Improving microcredit and firm performance in Jamaica: a case study of the development bank of Jamaica

IF 0.9 4区 经济学 Q4 DEVELOPMENT STUDIES Journal of Development Effectiveness Pub Date : 2022-05-26 DOI:10.1080/19439342.2022.2078859
J. Novignon
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Abstract

ABSTRACT While micro, small and medium-sized enterprises (MSMEs) have been identified as major economic drivers, they continue to face substantial financial constraints that limit their performance. The Impact Financing Envelope (IFE) of the European Investment Bank (EIB) seeks to improve credit access across developing countries through institutions such as the Development Bank of Jamaica (DBJ). This study sought to examine the ultimate impact of EIB funding through the DBJ on final beneficiaries (MSMEs) in Jamaica. Data was collected from 426 sampled final beneficiaries of the DBJ programme. To estimate the impact of credit received from microfinance institutions on the performance (sales/profits) of MSMEs, we used the instrumental variable (IV) technique, recognising potential endogeneity problems in our variable of interest (credit amount received). We also disaggregate our findings by loan recency, sex, and age of owners. The results generally indicate that the amount of credit obtained is positively associated with the performance of MSMEs. A 1% increase in the credit amount received is associated with a 0.226% increase in firm profits. The effect is lower for female-owned than for male-owned businesses and is significant only for MSMEs whose most recent credit was received within a year of the survey.
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改善牙买加小额信贷和企业绩效:以牙买加发展银行为例
虽然微型、小型和中型企业(MSMEs)已被确定为主要的经济驱动力,但它们仍然面临严重的财务约束,限制了它们的表现。欧洲投资银行(EIB)的影响融资包(IFE)旨在通过牙买加开发银行(DBJ)等机构改善发展中国家的信贷获取。本研究旨在考察欧洲投资银行通过DBJ提供的资金对牙买加最终受益者(中小微企业)的最终影响。从DBJ计划的426个抽样最终受益人中收集数据。为了估计从小额信贷机构获得的信贷对中小微企业业绩(销售/利润)的影响,我们使用了工具变量(IV)技术,认识到我们感兴趣的变量(收到的信贷金额)中的潜在内生性问题。我们还根据贷款的近代性、性别和所有者的年龄对我们的调查结果进行了分类。结果普遍表明,获得的信贷金额与中小微企业的绩效呈正相关。收到的信贷金额每增加1%,公司利润就会增加0.226%。女性拥有的企业的影响低于男性拥有的企业,只有在调查后一年内获得最近一次信贷的微型中小企业才有显著影响。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
1.80
自引率
11.10%
发文量
32
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