The role of capital in microfinance financial performance and cultural sustainability

References

• Abrar, A., & Javaid, A. Y. (2016). The Impact of capital structure on the profitability of Microfinance institutions. South Asian Journal of Management Sciences, 10(1), 1–15. https://doi.org/10.21621/SAJMS.2016101.03
   Google Scholar
• Adams, M., Thornton, B., & Sepehri, M. (2012). The impact of the pursuit of sustainability on the financial performance of the firm. Journal of Sustainability and Green Business, 1(1), 1–14.
   Google Scholar
• Ahamad, S., Al-Jaifi, H. A. A., & Ehigiamusoe, K. U. (2022). Impact of intellectual capital on microfinance institutions’ efficiency: The moderating role of external governance. Journal of the Knowledge Economy, 14(2), 691–717. https://doi.org/10.1007/s13132-022-00937-8
   Web of Science ®Google Scholar
• Alemu, M., & Aweke, M. (2017). Financial performance analysis of private commercial banks of Ethiopia: CAMEL ratings. International Journal of Scientific and Research Publications, 7(10), 367–395.
   Google Scholar
• Arifin, M. R., Raharja, B. S., Aligarh, F., & Nugroho, A. (2023). A systematic literature review on community financing: Avenues for further research. Cogent Business and Management, 10(2). https://doi.org/10.1080/23311975.2023.2211208
   Web of Science ®Google Scholar
• Arslan, M. L., & Kızıl, C. (2019). Measuring intellectual capital of Turkish banks listed on borsa istanbul banking index (BIST XBANK) with the market value/book value method and value added intellectual coefficient (VAIC) model. EMAJ: Emerging Markets Journal, 9(1), 101–116. https://doi.org/10.5195/emaj.2019.180
   Google Scholar
• Badan Pusat Statistik (BPS) Province of Bali. (2023). Bali Province in Figures 2023. https://bali.bps.go.id/publication.html
   Google Scholar
• Baker, M., & Wurgler, J. (2015). Do strict capital requirements raise the cost of capital? bank regulation, capital structure, and the low risk anomaly. American Economic Review, 105(5), 315–320. https://doi.org/10.1257/aer.p20151092
   Web of Science ®Google Scholar
• Bank for International Settlement. (2023). Basel committee on banking supervision risk-based capital requirement.
   Google Scholar
• Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. https://doi.org/10.1177/014920639101700108
   Web of Science ®Google Scholar
• Basuony, M. A., Mohamed, E. K. A., & Al-Baidhani, A. M. (2014). Size and age on bank financial performance. Corporate Ownership and Control, 11(2), 178–191. https://doi.org/10.22495/cocv11i2c1p3
   Google Scholar
• Boahene, S. H., Dasah, J., & Agyei, S. K. (2012). Credit risk and profitability of selected banks in Ghana. Research Journal of Finance and Accounting, 3(7), 6–14. www.iiste.org www.iiste.org
   Google Scholar
• Bogan, V. L. (2012). Capital structure and sustainability: An empirical study of microfinance institutions. Review of Economics and Statistics, 94(4), 1045–1058. https://doi.org/10.1162/REST_a_00223
   Web of Science ®Google Scholar
• Bontis, N., & Serenko, A. (2009). A causal model of human capital antecedents and consequents in the financial services industry. Journal of Intellectual Capital, 10(1), 53–69. https://doi.org/10.1108/14691930910922897
   Google Scholar
• Buera, F. J., Kaboski, J. P., & Shin, Y. (2012). The macroeconomics of microfinance. http://www.nber.org/papers/w17905
   Google Scholar
• Castro, J. P. G., Ramírez, D. F. D., & Escobar, J. M. (2021). The relationship between intellectual capital and financial performance in Colombian listed banking entities. Asia Pacific Management Review, 26(4), 237–247. https://doi.org/10.1016/j.apmrv.2021.03.002
   Web of Science ®Google Scholar
• Chotalia, P. (2014). Evaluation of financial health of sampled private sector banks with Altman Z-score model. International Journal of Social Science & Management, 2(11), 7–11.
   Google Scholar
• Dabi, R. S. K., Nugraha, M., & Disman, Sari. (2023). Capital structure, financial performance and sustainability of Microfinance Institutions (MFIs) in Ghana. Cogent Economics & Finance, 11(2) https://doi.org/10.1080/23322039.2023.2230013
   Web of Science ®Google Scholar
• Devianto, Y., & Dwiasnati, S. (2018). Banking health assessment using CAMELS and RGEC methods using OJK banking financial statement data. International Journal of Engineering and Computer Science, 7, 24187–24196. https://doi.org/10.18535/ijecs/v7i8.03
   Google Scholar
• Dissanayake, D. M. N. S. W. (2012). The determinants of microfinance profitability: Evidences from Sri Lankan microfinance institutions. Kelaniya Journal of Management, 1(1), 50–67. https://doi.org/10.4038/kjm.v1i1.6446
   Google Scholar
• Freudenreich, B., Lüdeke-Freund, F., & Schaltegger, S. (2020). A stakeholder theory perspective on business models: Value creation for sustainability. Journal of Business Ethics, 166(1), 3–18. https://doi.org/10.1007/s10551-019-04112-z
   Web of Science ®Google Scholar
• Friedman, M. (1970). The social responsibility of business is to increase its profits. The New York Times Magazine.
   Google Scholar
• Githaiga, P. N., Soi, N., & Buigut, K. K. (2023). Does intellectual capital matter to MFIs’ financial sustainability? Asian Journal of Accounting Research, 8(1), 41–52. https://doi.org/10.1108/AJAR-06-2021-0080
   Google Scholar
• Hashim, M. J., Adeyemi, A. A., & Alhabshi, S. M. (2018 Effects of intellectual capital on microfinance institutions’ performance [Paper presentation]. Proceedings of the 2nd Advances in Business Research International Conference, pp. 187–196. https://doi.org/10.1007/978-981-10-6053-3_27
   Google Scholar
• Hashim, M. J., Arifin, N. A. M., Kamarudin, M. F., & Khamis, M. R. (2020). Intellectual capital components and its relationship to Microfinance institutions’ performance: The moderating effect of institutions specification. Advances in Business Research International Journal, 6(2), 69–80. https://doi.org/10.24191/abrij.v6i2.10853
   Google Scholar
• Henry Ntarmah, A., Kong, Y., & Kobina Gyan, M. (2019). Banking system stability and economic sustainability: A panel data analysis of the effect of banking system stability on sustainability of some selected developing countries. Quantitative Finance and Economics, 3(4), 709–738. https://doi.org/10.3934/QFE.2019.4.709
   Web of Science ®Google Scholar
• Hosna, A., Manzura, B., & Juanjuan, S. (2009). Credit risk management and profitability in commercial banks in Sweden.
   Google Scholar
• Hossain, S. M., & Saif, A. N. M. (2019). Impact of firm size on financial performance of banking companies in Bangladesh. Journal of Banking & Financial Services, 11(2), 143–160.
   Google Scholar
• Jordão, R. V. D., & de Almeida, V. R. (2017). Performance measurement, intellectual capital and financial sustainability. Journal of Intellectual Capital, 18(3), 643–666. https://doi.org/10.1108/JIC-11-2016-0115
   Web of Science ®Google Scholar
• Kabuye, F., Alinda, K., Bugambiro, N., & Kezaabu, S. (2021). Intellectual capital, isomorphic forces and internal controls over financial reporting in Ugandan microfinance institutions. Cogent Business & Management, 8(1) https://doi.org/10.1080/23311975.2021.1944960
   Web of Science ®Google Scholar
• Kamaluddin, A., & Rahman, R. A. (2013). The intellectual capital model: the resource-based theory application. International Journal of Learning and Intellectual Capital, 10(3–4), 294. https://doi.org/10.1504/IJLIC.2013.057427
   Google Scholar
• Kamukama, N. (2013). Intellectual capital: Firms’ hidden source of service quality in the microfinance industry in Uganda. Journal of African Business, 14(3), 150–161. https://doi.org/10.1080/15228916.2013.844012
   Google Scholar
• Kamukama, N., & Sulait, T. (2017). Intellectual capital and competitive advantage in Uganda’s microfinance industry. African Journal of Economic and Management Studies, 8(4), 498–514. https://doi.org/10.1108/AJEMS-02-2017-0021
   Web of Science ®Google Scholar
• Kamukama, N., Ahiauzu, A., & Ntayi, J. M. (2010a). Intellectual capital and financial performance in Uganda’s microfinance institutions. Augustine Ahiauzu & Joseph M.Ntayi. African Journal of Accounting, 6(6), 17–31.
   Google Scholar
• Kamukama, N., Ahiauzu, A., & Ntayi, J. M. (2010b). Intellectual capital and performance: Testing interaction effects. Journal of Intellectual Capital, 11(4), 554–574. https://doi.org/10.1108/14691931011085687
   Google Scholar
• Le, T. D. Q., & Nguyen, D. T. (2020). Intellectual capital and bank profitability: New evidence from Vietnam. Cogent Business & Management, 7(1), 1859666. https://doi.org/10.1080/23311975.2020.1859666
   Web of Science ®Google Scholar
• Lembaga Pemberdayaan Lembaga Perkreditan Desa (LP-LPD). (2023). LPD Information and Reporting System. https://lpdbali.com/publikasi/
   Google Scholar
• León, P. (2001). Four pillars of financial sustainability (Vol. 2). The Nature Conservancy.
   Google Scholar
• Million, G., Matewos, K., & Sujata, S. (2015). The impact of credit risk on profitability performance of commercial banks in Ethiopia. African Journal of Business Management, 9(2), 59–66. https://doi.org/10.5897/AJBM2013.7171
   Google Scholar
• Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American Economic Review, 48(3), 261–297.
   Web of Science ®Google Scholar
• Murale, V., Jayaraj, & R. Ashrafali. (2010). Impact of intellectual capital on firm performance: A resource based view using VAIC approach. International Journal of Business Management, Economics and Information Technology, 2(2), 283–292. https://www.researchgate.net/publication/268670555
   Google Scholar
• N’Guessan, M. N., & Hartarska, V. (2021). Funding for BOP in emerging markets: Organizational forms and capital structures of microfinance institutions. Research in International Business and Finance, 58, 101511. https://doi.org/10.1016/j.ribaf.2021.101511
   Web of Science ®Google Scholar
• Nopiyani, P. E., Made, N., Sanjaya, W. S., & Kartika, R. D. (2021). The effect credit restructuring relaxation on financial performance in LPD buleleng regency during the pandemic of Covid-19. International Journal of Social Science and Business, 5(4), 475–480. https://ejournal.undiksha.ac.id/index.php/IJSSB/index https://doi.org/10.23887/ijssb.v5i4.38166
   Google Scholar
• Nur Iman, A., Sukmana, R., Shifa Ghifara, A., & Kusuma Wardhana, A. (2022). The effect of zakat collection, company age, and company’s total assets on financial performance of Sharia banking in Indonesia 2019-2020. Economic Education and Entrepreneurship Journal, 5(2), 217–224. https://doi.org/10.23960/E3J/v5i2.217-224
   Google Scholar
• Olarewaju, O. M., & Msomi, T. S. (2021). Intellectual capital and financial performance of South African development community’s general insurance companies. Heliyon, 7(4), e06712. https://doi.org/10.1016/j.heliyon.2021.e06712
   PubMed Web of Science ®Google Scholar
• Ozkan, N., Cakan, S., & Kayacan, M. (2017). Intellectual capital and financial performance: A study of the Turkish banking sector. Borsa Istanbul Review, 17(3), 190–198. https://doi.org/10.1016/j.bir.2016.03.001
   Web of Science ®Google Scholar
• Parmar, B. L., Freeman, R. E., & Harrison, J. S. (2010). Stakeholder theory: The state of the art. https://scholarship.richmond.edu/management-faculty-publications/99
   Google Scholar
• Parvin, S. S., Hossain, B., Mohiuddin, M., & Cao, Q. (2020). Capital structure, financial performance, and sustainability of micro-finance institutions (MFIs) in Bangladesh. Sustainability (Switzerland), 12(15), 6222. https://doi.org/10.3390/su12156222
   Web of Science ®Google Scholar
• Patel, A., Sorokina, N., & Thornton, J. H. (2022). Liquidity and bank capital structure. Journal of Financial Stability, 62, 101038. https://doi.org/10.1016/j.jfs.2022.101038
   Web of Science ®Google Scholar
• Province of Bali Government. (2017). Lampiran Peraturan Gubernur Bali No 44.
   Google Scholar
• Pulic, A. (2000). VAICTM an accounting tool for IC management. International Journal of Technology Management, 20(5–8), 702–714. https://doi.org/10.1504/IJTM.2000.002891
   Web of Science ®Google Scholar
• Putra, I. G. C., Wedasari, D., & Rahmasari, G. A. P. W. (2020). The effect of intellectual capital and corporate governance on the performance of village credit institutions. International Journal of Applied Business and International Management, 5(3), 35–40. https://doi.org/10.32535/ijabim.v5i3.979
   Google Scholar
• Putra, I. G. C., Wiagustini, N. L. P., Ramantha, I. W., & Sedana, I. B. P. (2022). Intellectual capital and financial sustainability. International Journal of Accounting & Finance in Asia Pasific (IJAFAP), 5(2), 12–26. https://doi.org/10.32535/ijafap.v5i2.159
   Google Scholar
• Saddam, S. Z., & Jaafar, M. N. (2021). Modified value-added intellectual capital (MVAIC): Contemporary improved measurement model for intangible assets. International Journal of Academic Research in Accounting, Finance and Management Science, 11(1), 201–210. https://doi.org/10.13140/RG.2.2.18466.56000
   Google Scholar
• Salimath, M. S., & Jones, R. (2011). Population ecology theory: Implications for sustainability. In Management Decision, 49(6), 874–910. https://doi.org/10.1108/00251741111143595
   Web of Science ®Google Scholar
• Sekabira, H. (2013). Capital structure and its role on performance of microfinance institutions: The Ugandan case. Sustainable Agriculture Research, 2(3), 86. https://doi.org/10.5539/sar.v2n3p86
   Google Scholar
• Suarmanayasa, I. N. (2019). LPD in the era of the industrial revolution 4.0. Balipost. https://www.balipost.com/news/2019/07/11/80607/LPD-pada-Era-Revolusi-Industri…html
   Google Scholar
• Tarawneh, M. (2006). A comparison of financial performance in the banking sector: some evidence from Omani commercial banks. International Research Journal of Finance and Economics, 3(3), 101–112. http://www.eurojournals.com/finance.htm
   Google Scholar
• Tchuigoua, H. T. (2014). Institutional framework and capital structure of microfinance institutions. Journal of Business Research, 67(10), 2185–2197. https://doi.org/10.1016/j.jbusres.2014.01.008
   Web of Science ®Google Scholar
• Tchuigoua, H. T. (2015). Capital structure of microfinance institutions. Journal of Financial Services Research, 47(3), 313–340. https://doi.org/10.1007/s10693-013-0190-2
   Web of Science ®Google Scholar
• Tehulu, T. A. (2022). Credit expansion and financial sustainability of microfinance institutions: A generalized method of moments panel data analysis. Cogent Business & Management, 9(1) https://doi.org/10.1080/23311975.2022.2140490
   Web of Science ®Google Scholar
• Tran, M., Beddewela, E. S., & Ntim, C. G. (2021). Governance and sustainability in Southeast Asia. Accounting Research Journal, 34(6), 516–545. https://doi.org/10.1108/ARJ-05-2019-0095
   Web of Science ®Google Scholar
• Tran, N. P., & Vo, D. H. (2020). Human capital efficiency and firm performance across sectors in an emerging market. Cogent Business & Management, 7(1), 1738832. https://doi.org/10.1080/23311975.2020.1738832
   Web of Science ®Google Scholar
• Trarintya, M. A. P., Wiagustini, N. L. P., Artini, L. S., & Ramantha, I. W. (2021). Intellectual capital on cultural sustainability practices in microfinance at Bali. Academy of Strategic Management Journal, 20(4), 1–9.
   Google Scholar
• Tripathi, V. K. (2014). The systematic literature review and researches on development of microfinance industry in India: A study. European Journal of Commerce and Management Research, 3(1), 32–38. www.ejcmr.org
   Google Scholar
• Vidyarthi, H., & Tiwari, R. (2020). Cost, revenue, and profit efficiency characteristics, and intellectual capital in Indian Banks. Journal of Intellectual Capital, 21(1), 1–22. https://doi.org/10.1108/JIC-05-2019-0107
   Web of Science ®Google Scholar
• Yusuf, M., & Surjaatmadja, S. (2018). Analysis of financial performance on profitability with non performance financing as variable moderation (study at Sharia commercial bank in Indonesia period 2012–2016). International Journal of Economics and Financial Issues, 8(4), 126–132. http:www.econjournals.com
   Google Scholar