Микрофинансовая деятельность в России: институциональные пустоты и непродуктивное предпринимательство

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This article considers the relationship between the quality of the institutional environment and the development of microfinance activities, presents an overview of empirical data that allow us to record the impact of the microfinance institution in the Russian Federation on the socio-economic processes of society in the context of entrepreneurial structures functioning within the framework of this institution. The aim of the study was to identify the socio-economic effects of the microfinance institution, as well as to identify the reasons for the unproductivity of microfinanceorganizations (MFOs) as entrepreneurial structures, from the point of view of public welfare. The paper shows that the presence of institutional voids stimulated the development of unproductive type of entrepreneurship — commercial microfinance activities. The main institutional reasons for the inefficiency of private MFOs were identified, and the “shift of their mission” and its manifestations were recorded. It is shown that a significant problem in the microfinance market is the actual absence of current control by the regulator over the activities of MFOs as hybrid organizations with a “dual mission”, as well as institutional rules, in particular, incentives that determine by what means these organizations can strive to achieve their goals. This allows MFOs to maximize profits while ignoring their social function.