Resumen
El estudio analizó la relación entre eficiencia operativa y persistencia de la adecuación de capital en instituciones microfinancieras peruanas. Se empleó un enfoque cuantitativo, longitudinal y no experimental, con información financiera mensual de 15 instituciones supervisadas por la Superintendencia de Banca, Seguros y AFP. La base comprendió 2.519 observaciones del periodo 2010–2023 y se estimó un modelo dinámico de efectos fijos con errores estándar robustos agrupados por institución. Los resultados evidenciaron elevada persistencia del Índice de Adecuación de Capital (ρ = 0,9407; p < 0,001). Asimismo, el ratio de gastos administrativos respecto de los ingresos financieros presentó una asociación negativa y significativa con la adecuación de capital (β = −0,0056; p = 0,002). Se concluye que la eficiencia operativa constituye un factor asociado con la fortaleza patrimonial y que la adecuación de capital presenta un proceso de ajuste marcadamente persistente.
Citas
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[4] A. N. Berger and D. B. Humphrey, “Efficiency of financial institutions: International survey and directions for future research,” European Journal of Operational Research, vol. 98, no. 2, pp. 175–212, 1997, doi: 10.1016/S0377-2217(96)00342-6.
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[9] M. T. Dirse and G. P. Japee, “The effect of capital structure on the financial sustainability of microfinance institutions: A meta-analysis,” Review of Development Economics, vol. 28, no. 3, pp. 958–983, 2024, doi: 10.1111/rode.13088.
[10] A. Annan, C. S. Ciccotello, and F. Rioja, “Sources of funding and performance of microfinance institutions over the life cycle,” International Review of Financial Analysis, vol. 95, Art. no. 103415, 2024, doi: 10.1016/j.irfa.2024.103415.
[11] S. Ahamad, M. A. Islam, M. F. bin Yusof, H. A. Al-Jaifi, and K. U. Ehigiamusoe, “Relationship between microfinance institutions’ self-sustainability and financing sources: Moderating role of external governance,” Annals of Public and Cooperative Economics, vol. 95, no. 4, pp. 971–1001, 2024, doi: 10.1111/apce.12472.
[12] T. T. Ebissa and A. S. Asfaw, “Gender diversity and profit efficiency of microfinance institutions: A Sub-Saharan study,” PLOS ONE, vol. 19, no. 8, Art. no. e0307758, 2024, doi: 10.1371/journal.pone.0307758.
[13] C. Borio, C. Furfine, and P. Lowe, “Procyclicality of the financial system and financial stability: Issues and policy options,” in Marrying the Macro- and Micro-Prudential Dimensions of Financial Stability, BIS Papers No. 1. Basel, Switzerland: Bank for International Settlements, 2001, pp. 1–57.
[14] S. Xu, N. Zhu, J. Copestake, G. Cai, and X. Peng, “Is there a trade-off between MFIs’ financial efficiency and outreach in macroeconomic and institutional context?,” International Review of Economics & Finance, vol. 94, Art. no. 103403, 2024, doi: 10.1016/j.iref.2024.103403.
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[16] Banco Central de Reserva del Perú, Reporte de estabilidad financiera: Noviembre 2023. Lima, Perú: BCRP, 2023.
[17] Superintendencia de Banca, Seguros y AFP, Informe de estabilidad del sistema financiero 2024-2. Lima, Perú: SBS, 2024.
[18] S. Nickell, “Biases in dynamic models with fixed effects,” Econometrica, vol. 49, no. 6, pp. 1417–1426, 1981, doi: 10.2307/1911408.
[19] J. M. Banto and A. F. Monsia, “Microfinance institutions, banking, growth and transmission channel: A GMM panel data analysis from developing countries,” Quarterly Review of Economics and Finance, vol. 79, pp. 126–150, 2021, doi: 10.1016/j.qref.2020.06.004.
[20] A. Kumar, K. Ahmed, M.-u.-R. Bhayo, and M. R. Kalhoro, “Banking performance and institutional quality: Evidence from dynamic panel data analysis,” International Journal of Finance & Economics, vol. 28, no. 4, pp. 4717–4737, 2023, doi: 10.1002/ijfe.2673.
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