This study examines the relationship of gender diversity within the workforce and the sustainability of economic performance within the microfinance industry in Africa as compared to the rest of the world. Measuring economic performance helps to demonstrate whether resources are effectively utilized to achieve social performance objectives. We use ROA-the most common measure of profit for financial institutions-to capture financial performance, and OpEx-the most widely used indicator of efficiency-to capture operating efficiency. We measure gender diversity within the microfinance workforce at two hierarchical levels. Our analysis of a data set of 1,389 observations in 1,053 firms suggests that gender diversity enhances economic performance, especially in Africa. We propose that policymakers and practitioners consider these results to determine how to best deploy women within the microfinance workforce to deliver sustainable economic performance. Copyright © 2016 ASAC. Published by John Wiley & Sons, Ltd.Keywords: gender diversity, economic performance, sustainability Résumé Cette étude examine la relation entre la diversité des sexes au sein du personnel et la durabilité de la performance économique dans l'industrie de la microfinance en Afrique, par comparaison au reste du monde. La mesure de la performance économique permet de démontrer que les ressources sont efficacement utilisées pour atteindre les objectifs de la performance sociale. La ROA-la mesure la plus courante permettant d'évaluer le profit des institutions financières -est utilisée pour cerner la performance financière et l'OpEx-l'indicateur d'efficacité la plus répandue -est utilisée pour déterminer l'efficacité opérationnelle. L'étude montre que la mesure de la diversité des genres au sein du personnel de la microfinance s'opère à deux niveaux hiérarchiques. L'analyse de 1389 observations provenant de 1053 firmes indique que la diversité des genres améliore la performance économique, notamment en Afrique. L'article propose aux décideurs et aux gestionnaires de s'inspirer de nos résultats pour mieux déployer la gent féminin dans le personnel des microfinances afin d'atteindre des performances économiques durables.

International business and economic development researchers theorize that cultural affinity impacts crossborder investment decisions, but these theories produce inconclusive findings. In this study, we propose a theoretical and empirical framework that explores cross-border capital flows in a context where the effect of the levels of cultural affinity is likely to be salient for private direct investments in micro and small enterprises in developing countries. We disaggregate crosscountry effects into three dimensionsculture, institutional context, and geographic distance and argue that these dimensions should have separate effects on investment. We test our hypotheses using crosscountry panel data from Kiva, a peer-to-peer micro-lending platform used by investors to lend in the broad global market, and especially to developing country entrepreneurs. Our results reveal that controlling for macroeconomic and business cycle financial effects, lenders invest more in entrepreneurs that are geographically distant, have fewer socioeconomic resources, but are culturally similar. The nature and type of institutional challenges facing the borrowing country also matter.