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IS MULTIPLE BORROWING A BAD SIGN? EVIDENCE FROM MICROFINANCE INSTITUTIONS IN PAKISTAN
Corresponding Author(s) : Zahid Iqbal
Humanities & Social Sciences Reviews,
Vol. 9 No. 3 (2021): May
Abstract
Purpose: To improve the loan repayment performance of Microfinance Institutions (MFIs) in Pakistan, this research not only analyses the direct effect of multiple borrowing on loan repayment performance but also determining the indirect impact of multiple borrowing on loan repayment performance through the mediating role of over-indebtedness and moderate role of moral hazard between over-indebtedness and loan repayment performance.
Design/methodology/approach: This study is based on a rich dataset comprised of information provided by the employees of MFIs working in Pakistan. The primary data were collected through the structural questionnaire, reliability and validity of construct were established in the light of different techniques including (1) Factor Loading (2) Cronbach’s Alpha (3) Composite Reliability (4) Average Variance Extracted (5) Variance Inflation Factor (6) Fornell-Larcker Criterion and (7) HTMT Ratio. Moreover, structural equation modeling techniques were applied in this study and, hypotheses were tested through bootstrapping by using PLS-SEM.
Findings: The results confirm not the only direct impact of multiple borrowing on loan repayment performance and over-indebtedness but also mediating role of over-indebtedness between multiple borrowing and loan repayment performances. Aside from the direct influence of over-indebtedness on loan repayment performance, the moderate role of moral hazard on the association between over-indebtedness and loan payback was also found.
Application of the Study: The findings of this study will be communicated with all Microfinance Institutions (MFIs) in the future so that policies may be developed to address the factors that negatively affect the loan repayment performance of Microfinance Institutions (MFIs). Besides this, the outcomes of this study will also enable the MFIs to launch different loaning products that not only fulfill the borrower’s requirements but also ensure the interest of MFIs.
Originality/value: Until now, the impact of multiple borrowing on loan repayment performance through mediating role of over-indebtedness and moderating role of moral hazard in the context of Microfinance Institutions (MFIs) of Pakistan have hardly been investigated. This study also enhances the understanding of MFIs regarding multiple borrowing and its subsequent impact on loan repayment performance. Moreover, the findings of this study enable the MFIs of Pakistan to improve their loan repayment performance by formulating the new lending policies in light of the finding of this study with special reference to multiple borrowing.
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- Ab Hamid , M. R., Sami, W., & Sidek, M. H. M. (2017). Discriminant validity assessment: Use of Fornell & Larcker criterion versus HTMT criterion, 890, 012163. https://doi.org/10.1088/1742-6596/890/1/012163 DOI: https://doi.org/10.1088/1742-6596/890/1/012163
- Afonso, J. S., Morvantâ€Roux, S., Guérin, I., & Forcella, D. (2017). Doing Good by Doing Well? Microfinance, Selfâ€Regulation and Borrowers' Overâ€indebtedness in the Dominican Republic. Journal of International Development, 29(7), 919-935. https://doi.org/10.1002/jid.3244 DOI: https://doi.org/10.1002/jid.3244
- Aliman, N., Ramli, R., & Haris, S. M. (2017). Design and development of lower limb exoskeletons: A survey. Robotics and Autonomous Systems, 95, 102-116. https://doi.org/10.1016/j.robot.2017.05.013 DOI: https://doi.org/10.1016/j.robot.2017.05.013
- Bond, P., & Rai, A. S. (2009). Borrower runs. Journal of development Economics, 88(2), 185-191. https://doi.org/10.1016/j.jdeveco.2008.06.005 DOI: https://doi.org/10.1016/j.jdeveco.2008.06.005
- Burki, H.-B. (2009). Unraveling the Delinquency Problem (2008/2009) in Punjab, Pakistan. Pakistan Microfinance Network, MicroNote, 10, 1-34.
- Casini, P. (2015). Competitive microcredit markets: differentiation and ex ante incentives for multiple borrowing. Oxford Economic Papers, 67(4), 1015-1033. https://doi.org/10.1093/oep/gpv047 DOI: https://doi.org/10.1093/oep/gpv047
- Chaudhury, I. A., & Matin, I. (2002). Dimensions and dynamics of microfinance membership overlap–a micro study from Bangladesh. Small Enterprise Development, 13(2), 46-55. https://doi.org/10.3362/0957-1329.2002.021 DOI: https://doi.org/10.3362/0957-1329.2002.021
- Chen, J., Chang, A. Y., & Bruton, G. D. (2017). Microfinance: Where are we today and where should the research go in the future? International Small Business Journal, 35(7), 793-802. https://doi.org/10.11 7/0266242617717380 DOI: https://doi.org/10.1177/0266242617717380
- Chichaibelu, B. B., & Waibel, H. (2017). Borrowing from “pui†to pay “pomâ€: Multiple borrowing and over-indebtedness in rural Thailand. World development, 98, 338-350. https://doi.org/10.1016/j.world dev.2017.04.032 DOI: https://doi.org/10.1016/j.worlddev.2017.04.032
- Dattasharma, A., Kamath, R., & Ramanathan, S. (2016). The burden of microfinance debt: Lessons from the ramanagaram financial diaries. Development and Change, 47(1), 130-156. https://doi.org/10.1111/dech.12218 DOI: https://doi.org/10.1111/dech.12218
- Debnath, K., & Roy, P. (2018). Predicting multiple-borrowing default among microfinance clients. Theoretical Economics Letters, 8(10), 1772. https://doi.org/10.4236/tel.2018.810116 DOI: https://doi.org/10.4236/tel.2018.810116
- Dhungana, B. R., Chapagain, R., & Ranabhat, D. (2020). Effects of Microfinance Intervention on Multiple and Non-multiple Financing Clients: A Case of Gandaki Province of Nepal. Journal of Nepalese Business Studies, 13(1), 49-61. https://doi.org/10.3126/jnbs.v13i1.34703 DOI: https://doi.org/10.3126/jnbs.v13i1.34703
- Diaz-Serrano, L., & Sackey, F. G. (2018). Microfinance and credit rationing: does the microfinance type matter? Journal of Sustainable Finance & Investment, 8(2), 114-131. https://doi.org/10.1080/204307 95.2017.1403181 DOI: https://doi.org/10.1080/20430795.2017.1403181
- Faruqee, R., Khalily, M. A. B., Akhter, N., & Alam, M. (2011). Multiple borrowing by mfi clients. Policy Paper, Institute of Microfinance, Dhaka, Bangladesh.
- Godquin, M. (2004). Microfinance repayment performance in Bangladesh: How to improve the allocation of loans by MFIs. World development, 32(11), 1909-1926. https://doi.org/10.1016/j.worlddev.2004.05.011 DOI: https://doi.org/10.1016/j.worlddev.2004.05.011
- Green, D., & Liu, E. (2021). A dynamic theory of multiple borrowing. Journal of Financial Economics, 139(2), 389-404. https://doi.org/10.1016/j.jfineco.2020.08.016 DOI: https://doi.org/10.1016/j.jfineco.2020.08.016
- Green, W. N. (2020). Regulating Overâ€indebtedness: Local State Power in Cambodia's Microfinance Market. Development and Change, 51(6), 1429-1453. https://doi.org/10.1111/dech.12620 DOI: https://doi.org/10.1111/dech.12620
- Guérin, I., Labie, M., & Morvant-Roux, S. (2018). Inadequate growth, over-indebtedness, and crises in microcredit: What have we learned. Enterprise Development & Microfinance, 29(2), 118-132. https://doi.org/10.3362/1755-1986.17-00013 DOI: https://doi.org/10.3362/1755-1986.17-00013
- Hair, J. F., Ringle, C. M., & Sarstedt, M. (2011). PLS-SEM: Indeed a silver bullet. Journal of Marketing theory and Practice, 19(2), 139-152. https://doi.org/10.2753/MTP1069-6679190202 DOI: https://doi.org/10.2753/MTP1069-6679190202
- Hayes, A. F., & Preacher, K. J. (2010). Quantifying and testing indirect effects in simple mediation models when the constituent paths are nonlinear. Multivariate behavioral research, 45(4), 627-660. https://doi.or g/10.1080/00273171.2010.498290 DOI: https://doi.org/10.1080/00273171.2010.498290
- Henseler, J., & Sarstedt, M. (2013). Goodness-of-fit indices for partial least squares path modeling. Computational statistics, 28(2), 565-580. https://doi.org/10.1007/s00180-012-0317-1 DOI: https://doi.org/10.1007/s00180-012-0317-1
- Hidajat, T. (2021). The Relationship Between Debt Literacy and Peer-To-Peer Lending: A Case Study in Indonesia. The Journal of Asian Finance, Economics and Business, 8(5), 403-411.
- Hossain, S., Galbreath, J., Hasan, M. M., & Randøy, T. (2020). Does competition enhance the double-bottom-line performance of microfinance institutions? Journal of Banking & Finance, 113, 105765. https://doi.org/10.1016/j.jbankfin.2020.105765 DOI: https://doi.org/10.1016/j.jbankfin.2020.105765
- Hulland, J. (1999). Use of partial least squares (PLS) in strategic management research: a review of four recent studies. Strategic Management Journal, 20(2), 195-204. https://doi.org/10.1002/(SICI)1097-0266(199902)20:2<195::AID-SMJ13>3.0.CO;2-7 DOI: https://doi.org/10.1002/(SICI)1097-0266(199902)20:2<195::AID-SMJ13>3.0.CO;2-7
- Indarte, S. (2020). Moral Hazard versus Liquidity in Household Bankruptcy.
- Kock, N. (2015). Common method bias in PLS-SEM: A full collinearity assessment approach. International Journal of e-Collaboration (ijec), 11(4), 1-10. https://doi.org/10.4018/ijec.2015100101 DOI: https://doi.org/10.4018/ijec.2015100101
- Kwambai, K. D., & Wandera, M. (2013). Effects of credit information sharing on nonperforming loans: the case of Kenya commercial bank Kenya. European Scientific Journal, 9(13). http://hdl.handle.net/123456789/75
- Lamichhane, B. D. (2021). Client Satisfaction: Key Factors to Sustainability of Microfinance Institutions (MFIs). Interdisciplinary Journal of Management and Social Sciences, 2(1), 32-42. https://doi.org/10 .3126/ijmss.v2i1.36739 DOI: https://doi.org/10.3126/ijmss.v2i1.36739
- Masocha, R., & Fatoki, O. (2018). The role of mimicry isomorphism in sustainable development operationalisation by SMEs in South Africa. Sustainability, 10(4), 1264. https://doi.org/10.3390/su10041264 DOI: https://doi.org/10.3390/su10041264
- Matzanke, M. (2014). Cross-borrowing and its impact on microentrepreneurs’ repayment performance and well-being in Peru. http://gala.gre.ac.uk/id/eprint/11951
- Maurer, K., & Pytkowska, J. (2011). Indebtedness of Microfinance Clients in Bosnia and Herzegovina. Results from a Comprehensive Field Study. European Fund for Southeast Europe (EFSE) Development Facility, mimeo.
- Mensah, I. (2014). Different shades of green: Environmental management in hotels in Accra. International Journal of Tourism Research, 16(5), 450-461. https://doi.org/10.1002/jtr.1939 DOI: https://doi.org/10.1002/jtr.1939
- Mpogole, H., Mwaungulu, I., Mlasu, S., & Lubawa, G. (2012). Multiple borrowing and loan repayment: A study of microfinance clients at Iringa, Tanzania. Global Journal of Management and Business Research, 12(4), 97-102. http://creativecommons.org/licenses/by-nc/3.0/.
- Muindi, C. W., & Mutwiri, N. M. (2021). Collateral requirement as a determinant of portfolio quality of microfinance institutions: Why does it matter? Insights from microfinance banks in Kenya. International Academic Journal of Economics and Finance, 3(6), 362-374. http://iajournals.org/articles/iaje f_v3_i6_362_374.pdf
- Mwashiuya, H. T., & Mbamba, U. O. L. (2020). Relationship of information and communication technology adoption on microfinance institutions operational performance and access to financial services in Tanzania. International Journal of Information, Business and Management, 12(1), 214-237.
- Orichom, G., & Omeke, M. (2021). Capital structure, credit risk management and financial performance of microfinance institutions in Uganda. Journal of Economics and International Finance, 13(1), 24-31. https://doi.org/10.5897/JEIF2020.1096 DOI: https://doi.org/10.5897/JEIF2020.1096
- Parvin, M. T., Birner, R., & Mila, F. A. (2020). Factors Determining the Loan Repayment Performance of a Government Microcredit Program for the Handloom Weavers in Bangladesh. International Journal of Business & Management Science, 10(1).
- Puliyakot, S. (2020). Does Microfinance Participation Lead to Over-Indebtedness? Evidence from India. IUP Journal of Accounting Research & Audit Practices, 19(3), 22-48.
- Pytkowska, J., & Spannuth, S. (2012). Indebtedness of microcredit clients in Kosovo: Results from a comprehensive field study. Microfinance Centre, Finance in Motion. t: https://www.researchgate .net/publication/298403888
- Rucker, D. D., Preacher, K. J., Tormala, Z. L., & Petty, R. E. (2011). Mediation analysis in social psychology: Current practices and new recommendations. Social and Personality Psychology Compass, 5(6), 359-371. https://doi.org/10.1111/j.1751-9004.2011.00355.x DOI: https://doi.org/10.1111/j.1751-9004.2011.00355.x
- Sangwan, S., Nayak, N. C., & Samanta, D. (2020). Loan repayment behavior among the clients of Indian microfinance institutions: A household-level investigation. Journal of Human Behavior in the Social Environment, 30(4), 474-497. https://doi.org/10.1080/10911359.2019.1699221 DOI: https://doi.org/10.1080/10911359.2019.1699221
- Sawada, Y., Tanaka, M., & Mahmud, M. (2018). Is multiple borrowing a bad sign? Evidence from Bangladesh and India. In Economic and Social Development of Bangladesh (pp. 199-214): Springer. https://doi.org/10.1 007/978-3-319-63838-6_10 DOI: https://doi.org/10.1007/978-3-319-63838-6_10
- Schicks, J. (2013). The sacrifices of micro-borrowers in Ghana–a customer-protection perspective on measuring over-indebtedness. The Journal of Development Studies, 49(9), 1238-1255. https://doi.org/10.1080/0 0220388.2013.775421 DOI: https://doi.org/10.1080/00220388.2013.775421
- Schicks, J. (2014). Over-indebtedness in microfinance–an empirical analysis of related factors on the borrower level. World development, 54, 301-324. https://doi.org/10.1016/j.worlddev.2013.08.009 DOI: https://doi.org/10.1016/j.worlddev.2013.08.009
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References
Ab Hamid , M. R., Sami, W., & Sidek, M. H. M. (2017). Discriminant validity assessment: Use of Fornell & Larcker criterion versus HTMT criterion, 890, 012163. https://doi.org/10.1088/1742-6596/890/1/012163 DOI: https://doi.org/10.1088/1742-6596/890/1/012163
Afonso, J. S., Morvantâ€Roux, S., Guérin, I., & Forcella, D. (2017). Doing Good by Doing Well? Microfinance, Selfâ€Regulation and Borrowers' Overâ€indebtedness in the Dominican Republic. Journal of International Development, 29(7), 919-935. https://doi.org/10.1002/jid.3244 DOI: https://doi.org/10.1002/jid.3244
Aliman, N., Ramli, R., & Haris, S. M. (2017). Design and development of lower limb exoskeletons: A survey. Robotics and Autonomous Systems, 95, 102-116. https://doi.org/10.1016/j.robot.2017.05.013 DOI: https://doi.org/10.1016/j.robot.2017.05.013
Bond, P., & Rai, A. S. (2009). Borrower runs. Journal of development Economics, 88(2), 185-191. https://doi.org/10.1016/j.jdeveco.2008.06.005 DOI: https://doi.org/10.1016/j.jdeveco.2008.06.005
Burki, H.-B. (2009). Unraveling the Delinquency Problem (2008/2009) in Punjab, Pakistan. Pakistan Microfinance Network, MicroNote, 10, 1-34.
Casini, P. (2015). Competitive microcredit markets: differentiation and ex ante incentives for multiple borrowing. Oxford Economic Papers, 67(4), 1015-1033. https://doi.org/10.1093/oep/gpv047 DOI: https://doi.org/10.1093/oep/gpv047
Chaudhury, I. A., & Matin, I. (2002). Dimensions and dynamics of microfinance membership overlap–a micro study from Bangladesh. Small Enterprise Development, 13(2), 46-55. https://doi.org/10.3362/0957-1329.2002.021 DOI: https://doi.org/10.3362/0957-1329.2002.021
Chen, J., Chang, A. Y., & Bruton, G. D. (2017). Microfinance: Where are we today and where should the research go in the future? International Small Business Journal, 35(7), 793-802. https://doi.org/10.11 7/0266242617717380 DOI: https://doi.org/10.1177/0266242617717380
Chichaibelu, B. B., & Waibel, H. (2017). Borrowing from “pui†to pay “pomâ€: Multiple borrowing and over-indebtedness in rural Thailand. World development, 98, 338-350. https://doi.org/10.1016/j.world dev.2017.04.032 DOI: https://doi.org/10.1016/j.worlddev.2017.04.032
Dattasharma, A., Kamath, R., & Ramanathan, S. (2016). The burden of microfinance debt: Lessons from the ramanagaram financial diaries. Development and Change, 47(1), 130-156. https://doi.org/10.1111/dech.12218 DOI: https://doi.org/10.1111/dech.12218
Debnath, K., & Roy, P. (2018). Predicting multiple-borrowing default among microfinance clients. Theoretical Economics Letters, 8(10), 1772. https://doi.org/10.4236/tel.2018.810116 DOI: https://doi.org/10.4236/tel.2018.810116
Dhungana, B. R., Chapagain, R., & Ranabhat, D. (2020). Effects of Microfinance Intervention on Multiple and Non-multiple Financing Clients: A Case of Gandaki Province of Nepal. Journal of Nepalese Business Studies, 13(1), 49-61. https://doi.org/10.3126/jnbs.v13i1.34703 DOI: https://doi.org/10.3126/jnbs.v13i1.34703
Diaz-Serrano, L., & Sackey, F. G. (2018). Microfinance and credit rationing: does the microfinance type matter? Journal of Sustainable Finance & Investment, 8(2), 114-131. https://doi.org/10.1080/204307 95.2017.1403181 DOI: https://doi.org/10.1080/20430795.2017.1403181
Faruqee, R., Khalily, M. A. B., Akhter, N., & Alam, M. (2011). Multiple borrowing by mfi clients. Policy Paper, Institute of Microfinance, Dhaka, Bangladesh.
Godquin, M. (2004). Microfinance repayment performance in Bangladesh: How to improve the allocation of loans by MFIs. World development, 32(11), 1909-1926. https://doi.org/10.1016/j.worlddev.2004.05.011 DOI: https://doi.org/10.1016/j.worlddev.2004.05.011
Green, D., & Liu, E. (2021). A dynamic theory of multiple borrowing. Journal of Financial Economics, 139(2), 389-404. https://doi.org/10.1016/j.jfineco.2020.08.016 DOI: https://doi.org/10.1016/j.jfineco.2020.08.016
Green, W. N. (2020). Regulating Overâ€indebtedness: Local State Power in Cambodia's Microfinance Market. Development and Change, 51(6), 1429-1453. https://doi.org/10.1111/dech.12620 DOI: https://doi.org/10.1111/dech.12620
Guérin, I., Labie, M., & Morvant-Roux, S. (2018). Inadequate growth, over-indebtedness, and crises in microcredit: What have we learned. Enterprise Development & Microfinance, 29(2), 118-132. https://doi.org/10.3362/1755-1986.17-00013 DOI: https://doi.org/10.3362/1755-1986.17-00013
Hair, J. F., Ringle, C. M., & Sarstedt, M. (2011). PLS-SEM: Indeed a silver bullet. Journal of Marketing theory and Practice, 19(2), 139-152. https://doi.org/10.2753/MTP1069-6679190202 DOI: https://doi.org/10.2753/MTP1069-6679190202
Hayes, A. F., & Preacher, K. J. (2010). Quantifying and testing indirect effects in simple mediation models when the constituent paths are nonlinear. Multivariate behavioral research, 45(4), 627-660. https://doi.or g/10.1080/00273171.2010.498290 DOI: https://doi.org/10.1080/00273171.2010.498290
Henseler, J., & Sarstedt, M. (2013). Goodness-of-fit indices for partial least squares path modeling. Computational statistics, 28(2), 565-580. https://doi.org/10.1007/s00180-012-0317-1 DOI: https://doi.org/10.1007/s00180-012-0317-1
Hidajat, T. (2021). The Relationship Between Debt Literacy and Peer-To-Peer Lending: A Case Study in Indonesia. The Journal of Asian Finance, Economics and Business, 8(5), 403-411.
Hossain, S., Galbreath, J., Hasan, M. M., & Randøy, T. (2020). Does competition enhance the double-bottom-line performance of microfinance institutions? Journal of Banking & Finance, 113, 105765. https://doi.org/10.1016/j.jbankfin.2020.105765 DOI: https://doi.org/10.1016/j.jbankfin.2020.105765
Hulland, J. (1999). Use of partial least squares (PLS) in strategic management research: a review of four recent studies. Strategic Management Journal, 20(2), 195-204. https://doi.org/10.1002/(SICI)1097-0266(199902)20:2<195::AID-SMJ13>3.0.CO;2-7 DOI: https://doi.org/10.1002/(SICI)1097-0266(199902)20:2<195::AID-SMJ13>3.0.CO;2-7
Indarte, S. (2020). Moral Hazard versus Liquidity in Household Bankruptcy.
Kock, N. (2015). Common method bias in PLS-SEM: A full collinearity assessment approach. International Journal of e-Collaboration (ijec), 11(4), 1-10. https://doi.org/10.4018/ijec.2015100101 DOI: https://doi.org/10.4018/ijec.2015100101
Kwambai, K. D., & Wandera, M. (2013). Effects of credit information sharing on nonperforming loans: the case of Kenya commercial bank Kenya. European Scientific Journal, 9(13). http://hdl.handle.net/123456789/75
Lamichhane, B. D. (2021). Client Satisfaction: Key Factors to Sustainability of Microfinance Institutions (MFIs). Interdisciplinary Journal of Management and Social Sciences, 2(1), 32-42. https://doi.org/10 .3126/ijmss.v2i1.36739 DOI: https://doi.org/10.3126/ijmss.v2i1.36739
Masocha, R., & Fatoki, O. (2018). The role of mimicry isomorphism in sustainable development operationalisation by SMEs in South Africa. Sustainability, 10(4), 1264. https://doi.org/10.3390/su10041264 DOI: https://doi.org/10.3390/su10041264
Matzanke, M. (2014). Cross-borrowing and its impact on microentrepreneurs’ repayment performance and well-being in Peru. http://gala.gre.ac.uk/id/eprint/11951
Maurer, K., & Pytkowska, J. (2011). Indebtedness of Microfinance Clients in Bosnia and Herzegovina. Results from a Comprehensive Field Study. European Fund for Southeast Europe (EFSE) Development Facility, mimeo.
Mensah, I. (2014). Different shades of green: Environmental management in hotels in Accra. International Journal of Tourism Research, 16(5), 450-461. https://doi.org/10.1002/jtr.1939 DOI: https://doi.org/10.1002/jtr.1939
Mpogole, H., Mwaungulu, I., Mlasu, S., & Lubawa, G. (2012). Multiple borrowing and loan repayment: A study of microfinance clients at Iringa, Tanzania. Global Journal of Management and Business Research, 12(4), 97-102. http://creativecommons.org/licenses/by-nc/3.0/.
Muindi, C. W., & Mutwiri, N. M. (2021). Collateral requirement as a determinant of portfolio quality of microfinance institutions: Why does it matter? Insights from microfinance banks in Kenya. International Academic Journal of Economics and Finance, 3(6), 362-374. http://iajournals.org/articles/iaje f_v3_i6_362_374.pdf
Mwashiuya, H. T., & Mbamba, U. O. L. (2020). Relationship of information and communication technology adoption on microfinance institutions operational performance and access to financial services in Tanzania. International Journal of Information, Business and Management, 12(1), 214-237.
Orichom, G., & Omeke, M. (2021). Capital structure, credit risk management and financial performance of microfinance institutions in Uganda. Journal of Economics and International Finance, 13(1), 24-31. https://doi.org/10.5897/JEIF2020.1096 DOI: https://doi.org/10.5897/JEIF2020.1096
Parvin, M. T., Birner, R., & Mila, F. A. (2020). Factors Determining the Loan Repayment Performance of a Government Microcredit Program for the Handloom Weavers in Bangladesh. International Journal of Business & Management Science, 10(1).
Puliyakot, S. (2020). Does Microfinance Participation Lead to Over-Indebtedness? Evidence from India. IUP Journal of Accounting Research & Audit Practices, 19(3), 22-48.
Pytkowska, J., & Spannuth, S. (2012). Indebtedness of microcredit clients in Kosovo: Results from a comprehensive field study. Microfinance Centre, Finance in Motion. t: https://www.researchgate .net/publication/298403888
Rucker, D. D., Preacher, K. J., Tormala, Z. L., & Petty, R. E. (2011). Mediation analysis in social psychology: Current practices and new recommendations. Social and Personality Psychology Compass, 5(6), 359-371. https://doi.org/10.1111/j.1751-9004.2011.00355.x DOI: https://doi.org/10.1111/j.1751-9004.2011.00355.x
Sangwan, S., Nayak, N. C., & Samanta, D. (2020). Loan repayment behavior among the clients of Indian microfinance institutions: A household-level investigation. Journal of Human Behavior in the Social Environment, 30(4), 474-497. https://doi.org/10.1080/10911359.2019.1699221 DOI: https://doi.org/10.1080/10911359.2019.1699221
Sawada, Y., Tanaka, M., & Mahmud, M. (2018). Is multiple borrowing a bad sign? Evidence from Bangladesh and India. In Economic and Social Development of Bangladesh (pp. 199-214): Springer. https://doi.org/10.1 007/978-3-319-63838-6_10 DOI: https://doi.org/10.1007/978-3-319-63838-6_10
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