nep-mfd New Economics Papers
on Microfinance
Issue of 2014‒11‒22
one paper chosen by
Olivier Dagnelie
Université de Namur

  1. Female Managers in Hybrid Organizations: Evidence from Financial Cooperatives in Senegal By Anaïs PERILLEUX; Ariane SZAFARZ

  1. By: Anaïs PERILLEUX (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES), CIRTES and CERMiI); Ariane SZAFARZ (Université Libre de Bruxelles (ULB), SBS-EM, CEB, and CERMi)
    Abstract: This paper brings new insights on gender interaction in the management of hybrid organizations. Our database comes from Union des Mutuelles du Partenariat pour la Mobilisation de l’Epargne et du Crédit au Sénégal (UM-PAMECAS), a Senegalese network made of 38 financial cooperatives providing 419,602 members with micro-loans. We use fixed-effect panel estimation to analyze the interplay of female/male-dominated boards with female/male managers. The regressions explain the average loan size and the proportion of loans granted to women. Our results show that male managers mitigate the social orientation of female-dominated boards. In contrast, female managers tend to enhance this orientation. More puzzling is the influence of female managers associated with male-dominated boards. In this case, the presence of a female manager increases the average loan size and reduces the proportion of loans granted to women. In sum, female managers tend to align their objectives on those of the local board even though their hierarchy is at the central level. They avoid as much as possible conflicts with their local board members.
    Keywords: Gender, Leadership, Board, Microfinance, Financial cooperative, Senegal
    JEL: G20 J54 O16 G34 O55 L31
    Date: 2014–10–24

This nep-mfd issue is ©2014 by Olivier Dagnelie. It is provided as is without any express or implied warranty. It may be freely redistributed in whole or in part for any purpose. If distributed in part, please include this notice.
General information on the NEP project can be found at For comments please write to the director of NEP, Marco Novarese at <>. Put “NEP” in the subject, otherwise your mail may be rejected.
NEP’s infrastructure is sponsored by the School of Economics and Finance of Massey University in New Zealand.