The contrasts of microcredit and some unresolved institutional challenges of microfinance: evidence from Mexico Los contrastes de los microcréditos y algunos retos no resueltos en microfinanzas: evidencia de México

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In this study, we examine the potential of multicultural individuals (i.e., individuals who have experienced and internalized two or more cultures) to become international entrepreneurs. We focus on two characteristics of successful entrepreneurs: cognitive complexity and social network. Using a sample of 417 individuals aged 18-52, we found that multicultural individuals exhibited higher levels of cognitive complexity in internationalization-related challenges and belonged to more geographically diverse social networks than their monocultural peers.

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The main objective of this study is to analyze the relationship between the financial performance and scope of MFIs with independent variables such as: country environment, MFI size, expenses, and capital structure. The Structural Equations Modeling (SEM) was used to verify direct and indirect relationships. It was found that the effect of these independent variables shows through operating expenses. Additionally, it was found that in a country with high levels of corruption, absence of rule of law, and government inefficiencies, MFIs are less likely to achieve their objectives due to the high operating costs allocated to reaching the population with low income. These factors also explain the financial performance and scope of MFIs, implying that operating expenses explain two of the most important determinants of MFI mission bias. The originality of this work resides in the methodology employed, the construction of all indicators and use of the regulatory environment, and the institutional development variables to analyze MFIs.