Abstract
In this article, an empirical study has been made to compare the social (outreach related) and financial (cost, profit and sustainability related) performances of regulated microfinance institutions (MFIs) with non-regulated MFIs and to identify the causal variables of such performances. With the help of a panel data set of the last five years, that is, from 2008–2009 to 2012–2013 it is found that the preference of Indian MFIs for regulatory structure has not culminated with better performance. Through the causal study, which is performed through the fixed-effect regression model, no impact of regulation is visible. Among the important explaining variables capital structure, the size of operating expenditure and quality of assets are found to be prominently responsible for outreach and sustainability of Indian MFIs.
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