Do Lenders and Donors Value Transparency? Evidence From Financial Organisations in the Social Sector
研究基于信息不对称视角，利用83个国家1322家小额信贷机构的面板数据，发现透明度越高，机构获得的补贴和私人债务越多，且能以更低成本吸引资本，但透明度与杠杆率的关系取决于合同执行环境。
ABSTRACT Drawing on the information asymmetry perspective, this study examines whether lenders and donors reward the transparency of financial organisations with a social mission such as microfinance institutions (MFIs). Using panel data econometrics on an unbalanced sample of 6338 MFI year observations for 1322 MFIs from 83 countries, our analysis reveals a positive correlation between transparency ratings, subsidies, and private debt. Greater transparency is associated with both market and non‐market financing, as MFIs with higher levels of transparency attract more capital from lenders at below‐market rates. Greater transparency helps MFIs attract capital at lower costs, especially in regulated environments and mature microfinance markets. Moreover, MFIs with high levels of transparency tend to have lower leverage in contexts where loan contracts are well enforced. This suggests that the relationship between transparency and leverage is context‐dependent.