The Impact of Free Cash Flow on Performance in Microfinance Institutions and Its Moderators
Doctoral thesis
Published version
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https://hdl.handle.net/11250/3112931Utgivelsesdato
2024Metadata
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- Doctoral Dissertations [359]
- PhD theses in Business and Law [29]
- Publikasjoner fra CRIStin [3869]
Originalversjon
Zhang, Y. (2023). The Impact of Free Cash Flow on Performance in Microfinance Institutions and Its Moderators. [Doctoral dissertation]. University of Agder.Sammendrag
This dissertation contains three essays: “Free Cash Flow and Performance of Microfinance Institutions,” “Debt, Free Cash Flow and Financial Performance in Microfinance: A Global Analysis,” and “Corporate Governance and Free Cash Flow in Microfinance.” Essay 1 investigates the existence of FCF overinvestment in MFIs and the negative effects of FCF overinvestment on the social and financial performance of MFIs. Essays 2 and 3 address how debt application and corporate governance, respectively, mitigate the negative effects of FCF overinvestment on the social and financial performance of MFIs. The essays have benefited from the feedback of reviewers and participants in academic conferences. In what follows, I summarize each of the three essays in turn.
Består av
Essay 1: Yan, Z., Zamore, S., & Mersland, R. Free cash flow and performanceof microfinance institutions. Working paper.Essay 2: Yan, Z., Zamore, S., & Mersland, R. Debt, free cash flow and financialperformance in microfinance: A global analysis. Working paper.
Essay 3: Yan, Z. Corporate governance and free cash flow in microfinance. Working paper.