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EN
In this article we introduce microfinance investment funds as financially viable socially responsible investment. We provide a brief overview of the microfinance investment funds that are the most relevant to a commercially oriented investor who is besides the socially responsible aspect of this type of investment interested in the financial benefits of the inclusion of these funds into his personal investment portfolio. In regard to the dependence of returns of microfinance funds on the performance of stock and fixed income markets in deve-loped and emerging economies we find slightly negative correlation. We also show that microfinance investment funds provide modest but in time stable returns compared to benchmark market indices.
EN
There is a gap in the microfinance literature on micro savings as a form of microfinance; and their impact on clients, micro enterprises, households, communities, and financial institutions. Microfinance arises as a new tool in developing as well as developed countries. It is widely known since the 1970's and often connected with the name of Nobel Peace Prize laureate Muhammad Yunus. The aim of the paper is to analyze effects of micro savings programs on well-being of poor households participating in micro savings program in Eastern Slovakia. According to the results active and successful clients perceive positive change in level of their household management and they perceive their ability to manage household better than unsuccessful clients. Furthermore, active and successful clients perceive positive subjective change in quality of living and they perceive higher level of overall quality of living than unsuccessful clients. Based on a sample of 112 households from three towns (Ostrovany, Stara Lubovna and Moldava nad Bodvou) subjective perception and objective change in well-being of households are assessed and it is argued that the programs have positive effects on poverty and contribute to poverty alleviation.
EN
Microfinance institutions finance their business activities primary with clients’ deposits, equity and subsidiary or with external funding. The aim of our thesis is to determine whether the external funding, macroeconomic development and the size of banking sector have some impact on a microfinance performance. Our findings reveal that the growth of external sources is positively associated with the number of female borrowers, interest rates or total expenditure. A significant negative effect can appear if the ratio of external funding to total assets is being uncontrollably increased over time.
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