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Table 1.

Variables definition.

This table shows the variables used, their abbreviations, and how they are measured.

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Table 2.

Deciding between difference and system GMM.

Comparing difference GMM estimation coefficient lag dependent variables to lower bound (fixed effect) estimates to decide whether to use difference GMM or system GMM.

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Table 2 Expand

Table 3.

Summary statistic.

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Table 3 Expand

Table 4.

Variance Inflation Factor (VIF).

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Table 5.

Pearson matrix.

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Table 5 Expand

Table 6.

Trade-off between financial and social performance.

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Table 6 Expand

Table 7.

Robustness between social and financial performance with 2 lag.

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Table 7 Expand

Table 8.

Seemingly unrelated regressions (SUR) regression result for different types of MFIs.

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Table 8 Expand