的方法。我们的分析表明,需要加强影响衡量框架,并重新评估发展金融机构的影响投资策略,以确保更公平地关注金融和社会影响。
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来源期刊
CiteScore
2.40
自引率
0.00%
发文量
109
期刊介绍: The Journal aims to publish the best research on international development issues in a form that is accessible to practitioners and policy-makers as well as to an academic audience. The main focus is on the social sciences - economics, politics, international relations, sociology and anthropology, as well as development studies - but we also welcome articles that blend the natural and social sciences in addressing the challenges for development. The Journal does not represent any particular school, analytical technique or methodological approach, but aims to publish high quality contributions to ideas, frameworks, policy and practice, including in transitional countries and underdeveloped areas of the Global North as well as the Global South.
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