Abstract
This study analyzed the relationship between operational efficiency and the persistence of capital adequacy in Peruvian microfinance institutions. A quantitative, longitudinal, and non-experimental approach was employed using monthly financial information from 15 institutions supervised by the Superintendency of Banking, Insurance and Private Pension Fund Administrators. The dataset comprised 2,519 observations for the 2010–2023 period, and a dynamic fixed-effects model with institution-clustered robust standard errors was estimated. The results showed a high degree of persistence in the Capital Adequacy Ratio (ρ = 0.9407; p < 0.001). Likewise, the ratio of administrative expenses to financial income exhibited a negative and statistically significant association with capital adequacy (β = −0.0056; p = 0.002). It is concluded that operational efficiency constitutes a factor associated with capital strength and that capital adequacy follows a markedly persistent adjustment process.
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