The aim of this paper is to find out the effects of the COBAC regulations regulating the microfinance industry on the governance of microfinance institutions (MFIs) in Cameroon. The paper is based on 35 in-depth interviews carried out from May to June 2011 and June to July 2012 with managers and accountants from MFIs in Cameroon, MFI clients and non-clients, regulatory authorities in the Ministry of Finance, and accounting professionals. The findings show that the regulations have broken down the governance within the MFIs in Cameroon thus turning MFIs into hybrid organizations with managers striving to meet their shareholders’ interests.

Adams, R. and Mehran, H. (2003) ‘Is bank holding company governance different?’ Economic Policy Review 9(1): 123–42.

Armendáriz, B. and Morduch, J. (2010) The Economics of Microfinance, Cambridge, MA: MIT Press.

Ashta, A. and Hudon, M. (2012) ‘The Compartamos microfinance IPO: mission conflicts in hybrid institutions with diverse shareholding’, Strategic Change 21(7–8): 331–41 <http://dx.doi.org/10.1002/jsc.1912>.

Bakker, B.S., Schaveling, J. and Nijhof, A. (2014) ‘Governance and microfinance institutions’, Corporate Governance: The International Journal of Business in Society 14(5): 637–52 <http://dx.doi.org/10.1108/CG-03-2014-0032>.

Bassem, B.S. (2009) ‘Governance and performance of microfinance institutions in Mediterranean countries’, Journal of Business Economics and Management 10(1): 31–43 <http://dx.doi.org/10.3846/1611-1699.2009.10.31–43>.

Bocqueraz, C. (2001) ‘The development of professional associations: the experience of French accountants from the 1880s to the 1940s’, Accounting, Business and Financial History 11(1): 7–27 <http://dx.doi.org/10.1080/09585200010015004>.

Brenner, S.N. and Molander, E.A. (1977) ‘Is ethics of business changing?’ Harvard Business Review 55(1): 57–71.

Brownbridge, M. and Kirkpatrick, C. (1999) ‘Financial sector regulation: the lessons of the Asian crisis’, Development Policy Review 17(3): 243–66 <http://dx.doi.org/10.1111/1467-7679.00086>.

Brummer, J.J. (1991) Corporate Responsibility and Legitimacy: An Interdisciplinary Analysis, New York: Greenwood Press.

Calderisi, R. (2006) Why Foreign Aid Isn’t Working: The Trouble with Africa, New York: Palgrove Macmillan.

Chao-Béroff, R. (2007) Regulation and Supervision of Member-owned Institutions in Remote Rural Areas, research paper commissioned by Ford Foundation, Antigonish, NS: Coady International Institute.

Christen, R., Lyman, T.R. and Rosenberg, R. (2003) Microfinance Consensus Guidelines: Guiding Principles on Regulation and Supervision of Microfinance, Washington, DC: CGAP/The World Bank Group.

Clarkson, M.B. (1991) ‘Defining, evaluating, and managing corporate social performance: the stakeholder management model’, Research in Corporate Social Performance and Policy 12(1): 331–58.

COBAC (Banking Commission for Central African States) (2002) Reglement CEMAC Relatif aux Conditions d’Exercice et de Controle de l’Activitite de la Microfinance, 01/02/CEMAC/UMAC/COBAC, Cameroon: COBAC.

Coulter, J. and Abena, P.E. (eds) (2010) Study of Value Chain Finance for Coffee and Cocoa in Cameroon, Yaounde: UNCTAD.

Council of Microfinance Equity Funds (CMEF) (2012) The Practice of Corporate Governance in Microfinance Institutions: Consensus Statement of CMEF [online], Washington, DC: Center for Financial Inclusion <www.centerforfinancialinclusion.org/publications-a-resources/browse-publications/384-corporate-governance-in-microfinance-institutions-cmef> [accessed 25 November 2014].

Cull, R., Demigüc-Kunt, A. and Morduch, J. (2007) ‘Financial performance and outreach: a global analysis of leading microbanks’, The Economic Journal 117(517): F107–133 <http://dx.doi.org/10.1111/j.1468-0297.2007.02017.x>.

De Aghion, B.A. and Morduch, J. (2004) Microfinance: Where Do We Stand? London: Palgrave Macmillan.

Dixon, R., Ritchie, J. and Siwale, J. (2007) ‘Loan officers and loan “delinquency” in microfinance: a Zambian case’, Accounting Forum 31(1): 47–71 <http://dx.doi.org/10.1016/j.accfor.2006.11.005>.

Donaldson, T. and Preston, L.E. (1995) ‘The stakeholder theory of the corporation: concepts, evidence, and implications’, Academy of Management Review 20(1): 65–91 <http://dx.doi.org/10.5465/AMR.1995.9503271992>.

Elad, C.M. (1992) Influences on the Harmonisation of Accounting and Disclosure in Cameroon, PhD thesis, Accounting and Finance, Glasgow University, UK.

Elad, C. and Tumnde, M. (2007) Uniform Act Organizing and Harmonizing Accounting Systems in the Signatory States to the Treaty on the Harmonization of Business Law in Africa with Commentaries, Paris: Centre National de la Recherche Scientifique, CNRS-Juriscope: 1–46.

Elle, S.M. (2012) ‘Microfinance and entrepreneurship in Cameroon’, Journal of Asia Entrepreneurship and Sustainability 3(1): 121–43.

Enonchong, N. (2007) ‘The harmonization of business law in Africa: is Article 42 of the OHADA Treaty a problem?’ Journal of African Law 51(01): 95–116 <http://dx.doi.org/10.1017/S0021855306000222>.

Esmail, Z. (2008) ‘Neoliberal development: the impact of microfinance on poverty alleviation’, Canadian Journal of Globalisation (CJOG) 1(1): 10–6.

Fontaine, C., Haarman, A. and Parmar, B. (2004) The Stakeholder Theory [pdf] <www.martonomily.com/sites/default/files/attach/Stakeholders%20theory.pdf> [accessed 25 March 2015].

Freeman, R.E. (1984) Strategic Management: A Stakeholder Approach, Boston, MA: Pitman.

Freeman, R.E. (2010) Strategic Management: A Stakeholder Approach, Cambridge, UK: Cambridge University Press.

Freeman, R.E., Wicks, A.C. and Parmar, B. (2004) ‘Stakeholder theory and “the corporate objective revisited”’, Organization Science 15(3): 364–9 <http://dx.doi.org/10.1287/orsc.1040.0066>.

Friedman, A.L. and Miles, S. (2006) Stakeholders: Theory and Practice, Oxford, UK: Oxford University Press.

Halal, W.E. (1990) ‘The new management: business and social institutions in the information age’, Business in the Contemporary World 2(2): 41–54.

Hartarska, V. (2005) ‘Governance and performance of microfinance institutions in Central and Eastern Europe and the newly independent states’, World Development 33(10): 1627–43 <http://dx.doi.org/10.1016/j.worlddev.2005.06.001>.

Hartungi, R. (2007) ‘Understanding the success factors of micro-finance institution in a developing country’, International Journal of Social Economics 34(6): 388–401 <http://dx.doi.org/10.1108/03068290710751803>.

Jawahar, I. and McLaughlin, G.L. (2001) ‘Toward a descriptive stakeholder theory: an organizational life cycle approach’, Academy of Management Review 26(3): 397–414 <http://dx.doi.org/10.5465/AMR.2001.4845803>.

Kanbur, R. (2002) The New Partnership for Africa’s Development (NEPAD): An Initial Commentary, Working Paper, New York: Cornell University.

Kyereboah-Coleman, A. and Biekpe, N. (2005) Corporate Governance and the Performance of Microfinance Institutions (MFIs) in Ghana, Working Paper, Legon, Accra: University of Ghana Business School.

Kyereboah-Coleman, A. and Osei, K.A. (2008) ‘Outreach and profitability of microfinance institutions: the role of governance’, Journal of Economic Studies 35(3): 236–48 <http://dx.doi.org/10.1108/01443580810887797>.

Labie, M. (2001) ‘Corporate governance in microfinance organizations: a long and winding road’, Management Decision 39(4): 296–302 <http://dx.doi.org/10.1108/00251740110391466>.

Lapenu, C. and Pierret, D. (2006) Handbook for the Analysis of the Governance of Microfinance Institutions, Paris: CERISE.

Ledgerwood, J. and White, V. (2006) Transforming Microfinance Institutions: Providing Full Financial Services to the Poor, Washington, DC: World Bank Publications.

Long, I. (2009) Perceptions of Microfinance in Cameroon: A Case Study of UNICS, Yaoundé [online], Independent Study Project Collection, paper 729 <http://digitalcollections.sit.edu/isp_collection/729> [accessed 9 February 2016].

Marshall, M.N. (1996) ‘Sampling for qualitative research’, Family Practice 3(6): 522–6 <http://dx.doi.org/10.1093/fampra/13.6.522>.

McIntosh, C., Janvry, A. and Sadoulet, E. (2005) ‘How rising competition among microfinance institutions affects incumbent lenders’, The Economic Journal 115(506): 987–1004 <http://dx.doi.org/10.1111/j.1468-0297.2005.01028.x>.

Mersland, R. (2009) ‘The cost of ownership in microfinance organizations’, World Development 37(2): 469–78 <http://dx.doi.org/10.1016/j.worlddev.2008.03.006>.

Mersland, R. (2011) ‘The governance of non-profit micro finance institutions: lessons from history’, Journal of Management & Governance 15(3): 327–48 <http://dx.doi.org/10.1007/s10997-009-916-7>.

Mersland, R. and Øystein Strøm, R. (2009) ‘Performance and governance in microfinance institutions’, Journal of Banking & Finance 33(4): 662–9 <http://dx.doi.org/10.1016/j.jbankfin.2008.11.009>.

Morduch, J. (1999) ‘The microfinance promise’, Journal of Economic Literature 37(4): 1569–614.

OHADA (2011) Acte Uniforme Relatif Au Droits des Societes Cooperatives, Yaounde, Cameroon: OHADA, pp. 1–96.

Paul, M.S. (2010) ‘Bridging the gap to the microfinance promise: a proposal for a tax-exempt microfinance hybrid entity’, New York University Journal of International Law and Politics 42(4): 1383–426.

Phillips, R., Freeman, R.E. and Wicks, A.C. (2003) ‘What stakeholder theory is not’, Business Ethics Quarterly 13(4): 479–502 <http://dx.doi.org/10.5840/beq200313434>.

Riddell, J.B. (1992) ‘Things fall apart again: structural adjustment programmes in sub-Saharan Africa’, The Journal of Modern African Studies 30(01): 53–68 <http://dx.doi.org/10.1017/S0022278X00007722>.

Robinson, M.S. (2001) The Microfinance Revolution: Sustainable Finance for the Poor, Washington, DC: World Bank Publications.

Rutherford, S. (2003) ‘Microfinance’s evolving ideals: how they were formed and why they’re changing’, in ADBI Annual Conference, Microfinance in Asia: Poverty Impact and Outreach to the Poor [pdf] <www.microfinancegateway.org/sites/default/files/mfg-en-paper-microfinances-evolving-ideals-how-they-were-formed-and-why-theyre-changing-dec-2003.pdf> [accessed 12 February 2016].

Samuels, J.M. and Oliga, J. (1982) ‘Accounting standards in developing countries’, The International Journal of Accounting 18(1): 69–88.

Satta, T.A. (2004) ‘Microfinance regulation influence on small firms’ financing in Tanzania’, Journal of Financial Regulation and Compliance 12(1): 64–74 <http://dx.doi.org/10.1108/13581980410810696>.

Siriaram, M. and Upadhyayula, R.S. (2004) ‘The transformation of the microfinance sector in India: experiences, options, and future’, Journal of Microfinance/ESR Review 6(2): 89–112.

Sundaram, A.K. and Inkpen, A.C. (2004) ‘The corporate objective revisited’, Organization Science 15(3): 350–63 <http://dx.doi.org/10.1287/orsc.1040.0068>.

Tucker, M. and Miles, G. (2004) ‘Financial performance of microfinance institutions: a comparison to performance of regional commercial banks by geographic regions’, Journal of Microfinance/ESR Review 6(1): 41–54.

Unerman, J. and O’Dwyer, B. (2006) ‘On James Bond and the importance of NGO accountability’, Accounting, Auditing & Accountability Journal 19(3): 305–18 <http://dx.doi.org/10.1108/09513570610670316>.

de Waal, A. (2002) ‘What’s new in the “New Partnership for Africa’s Development”?’ International Affairs 78(3): 463–76.

Wang, J. and Dewhirst, H.D. (1992) ‘Boards of directors and stakeholder orientation’, Journal of Business Ethics 11(2): 115–23 <http://dx.doi.org/10.1007/BF00872318>.

Weiss, J. and Montgomery, H. (2005) ‘Great expectations: microfinance and poverty reduction in Asia and Latin America’, Oxford Development Studies 33(3–4): 391–416 <http://dx.doi.org/10.1080/13600810500199210>.

Yunus, M. (2003) ‘Expanding microcredit outreach to reach the Millennium Development Goal: some issues for attention’, in International Seminar on ‘Attacking Poverty with Microcredit’, Dhaka, Bangladesh, 8–9 January 2003.

Adams, R. and Mehran, H. (2003) ‘Is bank holding company governance different?’ Economic Policy Review 9(1): 123–42.

Armendáriz, B. and Morduch, J. (2010) The Economics of Microfinance, Cambridge, MA: MIT Press.

Ashta, A. and Hudon, M. (2012) ‘The Compartamos microfinance IPO: mission conflicts in hybrid institutions with diverse shareholding’, Strategic Change 21(7–8): 331–41 <http://dx.doi.org/10.1002/jsc.1912>.

Bakker, B.S., Schaveling, J. and Nijhof, A. (2014) ‘Governance and microfinance institutions’, Corporate Governance: The International Journal of Business in Society 14(5): 637–52 <http://dx.doi.org/10.1108/CG-03-2014-0032>.

Bassem, B.S. (2009) ‘Governance and performance of microfinance institutions in Mediterranean countries’, Journal of Business Economics and Management 10(1): 31–43 <http://dx.doi.org/10.3846/1611-1699.2009.10.31–43>.

Bocqueraz, C. (2001) ‘The development of professional associations: the experience of French accountants from the 1880s to the 1940s’, Accounting, Business and Financial History 11(1): 7–27 <http://dx.doi.org/10.1080/09585200010015004>.

Brenner, S.N. and Molander, E.A. (1977) ‘Is ethics of business changing?’ Harvard Business Review 55(1): 57–71.

Brownbridge, M. and Kirkpatrick, C. (1999) ‘Financial sector regulation: the lessons of the Asian crisis’, Development Policy Review 17(3): 243–66 <http://dx.doi.org/10.1111/1467-7679.00086>.

Brummer, J.J. (1991) Corporate Responsibility and Legitimacy: An Interdisciplinary Analysis, New York: Greenwood Press.

Calderisi, R. (2006) Why Foreign Aid Isn’t Working: The Trouble with Africa, New York: Palgrove Macmillan.

Chao-Béroff, R. (2007) Regulation and Supervision of Member-owned Institutions in Remote Rural Areas, research paper commissioned by Ford Foundation, Antigonish, NS: Coady International Institute.

Christen, R., Lyman, T.R. and Rosenberg, R. (2003) Microfinance Consensus Guidelines: Guiding Principles on Regulation and Supervision of Microfinance, Washington, DC: CGAP/The World Bank Group.

Clarkson, M.B. (1991) ‘Defining, evaluating, and managing corporate social performance: the stakeholder management model’, Research in Corporate Social Performance and Policy 12(1): 331–58.

COBAC (Banking Commission for Central African States) (2002) Reglement CEMAC Relatif aux Conditions d’Exercice et de Controle de l’Activitite de la Microfinance, 01/02/CEMAC/UMAC/COBAC, Cameroon: COBAC.

Coulter, J. and Abena, P.E. (eds) (2010) Study of Value Chain Finance for Coffee and Cocoa in Cameroon, Yaounde: UNCTAD.

Council of Microfinance Equity Funds (CMEF) (2012) The Practice of Corporate Governance in Microfinance Institutions: Consensus Statement of CMEF [online], Washington, DC: Center for Financial Inclusion <www.centerforfinancialinclusion.org/publications-a-resources/browse-publications/384-corporate-governance-in-microfinance-institutions-cmef> [accessed 25 November 2014].

Cull, R., Demigüc-Kunt, A. and Morduch, J. (2007) ‘Financial performance and outreach: a global analysis of leading microbanks’, The Economic Journal 117(517): F107–133 <http://dx.doi.org/10.1111/j.1468-0297.2007.02017.x>.

De Aghion, B.A. and Morduch, J. (2004) Microfinance: Where Do We Stand? London: Palgrave Macmillan.

Dixon, R., Ritchie, J. and Siwale, J. (2007) ‘Loan officers and loan “delinquency” in microfinance: a Zambian case’, Accounting Forum 31(1): 47–71 <http://dx.doi.org/10.1016/j.accfor.2006.11.005>.

Donaldson, T. and Preston, L.E. (1995) ‘The stakeholder theory of the corporation: concepts, evidence, and implications’, Academy of Management Review 20(1): 65–91 <http://dx.doi.org/10.5465/AMR.1995.9503271992>.

Elad, C.M. (1992) Influences on the Harmonisation of Accounting and Disclosure in Cameroon, PhD thesis, Accounting and Finance, Glasgow University, UK.

Elad, C. and Tumnde, M. (2007) Uniform Act Organizing and Harmonizing Accounting Systems in the Signatory States to the Treaty on the Harmonization of Business Law in Africa with Commentaries, Paris: Centre National de la Recherche Scientifique, CNRS-Juriscope: 1–46.

Elle, S.M. (2012) ‘Microfinance and entrepreneurship in Cameroon’, Journal of Asia Entrepreneurship and Sustainability 3(1): 121–43.

Enonchong, N. (2007) ‘The harmonization of business law in Africa: is Article 42 of the OHADA Treaty a problem?’ Journal of African Law 51(01): 95–116 <http://dx.doi.org/10.1017/S0021855306000222>.

Esmail, Z. (2008) ‘Neoliberal development: the impact of microfinance on poverty alleviation’, Canadian Journal of Globalisation (CJOG) 1(1): 10–6.

Fontaine, C., Haarman, A. and Parmar, B. (2004) The Stakeholder Theory [pdf] <www.martonomily.com/sites/default/files/attach/Stakeholders%20theory.pdf> [accessed 25 March 2015].

Freeman, R.E. (1984) Strategic Management: A Stakeholder Approach, Boston, MA: Pitman.

Freeman, R.E. (2010) Strategic Management: A Stakeholder Approach, Cambridge, UK: Cambridge University Press.

Freeman, R.E., Wicks, A.C. and Parmar, B. (2004) ‘Stakeholder theory and “the corporate objective revisited”’, Organization Science 15(3): 364–9 <http://dx.doi.org/10.1287/orsc.1040.0066>.

Friedman, A.L. and Miles, S. (2006) Stakeholders: Theory and Practice, Oxford, UK: Oxford University Press.

Halal, W.E. (1990) ‘The new management: business and social institutions in the information age’, Business in the Contemporary World 2(2): 41–54.

Hartarska, V. (2005) ‘Governance and performance of microfinance institutions in Central and Eastern Europe and the newly independent states’, World Development 33(10): 1627–43 <http://dx.doi.org/10.1016/j.worlddev.2005.06.001>.

Hartungi, R. (2007) ‘Understanding the success factors of micro-finance institution in a developing country’, International Journal of Social Economics 34(6): 388–401 <http://dx.doi.org/10.1108/03068290710751803>.

Jawahar, I. and McLaughlin, G.L. (2001) ‘Toward a descriptive stakeholder theory: an organizational life cycle approach’, Academy of Management Review 26(3): 397–414 <http://dx.doi.org/10.5465/AMR.2001.4845803>.

Kanbur, R. (2002) The New Partnership for Africa’s Development (NEPAD): An Initial Commentary, Working Paper, New York: Cornell University.

Kyereboah-Coleman, A. and Biekpe, N. (2005) Corporate Governance and the Performance of Microfinance Institutions (MFIs) in Ghana, Working Paper, Legon, Accra: University of Ghana Business School.

Kyereboah-Coleman, A. and Osei, K.A. (2008) ‘Outreach and profitability of microfinance institutions: the role of governance’, Journal of Economic Studies 35(3): 236–48 <http://dx.doi.org/10.1108/01443580810887797>.

Labie, M. (2001) ‘Corporate governance in microfinance organizations: a long and winding road’, Management Decision 39(4): 296–302 <http://dx.doi.org/10.1108/00251740110391466>.

Lapenu, C. and Pierret, D. (2006) Handbook for the Analysis of the Governance of Microfinance Institutions, Paris: CERISE.

Ledgerwood, J. and White, V. (2006) Transforming Microfinance Institutions: Providing Full Financial Services to the Poor, Washington, DC: World Bank Publications.

Long, I. (2009) Perceptions of Microfinance in Cameroon: A Case Study of UNICS, Yaoundé [online], Independent Study Project Collection, paper 729 <http://digitalcollections.sit.edu/isp_collection/729> [accessed 9 February 2016].

Marshall, M.N. (1996) ‘Sampling for qualitative research’, Family Practice 3(6): 522–6 <http://dx.doi.org/10.1093/fampra/13.6.522>.

McIntosh, C., Janvry, A. and Sadoulet, E. (2005) ‘How rising competition among microfinance institutions affects incumbent lenders’, The Economic Journal 115(506): 987–1004 <http://dx.doi.org/10.1111/j.1468-0297.2005.01028.x>.

Mersland, R. (2009) ‘The cost of ownership in microfinance organizations’, World Development 37(2): 469–78 <http://dx.doi.org/10.1016/j.worlddev.2008.03.006>.

Mersland, R. (2011) ‘The governance of non-profit micro finance institutions: lessons from history’, Journal of Management & Governance 15(3): 327–48 <http://dx.doi.org/10.1007/s10997-009-916-7>.

Mersland, R. and Øystein Strøm, R. (2009) ‘Performance and governance in microfinance institutions’, Journal of Banking & Finance 33(4): 662–9 <http://dx.doi.org/10.1016/j.jbankfin.2008.11.009>.

Morduch, J. (1999) ‘The microfinance promise’, Journal of Economic Literature 37(4): 1569–614.

OHADA (2011) Acte Uniforme Relatif Au Droits des Societes Cooperatives, Yaounde, Cameroon: OHADA, pp. 1–96.

Paul, M.S. (2010) ‘Bridging the gap to the microfinance promise: a proposal for a tax-exempt microfinance hybrid entity’, New York University Journal of International Law and Politics 42(4): 1383–426.

Phillips, R., Freeman, R.E. and Wicks, A.C. (2003) ‘What stakeholder theory is not’, Business Ethics Quarterly 13(4): 479–502 <http://dx.doi.org/10.5840/beq200313434>.

Riddell, J.B. (1992) ‘Things fall apart again: structural adjustment programmes in sub-Saharan Africa’, The Journal of Modern African Studies 30(01): 53–68 <http://dx.doi.org/10.1017/S0022278X00007722>.

Robinson, M.S. (2001) The Microfinance Revolution: Sustainable Finance for the Poor, Washington, DC: World Bank Publications.

Rutherford, S. (2003) ‘Microfinance’s evolving ideals: how they were formed and why they’re changing’, in ADBI Annual Conference, Microfinance in Asia: Poverty Impact and Outreach to the Poor [pdf] <www.microfinancegateway.org/sites/default/files/mfg-en-paper-microfinances-evolving-ideals-how-they-were-formed-and-why-theyre-changing-dec-2003.pdf> [accessed 12 February 2016].

Samuels, J.M. and Oliga, J. (1982) ‘Accounting standards in developing countries’, The International Journal of Accounting 18(1): 69–88.

Satta, T.A. (2004) ‘Microfinance regulation influence on small firms’ financing in Tanzania’, Journal of Financial Regulation and Compliance 12(1): 64–74 <http://dx.doi.org/10.1108/13581980410810696>.

Siriaram, M. and Upadhyayula, R.S. (2004) ‘The transformation of the microfinance sector in India: experiences, options, and future’, Journal of Microfinance/ESR Review 6(2): 89–112.

Sundaram, A.K. and Inkpen, A.C. (2004) ‘The corporate objective revisited’, Organization Science 15(3): 350–63 <http://dx.doi.org/10.1287/orsc.1040.0068>.

Tucker, M. and Miles, G. (2004) ‘Financial performance of microfinance institutions: a comparison to performance of regional commercial banks by geographic regions’, Journal of Microfinance/ESR Review 6(1): 41–54.

Unerman, J. and O’Dwyer, B. (2006) ‘On James Bond and the importance of NGO accountability’, Accounting, Auditing & Accountability Journal 19(3): 305–18 <http://dx.doi.org/10.1108/09513570610670316>.

de Waal, A. (2002) ‘What’s new in the “New Partnership for Africa’s Development”?’ International Affairs 78(3): 463–76.

Wang, J. and Dewhirst, H.D. (1992) ‘Boards of directors and stakeholder orientation’, Journal of Business Ethics 11(2): 115–23 <http://dx.doi.org/10.1007/BF00872318>.

Weiss, J. and Montgomery, H. (2005) ‘Great expectations: microfinance and poverty reduction in Asia and Latin America’, Oxford Development Studies 33(3–4): 391–416 <http://dx.doi.org/10.1080/13600810500199210>.

Yunus, M. (2003) ‘Expanding microcredit outreach to reach the Millennium Development Goal: some issues for attention’, in International Seminar on ‘Attacking Poverty with Microcredit’, Dhaka, Bangladesh, 8–9 January 2003.

Adams, R. and Mehran, H. (2003) ‘Is bank holding company governance different?’ Economic Policy Review 9(1): 123–42.

Armendáriz, B. and Morduch, J. (2010) The Economics of Microfinance, Cambridge, MA: MIT Press.

Ashta, A. and Hudon, M. (2012) ‘The Compartamos microfinance IPO: mission conflicts in hybrid institutions with diverse shareholding’, Strategic Change 21(7–8): 331–41 <http://dx.doi.org/10.1002/jsc.1912>.

Bakker, B.S., Schaveling, J. and Nijhof, A. (2014) ‘Governance and microfinance institutions’, Corporate Governance: The International Journal of Business in Society 14(5): 637–52 <http://dx.doi.org/10.1108/CG-03-2014-0032>.

Bassem, B.S. (2009) ‘Governance and performance of microfinance institutions in Mediterranean countries’, Journal of Business Economics and Management 10(1): 31–43 <http://dx.doi.org/10.3846/1611-1699.2009.10.31–43>.

Bocqueraz, C. (2001) ‘The development of professional associations: the experience of French accountants from the 1880s to the 1940s’, Accounting, Business and Financial History 11(1): 7–27 <http://dx.doi.org/10.1080/09585200010015004>.

Brenner, S.N. and Molander, E.A. (1977) ‘Is ethics of business changing?’ Harvard Business Review 55(1): 57–71.

Brownbridge, M. and Kirkpatrick, C. (1999) ‘Financial sector regulation: the lessons of the Asian crisis’, Development Policy Review 17(3): 243–66 <http://dx.doi.org/10.1111/1467-7679.00086>.

Brummer, J.J. (1991) Corporate Responsibility and Legitimacy: An Interdisciplinary Analysis, New York: Greenwood Press.

Calderisi, R. (2006) Why Foreign Aid Isn’t Working: The Trouble with Africa, New York: Palgrove Macmillan.

Chao-Béroff, R. (2007) Regulation and Supervision of Member-owned Institutions in Remote Rural Areas, research paper commissioned by Ford Foundation, Antigonish, NS: Coady International Institute.

Christen, R., Lyman, T.R. and Rosenberg, R. (2003) Microfinance Consensus Guidelines: Guiding Principles on Regulation and Supervision of Microfinance, Washington, DC: CGAP/The World Bank Group.

Clarkson, M.B. (1991) ‘Defining, evaluating, and managing corporate social performance: the stakeholder management model’, Research in Corporate Social Performance and Policy 12(1): 331–58.

COBAC (Banking Commission for Central African States) (2002) Reglement CEMAC Relatif aux Conditions d’Exercice et de Controle de l’Activitite de la Microfinance, 01/02/CEMAC/UMAC/COBAC, Cameroon: COBAC.

Coulter, J. and Abena, P.E. (eds) (2010) Study of Value Chain Finance for Coffee and Cocoa in Cameroon, Yaounde: UNCTAD.

Council of Microfinance Equity Funds (CMEF) (2012) The Practice of Corporate Governance in Microfinance Institutions: Consensus Statement of CMEF [online], Washington, DC: Center for Financial Inclusion <www.centerforfinancialinclusion.org/publications-a-resources/browse-publications/384-corporate-governance-in-microfinance-institutions-cmef> [accessed 25 November 2014].

Cull, R., Demigüc-Kunt, A. and Morduch, J. (2007) ‘Financial performance and outreach: a global analysis of leading microbanks’, The Economic Journal 117(517): F107–133 <http://dx.doi.org/10.1111/j.1468-0297.2007.02017.x>.

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Mersland, R. (2009) ‘The cost of ownership in microfinance organizations’, World Development 37(2): 469–78 <http://dx.doi.org/10.1016/j.worlddev.2008.03.006>.

Mersland, R. (2011) ‘The governance of non-profit micro finance institutions: lessons from history’, Journal of Management & Governance 15(3): 327–48 <http://dx.doi.org/10.1007/s10997-009-916-7>.

Mersland, R. and Øystein Strøm, R. (2009) ‘Performance and governance in microfinance institutions’, Journal of Banking & Finance 33(4): 662–9 <http://dx.doi.org/10.1016/j.jbankfin.2008.11.009>.

Morduch, J. (1999) ‘The microfinance promise’, Journal of Economic Literature 37(4): 1569–614.

OHADA (2011) Acte Uniforme Relatif Au Droits des Societes Cooperatives, Yaounde, Cameroon: OHADA, pp. 1–96.

Paul, M.S. (2010) ‘Bridging the gap to the microfinance promise: a proposal for a tax-exempt microfinance hybrid entity’, New York University Journal of International Law and Politics 42(4): 1383–426.

Phillips, R., Freeman, R.E. and Wicks, A.C. (2003) ‘What stakeholder theory is not’, Business Ethics Quarterly 13(4): 479–502 <http://dx.doi.org/10.5840/beq200313434>.

Riddell, J.B. (1992) ‘Things fall apart again: structural adjustment programmes in sub-Saharan Africa’, The Journal of Modern African Studies 30(01): 53–68 <http://dx.doi.org/10.1017/S0022278X00007722>.

Robinson, M.S. (2001) The Microfinance Revolution: Sustainable Finance for the Poor, Washington, DC: World Bank Publications.

Rutherford, S. (2003) ‘Microfinance’s evolving ideals: how they were formed and why they’re changing’, in ADBI Annual Conference, Microfinance in Asia: Poverty Impact and Outreach to the Poor [pdf] <www.microfinancegateway.org/sites/default/files/mfg-en-paper-microfinances-evolving-ideals-how-they-were-formed-and-why-theyre-changing-dec-2003.pdf> [accessed 12 February 2016].

Samuels, J.M. and Oliga, J. (1982) ‘Accounting standards in developing countries’, The International Journal of Accounting 18(1): 69–88.

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Siriaram, M. and Upadhyayula, R.S. (2004) ‘The transformation of the microfinance sector in India: experiences, options, and future’, Journal of Microfinance/ESR Review 6(2): 89–112.

Sundaram, A.K. and Inkpen, A.C. (2004) ‘The corporate objective revisited’, Organization Science 15(3): 350–63 <http://dx.doi.org/10.1287/orsc.1040.0068>.

Tucker, M. and Miles, G. (2004) ‘Financial performance of microfinance institutions: a comparison to performance of regional commercial banks by geographic regions’, Journal of Microfinance/ESR Review 6(1): 41–54.

Unerman, J. and O’Dwyer, B. (2006) ‘On James Bond and the importance of NGO accountability’, Accounting, Auditing & Accountability Journal 19(3): 305–18 <http://dx.doi.org/10.1108/09513570610670316>.

de Waal, A. (2002) ‘What’s new in the “New Partnership for Africa’s Development”?’ International Affairs 78(3): 463–76.

Wang, J. and Dewhirst, H.D. (1992) ‘Boards of directors and stakeholder orientation’, Journal of Business Ethics 11(2): 115–23 <http://dx.doi.org/10.1007/BF00872318>.

Weiss, J. and Montgomery, H. (2005) ‘Great expectations: microfinance and poverty reduction in Asia and Latin America’, Oxford Development Studies 33(3–4): 391–416 <http://dx.doi.org/10.1080/13600810500199210>.

Yunus, M. (2003) ‘Expanding microcredit outreach to reach the Millennium Development Goal: some issues for attention’, in International Seminar on ‘Attacking Poverty with Microcredit’, Dhaka, Bangladesh, 8–9 January 2003.