Journal of the Knowledge Economy

, Volume 9, Issue 1, pp 40–61 | Cite as

Mediating Effects of Management of Information on the Relationship Between Mechanisms of Governance and Lack of Reimbursement of Tunisian’s Associations of Microfinance

  • Mighri Zouhayer
  • Bel Hadj Tarek
  • Jarboui Anis


The purpose of this paper is to develop a mediational model of financial performance of microfinance institutions. It evaluates the links between mechanisms of governance, management of information about borrowers, and lack of reimbursement. Our goal through this model is to demonstrate that it is through the process of management of information these mechanisms are converted into financial performance. Based on an analysis of data from 228 Tunisian micro-enterprises, we concluded the mediation possibility of management of information on a fall in the lack of reimbursement.


Lack of reimbursement Management of information Microfinance Mechanisms of the governance Tunisia 

JEL Classification



  1. Andrés, P., & Vallelado, E. (2008). Corporate governance in banking: the role of the board of directors. Journal of Banking and Finance, 32(12), 2570–2580.CrossRefGoogle Scholar
  2. Austin J., Gutierrez R., Labie M., Ogliastri E. (1998). Finansol, Harvard Business School case, Harvard University, 9-398-071 (version anglaise), 9-398-073 (version espagnole), Cambridge, 16 p.Google Scholar
  3. Baron, R., & Kenny, D. (1986). The moderator-mediator variable distinction in social psychological research: conceptual, strategic and statistical considerations. Journal of Personality and Social psychlogy, 51, 1173–1182.CrossRefGoogle Scholar
  4. Brüderl, J., & Preisendorfer, P. (1998). Network support and the success of newly founded businesses. Small Business Economics, 10, 213–225.CrossRefGoogle Scholar
  5. Calvo, J. (2006). Testing Gibrat’s law for small, young and innovating firms. Small Business Economics, 26, 117–123.CrossRefGoogle Scholar
  6. Caprio G. and Levine R(2002). Corporate governance of banks: concepts and international observations, Global corporate Governance Forum Research Network Meeting, 5 april 2002.Google Scholar
  7. Castrogiovianni, G. J. (1996). Pre-start-up planning and the survival of new small firms. Journal of Management, 22, 801–823.CrossRefGoogle Scholar
  8. Chaves, A., & Gonzalez-Vega, C. (1994). Principles of regulation and prudential supervision and their relevance for microenterprise finance organizations. In O. Maria & R. Elisabeth (Eds.), The new world of microenterprise finance forthe poor. London: Hartford.Google Scholar
  9. Cooper, A. C., Folta, T., & Woo, C. (1995). Entrepreneurial information search. Journal of Business Venturing, 10(2), 107–120.CrossRefGoogle Scholar
  10. Cull, R., Demirgüç-Kunt, A., & Morduch, J. (2007). Financial performance and outreach: a global performance of leading microbanks. Economic Journal, 117, F107–F133.CrossRefGoogle Scholar
  11. Galema, R., Plantinga, A., & Scholtens, B. (2008). The stocks at stake: return and risk in socially responsible investment. Journal of Banking and Finance, 32(12), 2646–2654.CrossRefGoogle Scholar
  12. Galema, R., Lensink, R., & Mersland, R. (2012a). Do powerful CEOs have an impact on microfinance performance? Journal of Management Studies, 49(4), 718–742.CrossRefGoogle Scholar
  13. Hansmann H. (1996). The ownership of enterprise, Harvard University Press. Google Scholar
  14. Hartarska, V. (2005). Governance and performance of microfinance institutions in central Eastern Europe and the newly independent states. World Development, 33(10), 1627–1643.CrossRefGoogle Scholar
  15. Hartarska, V., & Mersland, R. (2012). What governance mechanisms promote efficiency in reaching poor clients? Evidence from rated microfinance institutions. European Financial Management, 18(2), 218–239.CrossRefGoogle Scholar
  16. Hartarska, V., & Nadolnyak, D. (2008). Does rating help microfinance institutions raise funds? Cross-country evidence. International Review of Economics and Finance, 17(4), 558–571.CrossRefGoogle Scholar
  17. Hausman, A. (2005). Innovativeness among small business: theory and propositions for future research. Industrial Marketing Management, 34(8), 773–782.CrossRefGoogle Scholar
  18. Jensen, M. (1993). Presidential address: the industrial revolution, exist and the failure of internal control systems. Journal of Finance, 48(3), 831–880.CrossRefGoogle Scholar
  19. Joreskog, K. G., & Sorbom, D. (1984). LISREL VI: analysis of linear structural relationships by the method of maximum likelihood. Chicago: National Educational Resources.Google Scholar
  20. Koskinen, K. U., & Vanharanta, H. (2002). The role of tacit knowledge in innovation processes of small technology companies. International Journal of Production Economies, 80, 57–64.CrossRefGoogle Scholar
  21. Labie, M. & Mersland, R. (2011). Corporate governance challenges in microfinance. In Armendariz B. & Labie, M. (Eds.). The Handbook of Microfinance. World Scientific Publishing.Google Scholar
  22. Lapenu, C., & Zeller, M. (2002). Growth and performance of the microfinance institutions in Africa, Asia and Latin America: a recent inventory (Savings and development).Google Scholar
  23. Lin, C. Y. (1998). Success factors of small-and-medium-sized enterprises in Taiwan: an analysis of cases. Journal of Small Business Management, 36, 43–65.Google Scholar
  24. Masakure, O., Cranfield, J., & Henson, S. (2008). The financial performance of non-farm microenterprises in Ghana. World Development, 36, 2733–2762.CrossRefGoogle Scholar
  25. Mersland, R., & Strøm, R. Ø. (2012). Microfinance costs, lending rates and profitability. In G. Caprio (Ed.), The Encyclopedia of Financial Globalization. Oxford, UK: Elsevier.Google Scholar
  26. Mersland, R., Randøy, T., & Strøm, R. Ø. (2011). The Impact of international influence on microbanks performance: a global survey. International Business Review, 20(2), 163–176.CrossRefGoogle Scholar
  27. Mintzberg, H., Quinn, J. B., & Ghoshal, S. (1995). The strategy process. London: Prentice Hall, European Edition.Google Scholar
  28. Nichter, S., & Goldmark, L. (2009). Small firm growth in developing countries. World Development, 37, 1453–1464.CrossRefGoogle Scholar
  29. Steiger, J. H., & Lind, J. (1980). Statistically-based tests for the number of common factors”, Paper presented at the Annual Spring Meeting of the Psychometric. Iowa City: Society.Google Scholar
  30. Tarek, B. H., & Sami, A. (2014). Effects of corporate economic intelligence on international competitiveness of Tunisian firms. Knowledge Horizons-Economics, 6(1), 113–121.Google Scholar
  31. Thornhill, S. (2006). Knowledge, innovation and firm performance in high- and low-technology regimes. Journal of Business Venturing, 21, 687–703.CrossRefGoogle Scholar
  32. Wiklund, J. (1998). Small firm growth and performance: entrepreneurship and beyond. Jönköping: Jönköping International Business School.Google Scholar
  33. Wiklund, J., Patzelt, H., & Shephered, D. (2009). Building an integrative model of small business growth. Small Business Economics, 32, 351–374.CrossRefGoogle Scholar
  34. Zouhayer, M., & Anis, J. (2013). The factors of the lack of reimbursement of the microfinance institutions: empirical evidence in the case of the Tunisian micro-borrowers», International Journal of Information. Business and Management (IJIBM), 5(2), 139–158.Google Scholar
  35. Zouhayer, M., Samir, A., & Anis, J. (2014). Corporate governance, profile of the executive directors and the rate of refunding of microcredit’s in the case of the Tunisian associations of microfinance. I-Manager’s Journal On Management, 8(3), 32–46.Google Scholar

Copyright information

© Springer Science+Business Media New York 2015

Authors and Affiliations

  • Mighri Zouhayer
    • 1
  • Bel Hadj Tarek
    • 2
  • Jarboui Anis
    • 3
  1. 1.Faculty of Economics and Management of SfaxSfaxTunisia
  2. 2.Faculty of Economics and Management of SfaxSfaxTunisia
  3. 3.FSEG Sfax TunisiaSfaxTunisia

Personalised recommendations