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This article aims to test empirically the relationships among board characteristics, audit quality, and microfinance institution (MFI) ratings. An ordered logistic regression enables the study of a sample of 260 international MFIs that were rated between 2002 and 2008. Because of the potential for selection bias, a two-step Heckman selection model procedure is used to test the findings? robustness. The results show that board expertise, activity, and the audit have a significant influence on MFI ratings. This influence varies, however, from one rating agency to another, indicating that the informationalvalue of ratings differs across rating agencies. A comparative study of the impact of board characteristics shows that board activity becomes a more important factor when an MFI has been rated by Planet Rating.Keywords: Ratings; Board of Directors; Governance; Microfinance.JEL Classification: G21, G24, G30, L31

Auteurs :Tchakoute Tchuigoua Hubert
Extrait de la revue BMI 127