{"created":"2025-04-24T07:05:12.431784+00:00","id":2000107,"links":{},"metadata":{"_buckets":{"deposit":"2363fc48-8214-4467-a63f-eb66e32dafce"},"_deposit":{"created_by":18,"id":"2000107","owner":"18","owners":[18],"pid":{"revision_id":0,"type":"depid","value":"2000107"},"status":"published"},"_oai":{"id":"oai:jicari.repo.nii.ac.jp:02000107","sets":["679"]},"author_link":[],"item_10002_biblio_info_7":{"attribute_name":"bibliographic_information","attribute_value_mlt":[{"bibliographicIssueNumber":"Discussion_Paper_No38","bibliographicNumberOfPages":"35","bibliographicPageEnd":"33","bibliographicPageStart":"1","bibliographicVolumeNumber":"Discussion_Paper"}]},"item_10002_description_5":{"attribute_name":"抄録","attribute_value_mlt":[{"subitem_description":"The microfinance sector relies heavily on foreign funding sources, making it vulnerable to fluctuations in international capital flows. Moreover, unlike conventional financial institutions, microfinance institutions (MFIs) rely on socially responsible investment from impact investors, including microfinance investment vehicles, development agencies, and governments. This study investigates the patterns of debt investment in Cambodian MFIs from 2017Q1 to 2021Q4, covering the COVID-19 pandemic. We constructed a unique dataset that contains detailed information on debt investment in Cambodian MFIs, such as the amount of debt disbursement, interest rate, maturity, and investor identity. Furthermore, we employed the difference-in-differences approach to examine how debt conditions changed before and after the COVID-19 pandemic. The results revealed differences in investment decision between impact investors and non-impact investors. Impact investors are more likely to select MFIs with broader outreach; however, the debt investments of impact investors are concentrated on large-scale MFIs. Furthermore, we found no robust evidence that impact investors extend loans at lower interest rates than institutional investors. At the same time, investors generally tend to put a risk premium on the interest rate for MFIs with higher outreach; however, we found that impact investors continue to extend debts to MFIs and provide debts at lower interest rates than non-impact investors during the COVID-19 pandemic. The results may suggest that funding from impact investors could serve as a buffer against the negative economic shocks to sustain microfinance businesses during crises in the financial market.","subitem_description_type":"Abstract"},{"subitem_description":"マイクロファイナンス部門は外国資金に大きく依存しており、国際的な資本市場の変動に対して脆弱である。また、マイクロファイナンス機関（MFI）は、伝統的な金融機関とは異なり、マイクロファイナンス専門の投資機関、開発金融機関、政府などのいわゆる「インパクト投資家」による社会的責任投資（SRI）に依存する傾向にある。本研究では、2017年第1四半期から2021年第4四半期におけるカンボジアのMFIへの債務投資のパターンを調査し、世界的なコロナウイルスのパンデミックの期間を含めて分析した。\n本研究では、カンボジアのMFIへの債務投資(debt investment)に関する詳細な情報（債務の貸出額、金利、満期、投資家の属性など）を含む独自のデータセットを構築し、コロナウイルスパンデミック前後で債務条件がどのように変化したかを、差分の差（Difference-in-Differences）手法を用いて検証した。\nその結果、インパクト投資家と非インパクト投資家の間で投資行動に違いが見られることが分かった。インパクト投資家は、アウトリーチの高いMFIを選択する傾向が強いことがわかった。しかし、その債務投資は主に大規模なMFIに集中していた。また、インパクト投資家は他の機関投資家よりも低金利で貸し付けを行っているという明確な統計的な結果は得られなかった。\nしかし、インパクト投資家はパンデミックの期間中もMFIへの債務提供を継続し、非インパクト投資家よりもパンデミックの金利上昇への影響が小さいことが確認された。この結果は、インパクト投資家からの資金提供は経済的なショックに対して頑健である可能性を示唆しており、インパクト投資家からの資金は、金融市場の危機時にMFIが貧困層への貸出事業を継続するためのバッファーとなる可能性があることを示唆している。","subitem_description_type":"Abstract"}]},"item_10002_publisher_8":{"attribute_name":"出版者","attribute_value_mlt":[{"subitem_publisher":"JICA Ogata Sadako Research Institute"},{"subitem_publisher":"緒方貞子平和開発研究所"}]},"item_access_right":{"attribute_name":"アクセス権","attribute_value_mlt":[{"subitem_access_right":"open access","subitem_access_right_uri":"http://purl.org/coar/access_right/c_abf2"}]},"item_creator":{"attribute_name":"著者","attribute_type":"creator","attribute_value_mlt":[{"creatorNames":[{"creatorName":"AIBA, Daiju"}]},{"creatorNames":[{"creatorName":"Bomakara Heng"}]}]},"item_files":{"attribute_name":"ファイル情報","attribute_type":"file","attribute_value_mlt":[{"accessrole":"open_access","date":[{"dateType":"Available","dateValue":"2025-04-01"}],"filename":"Discussion_Paper_No38.docx","filesize":[{"value":"385 KB"}],"format":"application/vnd.openxmlformats-officedocument.wordprocessingml.document","url":{"url":"https://jicari.repo.nii.ac.jp/record/2000107/files/Discussion_Paper_No38.docx"},"version_id":"71ca5d7c-bb1c-49c8-a785-c65fe7b43b2a"}]},"item_keyword":{"attribute_name":"キーワード","attribute_value_mlt":[{"subitem_subject":"Impact Investment, ESG Investment, Microfinance, Financial Inclusion, COVID-19 Pandemic, Difference-in-Differences Analysis"},{"subitem_subject":"インパクト投資家、マイクロファイナンス、ESG投資、金融包摂、COVID-19、差と差の分析"}]},"item_language":{"attribute_name":"言語","attribute_value_mlt":[{"subitem_language":"eng"}]},"item_resource_type":{"attribute_name":"item_resource_type","attribute_value_mlt":[{"resourcetype":"departmental bulletin paper","resourceuri":"http://purl.org/coar/resource_type/c_6501"}]},"item_title":"Impact Investors in the Microfinance Sector: Empirical Analysis of Debt Investment in Normal and Crisis Periods","item_titles":{"attribute_name":"タイトル","attribute_value_mlt":[{"subitem_title":"Impact Investors in the Microfinance Sector: Empirical Analysis of Debt Investment in Normal and Crisis Periods","subitem_title_language":"en"}]},"item_type_id":"10002","owner":"18","path":["679","707"],"pubdate":{"attribute_name":"公開日","attribute_value":"2025-04-01"},"publish_date":"2025-04-01","publish_status":"0","recid":"2000107","relation_version_is_last":true,"title":["Impact Investors in the Microfinance Sector: Empirical Analysis of Debt Investment in Normal and Crisis Periods"],"weko_creator_id":"18","weko_shared_id":-1},"updated":"2025-04-24T07:14:10.202057+00:00"}