This paper investigates the relationship between the legal forms adopted by microfinance institutions (MFIs) and their performance within three scopes: financial performance, social performance, and efficiency in resource allocation. The MFIs studied are classified into four groups: banks, non-governmental organizations, cooperatives, and a fourth group formed of for-profit institutions not characterized as banks, made up of non-bank financial institutions (NBFIs) and rural banks. The data used are annual and cover the six years from 2007 to 2012. The quantitative regression model with panel data was used together with dummy variables to compare between the four groups of legal forms, except for the group made up of NBFIs and rural banks, which was not represented by any dummy variable. 304 MFIs from 59 countries made up the sample. In the study it was observed that larger MFIs have higher profits, higher returns, and higher operational self-sufficiency rates than smaller MFIs, indicating that MFI growth could enable consolidation in the microfinance market. The results also indicate that for smaller MFIs the way to consolidate and improve the indicators could be through assimilating or merging with other MFIs. It was also noted that non-bank financial institutions and rural banks are able to serve more customers and that cooperatives provide smaller loans, causing a bigger social impact, and that they obtain higher returns and profits. The results indicate that these legal forms may be the most appropriate for the microfinance market.
Este artigo propôs a compreensão dos motivos que levam os usuários a trocarem uma academia de ginástica por outra. A teoria fundamentada foi empregada como desenho de pesquisa, com uso de entrevistas semiestruturadas. Foram interrogados cinco membros de academias de Natal/RN e que tinham executado pelos menos uma troca de estabelecimento. A análise temática orientou a avaliação dos materiais transcritos, executando codificações aberta, axial e seletiva. O trabalho permitiu o desenvolvimento de um framework capaz de apontar os fatores que explicaram a rotatividade no setor de fitness. Os antecedentes deste fenômeno resumiram-se a dimensão intrínseca ao sujeito e a dimensão extrínseca, relativa ao ambiente da academia. A primeira compreendeu restrições intrapessoais, parcerias, obrigações externas e necessidades, ao passo que a outra englobou core service, conveniência, administração e imagem, condições de segurança, higienização, estratégias de precificação, aspectos tangíveis e staff team. Constataram-se interrelações entre elementos das duas dimensões. Os resultados colaboram para o enriquecimento do campo temático do comportamento do consumidor no contexto fitness, e permitem a replicação do modelo teórico em estudos futuros.
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