Paper Title
National Culture and Microfinance: Do the Cultural Dimensions Impact Microfinance Performance?

Abstract
Microfinance sector is highly international and culturally diverse. While an increasing body of literature examines the relationship of national culture with the country’s economic performance, innovation performance and firm performance, research on the influence of national culture on the performance of microfinance institutions (MFIs) is rather sparse. Microborrowers’ entrepreneurial ability, risk-taking attitudes, attitudes towards the role of women, trustworthiness may all be shaped by a country’s cultural dimensions which, in turn, may influence the success of microfinance program. However, despite microfinance’s deep embeddedness in cultural contexts, international difference in microfinance remains largely an understudied area. This study underscores the importance of cultural effects on microfinance financial and social performance. It gives a brief review of the scant research that deals with the impact of national culture on MFI performance. The paper improves our understanding of the interplay between microfinance organizations and the national culture where MFIs are located, and why the levels of success of MFIs vary across countries. Keywords - Microfinance, National Culture, Hofstede Dimensions JEL classifications - G21, N20, Z10