doi:10.1177/08997640221138763engSerrano-Cinca, CarlosFuertes-Callén, YolandaCuéllar-Fernández, BeatrizThe relationship between microfinance mission drift and financial returns to stakeholdersART-2023-131709Some microfinance institutions (MFIs) can drift from their social mission, generating well-studied effects for their borrowers. We focus on the lesser-known effect of mission drift on the financial return to other stakeholders (employees, government, micro-savers, and banking creditors). Using a sample of 534 MFIs, we calculated the economic value distributed by the MFI to these stakeholders by considering salaries, taxes, and interest paid. We found a negative relationship between average loan size and return to employees (RTE), government, and banking creditors, and a positive relationship between women borrowers and RTE and government. This is explained by the fact that mission-focused MFIs are usually small, labor-intensive institutions with a stable business model. We found a positive relationship between average loan size and return to micro-savers, and a negative relationship between women borrowers and return to micro-savers. The reason is that many mission-focused MFIs do not offer micro-savings, undermining financial inclusion.2023http://zaguan.unizar.es/record/12110010.1177/08997640221138763http://zaguan.unizar.es/record/121100oai:zaguan.unizar.es:121100info:eu-repo/grantAgreement/ES/DGA/S38-20Rinfo:eu-repo/grantAgreement/ES/MCIU/RTI2018-093483-B-I00info:eu-repo/grantAgreement/ES/UZ/JIUZ-2021-SOC-03NONPROFIT AND VOLUNTARY SECTOR QUARTERLY 52, 6 (2023), 1609-1632All rights reservedhttp://www.europeana.eu/rights/rr-f/info:eu-repo/semantics/openAccess