121100 20260114125842.0 doi 10.1177/08997640221138763 sideral 131709 ART-2023-131709 eng Serrano-Cinca, Carlos Universidad de Zaragoza (orcid)0000-0003-2596-9638 The relationship between microfinance mission drift and financial returns to stakeholders 2023 Access copy available to the general public Unrestricted Some 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. info:eu-repo/grantAgreement/ES/DGA/S38-20R info:eu-repo/grantAgreement/ES/MCIU/RTI2018-093483-B-I00 info:eu-repo/grantAgreement/ES/UZ/JIUZ-2021-SOC-03 info:eu-repo/semantics/openAccess All rights reserved http://www.europeana.eu/rights/rr-f/ 2.3 2023 SOCIAL ISSUES 14 / 67 = 0.209 2023 Q1 T1 1.09 2023 Social Sciences (miscellaneous) 2023 Q1 5.3 2023 info:eu-repo/semantics/article info:eu-repo/semantics/acceptedVersion Fuertes-Callén, Yolanda Universidad de Zaragoza (orcid)0000-0002-6468-0944 Cuéllar-Fernández, Beatriz Universidad de Zaragoza (orcid)0000-0002-5557-0380 4002 230 Universidad de Zaragoza Dpto. Contabilidad y Finanzas Área Economía Finan. y Contab. 52, 6 (2023), 1609-1632 Nonprofit volunt. sect. q. NONPROFIT AND VOLUNTARY SECTOR QUARTERLY 0899-7640 560236 http://zaguan.unizar.es/record/121100/files/texto_completo.pdf Postprint 683324 http://zaguan.unizar.es/record/121100/files/texto_completo.jpg?subformat=icon icon Postprint oai:zaguan.unizar.es:121100 articulos driver 2026-01-14-12:58:04 ARTICLE