Research Handbook of Finance and Sustainability
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Research Handbook of Finance and Sustainability

Edited by Sabri Boubaker, Douglas Cumming and Duc K. Nguyen

The severe consequences of the global financial crisis 2008-2009 and numerous accounting frauds and financial scandals over the last fifteen years have let to calls for more ethical and responsible actions in all economic activities including consumption, investing, governance and regulation. Despite the fact that ethics in business and corporate social responsibility rules have been adopted in various countries, more efforts have to be devoted to motivate and empower more actors to integrate ethical behavior and rules in making business and managerial decisions. The Research Handbook of Finance and Sustainability will provide the readers but particularly investors, managers, and policymakers with comprehensive coverage of the issues at the crossroads of finance, ethics and sustainable development as well as proposed solutions, while focusing on three different levels: corporations, investment funds, and financial markets.
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Chapter 14: Microfinance as an alternative to the imperfections of the financial system

Isabel Sainz-Fernández, Begoña Torre-Olmo and Carlos López-Gutiérrez


Microfinance arises in response to the demand for funding by the informal economic sector, given the limitations of the formal and informal financial systems, contributing to the development of countries. This chapter analyses the contribution of the microfinance sector to economic development and the repercussions originating from this contribution. Beginning with the limitations of the traditional financial systems and analysing the characteristics of the microfinance sector, the chapter describes the types of microfinance institutions. All of these institutions have two different kinds of objectives, social and financial, which are studied in this chapter. Finally, given that in the literature the relationship between the two sectors (microfinance and financial) is not clear, we present the main conclusions of the studies that find a positive or negative relationship between them.

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