Institutional quality and the capital structure of microfinance institutions: the moderating role of board gender diversity
研究了制度质量对532家小额信贷机构资本结构的影响，发现更好的制度环境会减少债务使用，而董事会中女性比例越高，这种减少效应越强。
Abstract We test the effect of institutional quality on capital structure in the microfinance setting. In doing this, we rely on data from 532 microfinance institutions (MFIs) located in 73 countries dotted across the six microfinance regions in the world. We observe that institutional quality exhibits a robust negative and statistically significant relationship with capital structure in both the short and long run, implying that MFIs in countries with a better institutional environment are less likely to utilize more debt. Our moderation analysis furnishes us with evidence that the presence of women on the board of an MFI significantly moderates the relationship between institutional quality and its capital structure. We show that in the presence of more female representation on the boards of MFIs, the tendency of MFIs using less debt is higher.