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1.4 Research aim The overall aim of this research is that the results contribute to the existing body of literature and to provide a practical model that can be used by (one of) the microfinance players. In order to prevent the same wheels from being invented again, the first step will be to identify what PMSs are being used by MFIs in both developing and industrialized countries. The research aim of this thesis can be formulated as follows: Identify what PMSs are being used (by MFIs) around the world in order to develop a model that contributes towards the sustainability of the microfinance sector in the Netherlands. 1.5 Research Objective and Central Question The objectives that arise from the research aim are: • To give a sound and in-depth review on the current literature on MFIs and the PMSs they use; • To identify the gap between theoretical and empirical performance measurement regarding PMS used by MFIs; • To identify what specific elements microfinance experts consider to be important for performance measurement in the Netherlands; • To identify the need for further research. The objectives are the input for the research question. The central question in this research is thus: How can the PMSs used (by MFIs) in both developing and industrialized countries be used to provide the best added value the microfinance sector in the Netherlands? In order to answer the central question, the following sub-questions need to be answered: • What does the current body of literature reveal about the different MFIs, and their use of PMSs, throughout the world? • How does the current microfinance model in the Netherlands look like? Elmar Hoogendoorn 9 Sustainable Microfinance
• What different players in the Dutch microfinance model can be identified? • By focussing on what player, will the largest move towards contribution be realized? • How can the identified PMSs improve the sustainability of this player? • How do the PMSs need to be adjusted to be suited for the needs of this player? • What elements of the PMS are relevant for this player? 1.6 The Research Strategy, Philosophical Stance and Approach Now that the central and sub-question(s) of this research are set, the question in turn is how these can be answered. The potential move towards sustainability will be based on; already available literature, best practices and the current state of the Dutch microfinance sector. This method of carrying out research is theory-building. Theory-building is an inductive approach to research, as theory follows data rather than the other way around (Saunders, Lewis and Thornhill, 2009). To improve the model, however, it is possible to combine both inductive and deductive (theory- testing) research. This is can be done using a Grounded Theory (GT) strategy. GT is ‘theory that emerges from data’ (Glaser and Strauss 1967). GT starts by taking an inductive approach followed by a deductive approach to test the theory that is being built. By using this approach, the philosophical stance of the realist can be applied, which combines the best of both the positivistic method and interpretivistic method’s world view (Saunders et al., 2009). Elmar Hoogendoorn 10 Sustainable Microfinance
Page 1 and 2: ! ! Sustainable Microfinance Balanc
Page 3 and 4: Keywords and Abstract Sustainable M
Page 5 and 6: Condensed Table of Contents ! ! Key
Page 7 and 8: 3.3 Lessons from previously develop
Page 9 and 10: List of Figures ! Figure I-1: Thesi
Page 11 and 12: List of Abbreviations BDS Business
Page 13 and 14: 1. Overview This chapter serves as
Page 15 and 16: In 2007, the Dutch Ministry of Econ
Page 17 and 18: collect information or seek specifi
Page 19: In some regions entrepreneurs are a
Page 23 and 24: 2. Theory and Literature Review - M
Page 25 and 26: investors expect to gain from the f
Page 27 and 28: 2.4 Microfinance in (Western) Europ
Page 29 and 30: A MFI in the survival mode can bare
Page 31 and 32: The main factors that negatively af
Page 33 and 34: that are needed in order to transfo
Page 35 and 36: According to Lämmermann, et al. (2
Page 37 and 38: 2.5.6 Success of BDS Lämmermann, e
Page 39 and 40: The final conclusion relates to the
Page 41 and 42: Kaplan and international strategy c
Page 43 and 44: investments in learning will lead t
Page 45 and 46: • Derived from strategy; • Stim
Page 47 and 48: emaining drivers of the model are;
Page 49 and 50: Greatbanks and Tapp (2007) Manville
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Page 53 and 54: objectives (obligations) establishe
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street and within an area of 500 me
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A final aspect that is exceedingly
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For the model Stefano (2010) propos
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know a lot about this topic', often
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5.3 Summary Based on the empirical
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6. Discussion 6.1 Introduction This
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6.2.4. Sustainability Entrepreneur
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6.2.9. Network & Business Developme
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The discussion is ended with a fina
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• Since the development of microf
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7.2.3 The Model: ‘Equally’ Bala
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cannot be controlled by the researc
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Appendix A - Thesis Proposal Accord
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1. Abstract The Thesis Project will
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efficiency, and aggressive enforcem
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entrepreneurs, compared to the curr
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The Thesis Project has several obje
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Based on the results from the liter
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8. Table of contents Preface List o
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References Armendáriz, B. 2009, 'M
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Work program March April Week numbe
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Figure B-2 Simplified Strategy Map
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Figure B-5 Comprehensive Performanc
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Organizational Development • What
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RL start at the core; 'why do you w
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Appendix E - Social ! KH jobs creat
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Appendix F - Financial ! Liquidity
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OE through friends and family and a
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MB that has to do with you financia
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RL You can test it, by launching fo
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Appendix I - Internal Business Proc
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OE he has an advantage and should f
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Appendix L - Network ! Professional
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Appendix M - Business Development S
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Appendix N - General BSC model ! Us
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Appendix O - Relation and Link ! Eq
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Appendix P - Most Important Financi
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Appendix R - Sustainability of Micr
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Appendix S - Qredits ! KH The main
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Bibliography Affleck, A. and Mellor
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Derban, W., Binner, J. and Mullineu
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the case of the tourism industry,
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Kunc, M. (2008), 'Using systems thi
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McKinsey & Company, p. 3., Availabl
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Shrader, C.B., Mulford, C.L. and Bl
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Woodworth, W. and Woller, G. (1999)
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