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The Impact of Capital Structure on MFI Performance in Bangladesh

This paper aims to determine the impact of capital structure of microfinance institutes (MFIs) in Bangladesh on its’ performance by using a panel data of 187 microfinance institutes from year 2011 to 2014. Return on Asset (ROA) and return on equity (ROE) have been used as the measures of firm performance. Three debt ratios i.e., long term debt ratio, short term debt ratio and total debt ratio have been used as the proxy for capital structure. The short term debt constitutes less than 10% of the total debt and has no significant impact on firm performance. In contrast, long term and total debt have significantly negative impact on firm performance. Therefore, high long term leverage of MFIs reduces its performance. Among the control variables tangibility ratio and firm size are found to have significant association with MFI performance.