CV: Curriculum Vitae from Carlos Serrano Cinca, professor in Accounting and Finance at the University of Zaragoza (Spain)

Gutierrez, B; Serrano Cinca, C.; and Mar Molinero, C. (2007): "Social Efficiency in Microfinance Institutions", Journal of the Operational Research Society, forthcoming,


Microfinance Institutions (MFIs) are a special case in the financial world. They have a double financial and social role and need to be efficient at both. In this paper we try to measure the efficiency of MFIs in relation to financial and social outputs using Data Envelopment Analysis. For the analysis of financial efficiency we rely on existing literature for traditional financial institutions. To this we have added two indicators of social performance: impact on women, and a poverty reach index. We have studied the relationship between social and financial efficiency, and the relationship between efficiency and other indicators, such as profitability. Other aspects studied are the relation between social efficiency and type of institution -Non-Governmental Organisation (NGO), non-NGO-, and the importance of geographical region of activity. The results reveal the importance of social efficiency assessment.


Data envelopment analysis, Microfinance Institutions (MFIs), Social Efficiency, Banking, Microcredit, Developing Countries.

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