- Bias in Mission-Driven Finance: Discrimination or Mission Drift?
The latest article of the CEBRIG :
“Bias in Mission-Driven Finance: Discrimination or Mission Drift?”
Published in the Journal of Business Ethics (Impact Factor: 5.9)
Pub Date: May 18, 2025
DOI: 10.1007/s10551-025-06020-x
Anastasia Cozarenco & Ariane Szafarzhttps://link.springer.com/article/10.1007/s10551-025-06020-x
- Our 2024 Activity Report is out!
Our 2024 Activity Report is out!
In this edition, you’ll find:
An update on our members and seminars held in 2024.
Awards, prizes, and editorial positions held by our members.
Publications by CERMi members in 2024, as well as highlights from conference and much more.
We invite you to explore the report for a comprehensive overview of our activities and accomplishments over the past year.
- Exciting Announcement:
Eddy Balemba at ULB for the Master in Microfinance
We are thrilled to announce that Eddy Balemba, Senior Professor in the Faculty of Economics and Management at the Catholic University of Bukavu, South Kivu, DR Congo, will be teaching courses at Université libre de Bruxelles (ULB) from March 26th to June 07th, 2025, as part of the Master’s program in Microfinance 24/25.
- Our 2023 Activity Report is out !
Our 2023 Activity Report is out !
What you’ll find in this edition :
Update on our members, seminars in 2023…
Awards and prizes and editorial positions of our members…
2023 publications by CERMi members as well as conferences……and more!
- Discover our 18th CERMi Newsletter !
Discover our 18th CERMi Newsletter !
What you’ll find in this edition:
Latest and coming events at CERMi (2023-2024)
Awards and prizes (2023-2024)
Recent publications by CERMi members (2023-2024)
- European Research Conference on Microfinance
CERMi is pleased to announce that the 8th European Research Conference on Microfinance will be held in Bergamo (Italy), on June 24-26, 2024.
You can already download the programme and register for the conference!
More informations can be found on the conference website.
- Public Defense
Patrick Murhula Cubaka, CERMi PhD student, will publicly defend his PhD thesis “Ownership, Governance and Sustainability of Financial Cooperatives in Microfinance” on June 13, 2024, at 3.00pm at the Université de Mons (UMONS), Warocqué School of Business and Economics. The defense will be held in room Hotyat (first floor).
- Elgar Cases in Entrepreneurship SeriesCases on Emerging Market Call for Papers
Case studies in Microfinance and Entrepreneurship: Exploring Frontiers in Poverty, Gender, and Market Dynamics
We are thrilled to announce a call for papers for an upcoming publication titled Case studies in Microfinance and Entrepreneurship: Exploring Frontiers in Poverty, Gender and Market Dynamics, aimed at exploring the intersections of entrepreneurship, microfinance, and socio-economic changes. The collection will enrich the research and educational landscape for scholars, instructors, and students in the field of entrepreneurship. This initiative seeks to assemble a collection of case studies that not only serve as an essential toolkit for researchers and classrooms but also engage students with real-world scenarios that reflect the current state and challenges of entrepreneurship.
Themes and Research Areas:
We invite case contributions that explore innovative and cutting-edge themes within the spheres of microfinance and entrepreneurship, with a special emphasis on:
Emerging Trends in Microfinance:
Innovative models for sustainability, e-commerce ventures, the gig economy and technology’s role in transforming microfinance.
Entrepreneurship at the Margins:
Case studies focusing on how entrepreneurship affects and is affected by marginalised communities, including critical analyses of poverty and gender disparities.
Critique of Neoliberal Approaches:
Examination of market-based strategies, with insights into their implications for entrepreneurs and communities at the grass-root level.
Sustainable and Social Entrepreneurship:
Exploration of business models that balance profitability with social impact, including ventures that challenge traditional approaches and contribute to social and environmental objectives.
Submission Guidelines for Abstracts:
1) Please submit an abstract (approx. 300 words)
2) Abstracts must include information on the study background, focusing on its relevance
to microfinance and entrepreneurship, and clearly state the objectives.
3) It must describe the case and details about methodology, highlighting key insights and
theoretical implications.
Submit your abstract via this link https://forms.office.com/e/vJA60bWA8z
Submission Timeline:
Please submit an abstract outlining your proposed paper/case study, including its relevance to the above themes, by 5th August 2024. Submissions must be made via this MS form in the required format.
A hybrid paper development workshop is planned at the University College Dublin, Ireland for 27th and 28th November 2024.
Full paper submissions (approx. 5,000 words) will be due by 5th August 2025. The full case study should include:
i) Abstract (approx. 100-150 words) and up to 6 keywords, and teaching level
ii) Learning objectives (3-5 bulleted statements)
iii) 3-5 Discussion questions at the end
iv) References and further reading
v) Teaching notes (separate from the case and not more than 1500 words) to guide classroom use of case.
Why Contribute?
Your contribution will be instrumental in shaping a valuable resource that addresses the urgent need for relevant, real-world examples in entrepreneurship education. This book will not only serve as a stand-alone reference but also enrich the digital academic and management resources collection, allowing researchers and instructors to select the most pertinent cases for their work or curriculum.
Contact Information:
For more information or to discuss potential contributions, please contact Rashmi Arora r.arora6@bradford.ac.uk or Supriya Garikipati supriya.garikipati@ucd.ie - CERMi Seminar
CERMi is pleased to invite you to the seminar “Selected microfinance crises: past, present, and future” that Daniel Rozas (e-MFP) and Sam Mendelson (e-MFP) will be presenting, in English
Tuesday, May 14, 2024 at 2.00 pm at the Université Libre de Bruxelles (ULB), Solvay Brussels School (R42.5.107 – building R42, level 5, room 107).
Download the poster - CERMi Research Day
We are organizing our next CERMi Research Day on March 7, 2024 at the Salle des Conseils of the Warocqué School of Business and Economics (University of Mons), located at 17, Place Warocqué – 7000 Mons, Belgium. During the day, our CERMi researcher, Isabelle Guérin, will present her book “The Indebted Woman – Kinship, Sexuality, and Capitalism”.
Here is the schedule for the day:
– From 10:30am to 5:00pm: CERMi Research Day – access restricted to CERMi members (CERMi will cover the costs of speakers and discussants).
– Later: Dinner.
Guidelines for submitting a paper for the CERMi Research Day:
1) A full paper or extended abstract (2 pages minimum) must be submitted to CERMi (cermi@umons.ac.be) by January 19, 2024,
2) the paper must be submitted by the CERMi member who will present it if accepted (papers with non-CERMi co-authors are allowed),
3) the paper must not be published or accepted at the time of submission to CERMi.
Authors of rejected papers will be given priority as potential discussants.
- 8th European Research Conference on Microfinance
‘Microfinance and Transition: Exploring Pathways for Economic, Social, and Environmental Transformations’
We are pleased to announce that the 8th European Research Conference on Microfinance will take place on 24-26 June 2024 at the University of Bergamo, Italy. The conference is organised by the University of Bergamo in collaboration with the European Microfinance Platform (e-MFP) and the Centre for European Research in Microfinance (CERMi).
Since it was created by CERMi in 2009, the European Research Conference on Microfinance is a special bi-annual opportunity for researchers, students and professionals all over the world to come together in order to share and discuss about their latest advances in microfinance.
The 2024 edition of the conference will delve into the role of microfinance in driving comprehensive transitions across economic, social, and environmental dimensions. Through rigorous research presentations and insightful discussions, the conference participants will investigate the impact of microfinance on economic transformation, exploring its contribution to poverty alleviation, entrepreneurship, and inclusive growth; examine the social implications of microfinance, including its role in promoting financial inclusion, social empowerment, and reducing inequality within communities; and explore the potential of microfinance in fostering environmental sustainability, analysing its support for green initiatives, climate resilience, and sustainable livelihood practices.
During the three days of the conference, researchers from Europe and beyond, including early career researchers, graduate students, and practitioners with interest on academic research will uncover innovative strategies, evidence-based insights, and actionable recommendations to further advance the field of microfinance and transition.
Save the date and join us in-person in Bergamo. Call for abstracts is now open!
Please find all details for submission and further information on the conference at https://www.ercm2024.com/
Deadline for submission: 31st January 2024
- FINAL REMINDER *** 1 month to submission deadline: 05.02.2024 ! ***
The 3rd ICAFR (International Conference on Alternative Finance Research) will be held in Austria 05-06 June 2024.
The 3rd International Conference for Alternative Finance Research is a dedicated forum for alternative finance researchers and practitioners from all around the globe. It covers themes addressing crowdfunding, digital fundraising and lending, microfinance and prosocial lending, invoice trading, crypto assets and currencies, etc. The conference serves as a cross-disciplinary meeting place for scholars of information systems, economics, finance, entrepreneurship, and marketing under one roof to exchange ideas and help develop the field both theoretically and practically, while engaging in close dialog with industry stakeholders and policy makers.
*** NOTE: Top rated papers by reviewers will be invited for fast-track acceptance for publication with SAGE’s Journal of Alternative Finance ***
The conference is hosted by IMC Krems University of Applied Sciences, and organized by theUiA Crowdfunding Research Center at the Handelshøyskolen ved UiA / School of Business and Law, University of Agder. The event is held in collaboration with the European Centre for Alternative Finance at Utrecht University.
Submission deadline: 05.02.2024
For call for papers see: https://lnkd.in/dGyFApz9
Conference website: https://lnkd.in/d4QzU9kQ - Discover our 2022 Activity Report !
Discover our 2022 Activity Report !
What you’ll find in this edition : Update on our members, seminars in 2022… Awards and prizes and editorial positions of our members…2022 publications by CERMi members as well as conferences……and more !
- Special Issue on “Social, Sustainable, and Innovative Financial Services”
Journal of Financial Services Research (JFSR), announces a call for papers for a Special Issue (SI) on “Social, Sustainable and Innovative Financial Services” in partnership with the International Conference in Finance, Banking, and Accounting (ICFBA), held in Montpellier, 8-9 September 2023. JFSR is a highly ranked journal in the field of financial services publishing outstanding empirical and theoretical research.
The financial sector has a key role to play in achieving the UN sustainable development goals by directing capital flows towards social and environmental investment projects through innovative financial services. However, academic research on sustainable finance remains scarce. This special issue aims to fill this gap by bringing together high quality theoretical and empirical contributions. The SI seeks to inform policy makers about the micro- and macro-economic implications of social and green financial services to promote sound public policies.
We are particularly interested in research on Sustainable Financial Institutions (SFIs), also referred to as “alternative,” “ethical,” and “values-based” institutions, which have emerged as a new trend in financial intermediation. SFIs generally combine financial activities with one or more non-financial missions, typically based on environmental and social values. Their market share is growing rapidly and is expected to increase in the future.
Other topics of interest include but are not limited to:
- Environmental, Social, and Governance (ESG) strategies in banking, their costs and benefits
- Cooperative and mutual finance
- Microfinance and financial inclusion
- Climate risk in banking
- Green bonds
- Central bank green finance policies, regulations, and policy initiatives
- Innovative financial services and lending technologies
- Crowdfunding
- Alternative financial institutions
- The role of values and culture in financial decision-making
Authors interested in having their manuscripts considered for this special issue should submit their papers to Anastasia Cozarenco at a.cozarenco@montpellier-bs.com by 15 January 2024. Papers presented at the ICFBA, may be submitted, as well as other papers not presented at the conference. Authors of manuscripts selected for review by the Editorial Board will be invited to submit their papers to JFSR. In addition, selected papers will have a chance to present the progress of their results at a workshop dedicated to this SI, to be held at the University of Zurich on 12 June 2024.
All papers will be peer-reviewed in accordance with the journal’s standard policy. JFSR will waive the submission fee for papers submitted to this special issue.
The guest editors of the special issue are:
Renée Adams (Saïd Business School, renee.adams@sbs.ox.ac.uk)
Anastasia Cozarenco (Montpellier Business School, a.cozarenco@montpellier-bs.com)
Steven Ongena (University of Zurich, steven.ongena@bf.uzh.ch)
In collaboration with Haluk Unal (Robert H. Smith School of Business, University of Maryland, unal@umd.edu), Managing Editor of JFSR
- Publications by different authors
ASHTA Arvind
Alternative strategies of for-profit, not-for-profit and state-owned Nepalese microfinance institutions for poverty alleviation and women empowermentBR Dhungana, R Chapagain, A AshtaCogent Economics & Finance 11 (2), 2233778 Community Leadership at a Hindu Non-Profit Organization Leads to Outperforming in Indian Microfinance MarketA Ashta, N ParekhJournal of Risk and Financial Management 16 (3), 176 AUGSBURG Britta
Sanitation and marriage markets in India: Evidence from the Total Sanitation Campaign
B Augsburg, JP Baquero, S Gautam…Journal of Development Economics, 163, 103092.
BASTIAENSEN Johan
A Ndabaningi, HM Tirivangasi, J Bastiaensen
The Palgrave handbook of global social problems/Baikady, R.[edit.]; et al., 1-25
BIOSCA Olga
Climate Resilience Through Microfinance: Insights from Rwanda
K Helwig, O Biosca, E Christensen, M Mikulewicz, P Mugiraneza, …
Glasgow Caledonian University
BULTE Erwin
Short-and Medium-term Impacts of Employability Training: Evidence from a Randomised Field Experiment in RwandaA Alcid, E Bulte, R Lensink, A Sayinzoga, M TreurnietJournal of African Economies 32 (3), 296-328 Incentivizing and nudging farmers to spread information: Experimental evidence from EthiopiaS Balew, E Bulte, Z Abro, M KassieAmerican Journal of Agricultural Economics 105 (3), 994-1010 The economic impacts of house screening against malaria transmission: Experimental evidence from eastern ZambiaB Chisanga, E Bulte, M Kassie, C Mutero, F Masaninga, OP SangoroSocial Science & Medicine 321, 115778 Low-quality seeds, labor supply and economic returns: Experimental evidence from TanzaniaE Bulte, S Di Falco, M Kassie, X VollenweiderThe Review of Economics and Statistics, 1-33 CABALLERO-MONTES Tristan
Integrating market conditions into regulatory decisions on microfinance interest rates: does competition matter?T Caballero-MontesAnnals of Finance 19 (2), 201-232 The relationship between financial and social performances in microfinance: Insights from the provision of agricultural loans in CambodiaT Caballero-MontesSavings and Development COPESTAKE James
Kenya: Country OverviewJG CopestakeNon-Governmental Organizations and the State in Africa, 87-99 Zambia: country overviewJG CopestakeNon-Governmental Organizations and the State in Africa, 161-173 The Gambia: country overviewMT Sarch, S Owens, J CopestakeNon-Governmental Organizations and the State in Africa, 213-224 Zimbabwe: Country OverviewJG CopestakeNon-Governmental Organizations and the State in Africa, 15-25 The contribution to agricultural technology development of the Gwembe Valley Agricultural Mission (1985–90)JG CopestakeNon-Governmental Organizations and the State in Africa, 174-179 COZARENCO Anastasia
Women on Boards and Performance Trade-offs in Social Enterprises: Insights from Microfinance
M Bennouri, A Cozarenco, SA Nyarko
Journal of Business Ethics, 2023• Springer
Biases in Prosocial Lending? Methods and Application to Microcredit
A Cozarenco, A Szafarz
Methods and Application to Microcredit, 2023• papers.ssrn.com
DALLA PELLEGRINA Lucia
Efficiency and Outreach in the European Microfinance Sector
L Dalla Pellegrina, D Diriker, P Landoni, D Moro
University of Milan Bicocca Department of Economics, Management and …
Financial and Social Sustainability in the European Microfinance SectorL Dalla Pellegrina, D Diriker, P Landoni, D MoroUniversity of Milan Bicocca Department of Economics, Management and … D’ESPALLIER Bert
Female leaders and financial inclusion: Evidence from microfinance institutionsRØ Strøm, B D’Espallier, R MerslandReview of Corporate Finance 3 (1–2), 69-97 GUTIERREZ NIETO Begoña
Assessment of microfinance institutions and their impact: evidence from a scientometric study
B Gutiérrez-Nieto, C Serrano-Cinca
Handbook of Microfinance, Financial Inclusion and Development, 2023• books.google.com
HARTARSKA Valentina
Scope economies from rural and urban microfinance services
V Hartarska, J Zhang, DA Nadolnyak
Southern Economic Journal 89 (4), 1138-1167
Handbook of Microfinance, Financial Inclusion and DevelopmentV Hartarska, RJ CullEdward Elgar Publishing Overview of microfinance, financial inclusion, and development
R Cull, V Hartarska
Handbook of microfinance, financial inclusion and development, 2-19
LENSINK Robert
The Origins of Optimism: A Lab-in-the-Field Experiment among Microfinance Clients in Bolivia
F Cecchi, E Voermans, R Lensink
Economic Development and Cultural Change 72 (1), 000-000
S Ahmad, R Lensink, A Mueller
Journal of Behavioral and Experimental Finance 38, 100795
Uptake, use, and impact of Islamic savings: Evidence from a field experiment in Pakistan
S Ahmad, R Lensink, A Mueller
Journal of Development Economics 163, 103098
Does microfinance cause banking sector development and economic growth? An application to Mongolia
B Myagmar, R Lensink, W Heijman
Handbook of Microfinance, Financial Inclusion and Development, 425-448
MERSLAND Roy
Does It Pay to be Green? A Study of the Global Microfinance Industry
LA Beisland, S Zamore, R Mersland
Nonprofit and Voluntary Sector Quarterly 52 (3), 631-653
Female leaders and financial inclusion: Evidence from microfinance institutions
RØ Strøm, B D’Espallier, R Mersland
Review of Corporate Finance 3 (1–2), 69-97
Excessive focus on risk? Non?performing loans and efficiency of microfinance institutions
S Zamore, LA Beisland, R Mersland
International Journal of Finance & Economics 28 (2), 1290-1307
Influence of international ownership on the performance of local social enterprises: Evidence from the global microfinance industryKO Djan, SA Nyarko, R Mersland, LA Beisland, L NakatoStrategic Change 32 (2-3), 53-71 NYARKO Samuel?
Women on Boards and Performance Trade-offs in Social Enterprises: Insights from Microfinance
M Bennouri, A Cozarenco, SA Nyarko
Journal of Business Ethics, 1-34
RANDØY Trond
S Hossain, J Galbreath, MM Hasan, T Randøy
Corporate Governance: An International Review
SANDBERG Joakim
M Hudon, J Sandberg
Handbook of Microfinance, Financial Inclusion and Development, 83-98
TCHAKOUTE Hubert
H Tchakoute Tchuigoua
Annals of Public and Cooperative Economics 94 (2), 519-548
FS Fall, H Tchakoute Tchuigoua, A Vanhems, L Simar
Annals of Operations Research, 1-22
Does corporate social responsibility pay? Evidence from social ratings in microfinance institutions
C Simo, HT Tchuigoua, J Nzongang
Technological Forecasting and Social Change 187, 122180
- Frontline Employees’ Job Satisfaction in Microfinance Institutions: Scale Development and Validation
Eddy Balemba Kanyurhi, Deogratias Bugandwa Mungu Akonkwa, Patrick Murhula Cubaka et Willem Bitakuya MBONEKUBE (2023). Finance Contrôle Stratégie, (26-2).
Studies that measure frontline employee job satisfaction in microfinance institutions (MFIs) are still scarce. The present study fills this gap and develops a measurement scale for MFIs’ frontline employees. Data were collected from 226 and 419 frontline employees from 50 and 53 MFIs in the Democratic Republic of the Congo. These data were processed through exploratory and confirmatory factor analysis and structural equation modelling. The results confirm that employee job satisfaction is a multidimensional construct with 10 factors. The scale was found to be reliable and valid, suggesting that the measure of job satisfaction has to be context and sector specific.
- The changing role of banks in the financial system: social versus conventional banks
The changing role of banks in the financial system: social versus conventional banks.
By Simon Cornée, Anastasia Cozarenco & Ariane Szafarz (2023).
In Sustainable finance and ESG: Risk, management, regulations, and implications for financial institutions (pp. 1-25). Cham: Springer International Publishing.
Social banks have emerged as a new group of banks that call themselves as “alternative”, “ethical”, “sustainable”, and “value-based”. Their small market share increases at a rapid pace and is still expected to grow in the future. Social banks are institutions with both (at least some) activities of financial intermediation and one or several non-financial missions, typically based on environmental and social values. By unpacking the observable, real-life differences between social banks and conventional banks, this chapter paves the way to theorizing the multidimensional characteristics of social banks within the global banking industry. Business models, governance issues, lending technologies, and social outcomes appear to be key aspects to understand how innovative, value-based, social banks work and how they might one day substantively affect mainstream banking business.
- 15. Financial inclusion in high-income countries: gender gap or poverty trap?
15. Financial inclusion in high-income countries: gender gap or poverty trap?.
By Anastasia Cozarenco & Ariane Szafarz (2023). Escalation Management in International Crises: The United States and its Adversaries, 272.
Little is known about the determinants of financial inclusion in high-income countries. Using the Findex dataset, we focus on two regions: The Euro area and North America. In the Euro area, access to financial services can be challenging for women, while in North America, poor households are particularly underserved. This chapter explores potential explanatory factors for the gender and poverty gaps in these two regions. As expected, the region-wise poverty gaps in financial inclusion are aligned with inequality measures. Yet, the factors connected with gender gaps are less intuitive. Our analysis shows that gender gaps in financial inclusion are related more to gendered labor-market characteristics than to institutional gender discrimination. This evidence suggests a link between financial inclusion and the need for consumption smoothing. We therefore speculate that, in high-income countries, gendered financial exclusion is driven more by demand-side factors than by supply-side ones.
- The process of organizational identification in social enterprises: The role of coalitions
The process of organizational identification in social enterprises: The role of coalitions.
By Cécile Godfroid & Marc Labie (2023). European Management Review.
This paper offers a detailed and systemic representation of the process of organizational identification in social enterprises, and a better understanding of how individuals position themselves in these organizations. We highlight that identification in social enterprises is the result of the interplay between the multiple identities of the individuals who take part in coalitions defending different institutional logics. Identification will depend on whether or not it is easy for the individual to find a coalition that corresponds to him or her, and on whether or not the ideas of this coalition are dominant. The relative size of the various coalitions among the staff and the way they evolve will have a clear impact on what the dominant logic of the social enterprise will be.
- Toward a theory of fair interest rates on microcredit: balancing the needs of clients and institutions.
By Marek Hudon & Joachim Sandberg (2023). In Handbook of Microfinance, Financial Inclusion and Development (pp. 83-98). Edward Elgar Publishing.
One of the most salient debates concerning microcredit pertains to the unexpectedly high rates of interest charged on microloans – rates which frequently are deemed usurious by outside parties. Microcredit is supposed to be to the advantage of poor borrowers, but at the same time microfinance institutions face comparably high costs. This chapter seeks to give theoretical input into the debate on fairness in microcredit interest rates. By drawing on both contemporary discussions in the industry as well as abstract philosophical perspectives on fairness, we classify and theorise four conceptions about fairness in interest rates and pinpoint their limitations. We finally argue for a combination of consequentialist and rights-based concerns which seeks to balance the needs of clients and institutions. We also draw out some practical implications of this view for both microfinance institutions and governments.