Roy Mersland

• Daniël, G. F.van Hemert; D'Espallier, Bert & Mersland, Roy (2026). How Do Savings Groups Respond to Agricultural Shocks? Journal of Agricultural Economics (JAE). ISSN 0021-857X. doi: 10.1111/1477-9552.70083. Full text in Research Archive Show summary

  Negative aggregate shocks lead to persistent rural poverty. Access to credit and insurance can help, but is often lacking. How do informal financial institutions, dependent on locally sourced capital, respond to shocks? We study the response of savings groups—locally run financial associations mostly embedded in rural agricultural communities—to aggregate shocks. We explore this by combining group-level performance data for 9328 savings groups primarily in five sub-Saharan African countries with local drought data. We use two-way fixed-effects and heterogeneity-robust difference-in-differences analyses to assess how these informal financial groups respond to drought shocks. Groups mobilise credit during shocks by increasing the number of loans they provide. The counter-cyclical credit response is concentrated among groups shocked in the later stages of their savings cycle, where accumulated capital permits additional lending, confirming a capital-constraint prediction. The social fund, designed for idiosyncratic shocks, is not mobilised during droughts. We discuss implications for integrating informal savings groups into climate-risk management strategies.

• Mwintome, Gordon; Agana, Joseph Akadeagre; Mersland, Roy; Nyarko, Samuel Anokye & Zamore, Stephen (2026). Auditor Choice in Microfinance Institutions: The Role of Ownership Structure, Governance and International Exposure. Accounting and Finance. ISSN 0810-5391. doi: 10.1111/acfi.70254. Full text in Research Archive Show summary

  This study investigates auditor choice in microfinance institutions (MFIs) across emerging markets, focusing on ownership structure, governance and international exposure. Using a unique hand‐collected global dataset, we compare member‐owned and non‐member‐owned MFIs and document that member‐owned MFIs are significantly less likely to engage international auditors. This effect persists after controlling international exposure but is moderated by the quality of formal institutions and the presence of internal audit functions. Our findings advance the literature on auditor selection by highlighting how organizational ownership interacts with institutional quality in shaping auditor choice. These results have important implications for regulators and policymakers seeking to strengthen governance and enhance audit quality in the microfinance sector.

• Zhang, Yan; Zamore, Stephen & Mersland, Roy (2026). Debt, Free Cash Flow, and Financial Performance in Microfinance: A Global Analysis. Accounting and Finance. ISSN 0810-5391. 66(2), p. 1192–1208. doi: 10.1111/acfi.70182. Full text in Research Archive Show summary

  This study investigates how debt affects free cash flow (FCF) and financial performance in microfinance institutions (MFIs). Drawing on a global sample of 484 rated MFIs across 74 countries and applying static and dynamic panel models, the analysis shows that total debt reduces FCF, with short‐term debt exerting the strongest effect. At the same time, debt enhances operational efficiency by lowering costs and increasing operating profits. However, these gains are offset by higher funding expenses, resulting in reduced overall financial performance. The findings suggest that while debt can serve as a disciplinary mechanism in MFIs, excessive reliance on it risks undermining financial sustainability.

• Akatabanuse, Benjamin; Mersland, Roy & D'Espallier, Bert (2025). Self-employment for People with Disabilities: The Case of the iSAVE Programme in Uganda. Review of Development Finance. 15(2). doi: https:/journals.co.za/doi/10.10520/ejc-rdfin_v15_n2_a4. Full text in Research Archive Show summary

  This study examines how prolonged participation in savings groups (SGs) impacts self-employment among people with disabilities. SGs, also known as village savings and loan associations (VSLA), provide their members with financial capital, social capital and more, which can potentially increase their chances of self-employment. This study uses current survey data on SGs in the iSAVE programme in Uganda, comprising responses from 14,260 individuals, of whom 72 percent report having some form of disability. Estimates from a variety of logistic regression models show that people with disabilities are 37.5 percentage points less likely to be self-employed. However, the interaction effect of prolonged participation in SGs increases the expected probability of self-employment among people with disabilities by 0.343, which corresponds to a 34.3 percentage point higher chances of starting a business or an income generation enterprise. While prolonged participation in SGs promotes self-employment, we find that entrepreneurial role models within SGs accounts for a 19.3 percentage points increase in willingness for self-employment among people with disabilities. This highlights the critical importance and impact of role models in disabled communities, such as the iSAVE programme, in encouraging self-employment.

• Khachatryan, Knar; Grigoryan, Aleksandr; Hartarska, Valentina & Mersland, Roy (2025). Cross-Border Spillovers in Social Entrepreneurship: Spatial Proximity and Microfinance Performance. International Journal of the Economics of Business. ISSN 1357-1516. 33(1), p. 161–186. doi: 10.1080/13571516.2025.2583494. Full text in Research Archive Show summary

  We examine the consequences of spatial proximity on the perform-ance of a distinct type of social enterprise – microfinance institu-tions (MFIs). Specifically, by using seemingly unrelated regressions,we evaluate how spatial proximity relates simultaneously to threedimensions of performance within a cross-border spillovers frame-work. We find that while the outreach to the poor by neighboringcountries’ MFIs is positively related to the outreach of an MFI, theirfinancial performance is negatively related. The results indicate thatthe outreach to clients within the region is improved with similarfinancial services. However, the cost of better outreach differsacross countries in line with the literature showing tradeoffsbetween client outreach and financial sustainability. Country-leveleconomic and institutional factors are identified as channelsthrough which spatial spillovers are observed. The policy implica-tions of our findings suggest that regional economic developmentand knowledge sharing professional communities have a biggerrole to play when it comes to spatial spillovers in microfinance.

• Sebaggala, Richard; D’Espallier, Bert & Mersland, Roy (2025). The Application of Sen's Capability Approach in Disability Research: A Critical Interpretive Synthesis. Journal of Human Development and Capabilities. ISSN 1945-2829. doi: 10.1080/19452829.2025.2596346. Full text in Research Archive Show summary

  The use of Sen's Capability Approach (CA) in disability research has become increasingly popular, and this paper reviews how CA has been used to inform empirical disability research. We conducted a critical interpretive synthesis of 43 articles identified from Web of Science and Scopus databases. Our findings unveil the multifaceted role of Capability Approach (CA) as both a foundational framework for disability research, and an outcome measurement tool, enabling researchers to assess capabilities, well-being, and functionings. Our review accomplishes more than just demonstrating the versatility of CA in various disability research designs but also makes a significant contribution to the field by proposing a novel future research framework grounded in the CA perspective. This framework offers valuable guidance for researchers aiming to advance disability scholarship through a capabilitarian lens. By building on the strengths CA identified in this review, future research can leverage CA to create a more inclusive and holistic approach to disability.

• Baghdasaryan, Vardan; Mersland, Roy & Strøm, R. Øystein (2025). Multibanking in microfinance yields positive performance: Evidence from Ecuadorian entrepreneurs. Emerging Markets Review. ISSN 1566-0141. 67. doi: 10.1016/j.ememar.2025.101302. Full text in Research Archive Show summary

  Is it, on average, harmful for micro-entrepreneurs to borrow from several banks? In this study we find that having loans from several banks improves entrepreneurs' performance, that is, their current revenue. We ensure causal identification by applying instrumental variable estimator to control for the endogeneity as well as test for possible attrition induced bias. Importantly, we uncover certain borrowing patterns of these multiple loans that are associated with greater gross income – specific temporal order of taking out loans and their size relative to incomes. We cannot claim whether this pattern is initiated by the borrower or the banks. The study uses proprietary rich customer data from an Ecuadorian bank matched with credit registry records. Although we acknowledge the many risks involved, our findings suggest a more positive role for multibanking, which has primarily been considered a driver of over-indebtedness in the microfinance literature.

• Cibangala, Roger Aganze; Mersland, Roy; D’Espallier, Bert & Andersson, Kjetil (2025). Determinants of Sustainability of Informal Community-Based Financial Groups: Insights from a Survival Analysis Approach. Journal of Development Studies. ISSN 0022-0388. 61(10), p. 1660–1682. doi: 10.1080/00220388.2025.2487014. Full text in Research Archive Show summary

  This study examines the survival factors of informal community-based financial groups in Burkina Faso, Mali, and Niger over the period 2014 to 2018. The results identify group size, meeting attendance, financial performance, and engagement in ‘plus activities’ as key predictors of savings group survival. The more efficiently funds are used and the higher the returns on savings, the more groups sustain their operations in the long run, irrespective of the absolute amount of savings per member. Similarly, active group engagement and involvement in additional non-financial activities alongside the core financial activities, also contribute to long-run survival. These findings highlight that social capital and financial efficiency should be at the forefront when designing savings-groups programs.

• Mersland, Roy & Strøm, Øystein (2025). A Life Cycle Perspective on Research: Strategies for Sustained Relevance With Microfinance as a Case Study. Journal of Alternative Finance. 2(2), p. 71–83. doi: 10.1177/27533743251342818. Full text in Research Archive Show summary

  Purpose: This paper explores how life cycle theory can be applied to extend the relevance and longevity of academic research topics. Study design: We use microfinance as an illustrative case. We employ a bibliometric method of citation analysis and gather publication data from Scopus and Google Scholar from 1995 to the present. Findings: We find that microfinance research has entered a maturity phase. The volume of publications is no longer growing. We also find that strategies for revitalization and sustained scholarly engagement can prolong publication records, such as relabelling and including microfinance into broader categories. Contributions: We show that the life cycle model can be applied to a research agenda. Implications: The scholar should take a careful look at where in the life cycle of the research agenda the current research interest is located. A key to successful publishing is the requirement of novelty.

• Sommeno, Tigist Woldetsadik; Mersland, Roy & Randøy, Trond (2025). The impact of debt: International versus local debt in microfinance organizations. Research In International Business and Finance. ISSN 0275-5319. 76. doi: 10.1016/j.ribaf.2025.102848. Full text in Research Archive Show summary

  Microfinance organizations (MFOs) increasingly access global debt and local debt markets. This study investigates whether such access benefits MFOs’ cost efficiency, using agency theory and capital market liability of foreignness theory. Analyzing data from 655 MFOs observed in 88 countries between 1998 and 2015, this study finds that, on average, MFOs with debt tend to be more cost-efficient than MFOs without debt. The study also finds that, on average, MFOs With only international debt are more cost-efficient than MFOs with only local debt. However, the cost efficiency diminishes for MFOs exposed to foreign debtholders from institutionally distant countries. These results offer salient policy implications for debtholders and debt-seeking MFOs by highlighting the cost efficiency benefit of debt, especially international debt, for MFOs while simultaneously underscoring the detrimental moderating effect of institutional distance

• Hemert, Daniël Gerardus Franciscus van; D’Espallier, Bert & Mersland, Roy (2024). Autonomy and Financial Performance in Informal Savings Associations. Journal of Development Studies. ISSN 0022-0388. 60(9), p. 1352–1371. doi: 10.1080/00220388.2024.2337386. Full text in Research Archive
• Andersson, Kjetil; D’espallier, Bert & Mersland, Roy (2024). The Ethical Dilemma in Hybrid Organizations: A Production Function Approach to Credit Expansion in Microfinance. Journal of Business Ethics. ISSN 0167-4544. doi: 10.1007/s10551-024-05892-9. Full text in Research Archive
• Nyarko, Samuel Anokye; Beisland, Leif Atle & Mersland, Roy (2024). Lending to Women and Credit Risk in Microfinance Institutions: The Moderating Effects of Patriarchy and Female Leadership. Journal of Development Studies. ISSN 0022-0388. doi: 10.1080/00220388.2024.2434252. Full text in Research Archive
• Nyarko, Samuel Anokye; Beisland, Leif Atle & Mersland, Roy (2024). The Moderating Effects of Size and Experience in Balancing Social and Financial Performance in Social Enterprises: Evidence From Microfinance Institutions. Nonprofit and Voluntary Sector Quarterly. ISSN 0899-7640. p. 40–40. doi: 10.1177/08997640241295663. Full text in Research Archive
• Martinez, Rolando Gonzales; D’espallier, Bert & Mersland, Roy (2024). Informal Insurance and Loans in Savings Groups: A Longitudinal and Quasi-experimental Approach Identifies the Role of the Welfare Fund for the Extreme Poor. Review of Development Finance. 14(1), p. 1–10. Full text in Research Archive
• Eline, Van der Auwera; D’Espallier, Bert & Mersland, Roy (2024). Profit-Generating Entities or Cash-Management Vehicles? Unpacking the Financial Performance of Savings Groups Worldwide. Journal of Alternative Finance. doi: 10.1177/27533743231201771. Full text in Research Archive
• Grigoryan, Aleksandr; Khachatryan, Knar; Hartarska, Valentina & Mersland, Roy (2024). Are All Deposit Products in the Microfinance World Created Equal? Emerging markets finance & trade. ISSN 1540-496X. p. 1–17. doi: 10.1080/1540496X.2024.2413172. Full text in Research Archive
• Nabami, Armande Mahabi; Petre, Anaelle Therese Milena & Mersland, Roy (2024). Impact of climate change training intervention in savings groups. Journal of International Development. ISSN 0954-1748. 36(4), p. 2047–2062. doi: 10.1002/jid.3896. Full text in Research Archive Show summary

  This paper investigates the impact of integrating climate change interventions in informal community-based institutions called savings groups. By integrating climate-related activities into these groups, the aim is to simultaneously strengthen the group's financial activities as well as improve knowledge and investment capacity in climate adaptation. We find that the introduction of the training increases meeting attendance rate and average loan sizes, suggesting that members can access larger sums for investment to implement the knowledge acquired during the training. We provide evidence that there are opportunities for economies of scope and for a larger positive impact on the livelihoods of the populations at the bottom of the pyramid by combining financial services offered in the savings groups and climate-related interventions.

• Sommeno, Tigist Woldetsadik; Mersland, Roy & Randøy, Trond (2024). The impact of liability of foreignness on performance in hybrid organizations. Journal of International Management. ISSN 1075-4253. 30(2), p. 1–22. doi: 10.1016/j.intman.2024.101133. Full text in Research Archive
• Djan, Kwame Ohene; Nyarko, Samuel Anokye; Mersland, Roy; Beisland, Leif Atle & Nakato, Linda (2023). Influence of international ownership on the performance of local social enterprises: Evidence from the global microfinance industry. Strategic Change. ISSN 1086-1718. 32(2-3), p. 53–71. doi: 10.1002/jsc.2536. Full text in Research Archive Show summary

  International ownership positively impacts the social performance of social enterprises at the expense of financial performance. International owners mostly use their resources and controlling rights to improve social performance at the expense of financial performance. Current ownership theories do not address how the multidimensional utility function might affect the governance and financing of a social enterprise. There is a need to develop theories for firms with conflicting objectives.

• Strøm, R. Øystein; D’Espallier, Bert & Mersland, Roy (2023). Female Leaders and Financial Inclusion: Evidence from Microfinance Institutions. Review of Corporate Finance (RCF). ISSN 2693-9312. 3(1-2), p. 69–97. doi: 10.1561/114.00000036. Full text in Research Archive
• Auwera, Eline Van der; D’Espallier, Bert & Mersland, Roy (2023). Achieving Double Bottom-Line Performance in Hybrid Organisations: A Machine-Learning Approach. Journal of Business Ethics. ISSN 0167-4544. doi: 10.1007/s10551-023-05410-3. Full text in Research Archive Show summary

  Drawing on a global sample of microfinance institutions (MFIs), this paper offers insights into the trade-off versus synergy debate of adopting multiple institutional goals in hybrid organisations. Additionally, it unravels which organisation- and country-specific determinants associate with top joint performance using machine-learning techniques. We find that the synergy versus trade-off debate is not dichotomous. Rather, MFIs can be strong both socially and financially but not while charging low interest rates. In our sample, 17% of MFIs serve a low-income clientele in need with a diverse range of services while remaining financially sustainable and ask a close-to-average interest rate. These organisations are larger and more mature as well as financially prudent in that they minimize both financial and credit risk. Moreover, they are located in countries where their services can create larger benefits regarding their underlying goals.

• Godfroid, Cécile; Otiti, Naome & Mersland, Roy (2022). Employee tenure and staff performance: The case of a social enterprise. Journal of Business Research. ISSN 0148-2963. 139, p. 457–467. doi: 10.1016/j.jbusres.2021.10.011. Full text in Research Archive Show summary

  The literature on social enterprises has largely examined tradeoffs at the organizational level. In this study, we examine tradeoffs at the employee level. By analyzing the case of an Ecuadorian microfinance institution, we show that the tenure of social enterprise employees affects individual social and financial performance differently: the relationship between tenure and social performance is positive, whereas the relationship between tenure and financial performance is an inverted U-shape. Furthermore, our results suggest that social enterprise employees with the longest tenure are the least inclined to experience tradeoff tensions.

• Beisland, Leif Atle; Zamore, Stephen & Mersland, Roy (2022). Does It Pay to be Green? A Study of the Global Microfinance Industry. Nonprofit and Voluntary Sector Quarterly. ISSN 0899-7640. doi: 10.1177/08997640221110209. Full text in Research Archive Show summary

  This article examines whether it pays to be green in the microfinance industry. Environmental issues are important for all businesses around the world, and thus many microfinance institutions (MFIs) started embracing them as an additional objective alongside their traditional social and financial objectives. This article is among the first to test the relationships between environmental performance and both the financial and social performance of MFIs. Using a sample of 234 rated MFIs in 58 countries, we find that being green is associated with higher social and financial performance. Specifically, MFIs with environmental policies have higher financial performance (i.e., higher returns on assets, lower operating costs, and lower cost of capital) and higher social performance (i.e., a higher social rating score) than those without environmental policies. Overall, the results suggest that it pays to be green in the microfinance industry and this should motivate MFIs considering being green to do so.

• Martinez, Rolando Gonzales; D'Espallier, Bert & Mersland, Roy (2022). What Drives Profits in Savings Groups? Bayesian Data Mining Evidence from the SAVIX Database. Review of Development Finance. 11(2), p. 39–57. Full text in Research Archive Show summary

  Savings groups provide savings and loans to low-income individuals in rural and peri-urban areas. This study applies Bayesian data mining methods to a database of more than 200,000 savings groups with the aim of identifying which micro, meso, and macro factors are associated to profit generation in the groups. The results show that the facilitation mechanisms of development agencies and the macro-economic environment are more important than internal group dynamics for profit generation. The findings suggest that the focus of development agencies on bottom-of-the-pyramid groups creates wealth for communities in countries with a more dispersed and rural population. However, the generation of profits depends on the graduation of groups and the facilitation model implemented by a development agency.

• Djan, Kwame Ohene & Mersland, Roy (2021). Are NGOs and Cooperatives Similar or Different? A Global Survey Using Microfinance Data. Journal of Management and Governance. ISSN 1385-3457. doi: 10.1007/s10997-021-09567-9. Full text in Research Archive
• Otiti, Naome; Godfroid, Cécile; Mersland, Roy & D'Espallier, Bert (2021). Does it (Re)pay to be Female? Considering Gender in Microfinance Loan Officer-Client Pairs. Journal of Development Studies. ISSN 0022-0388. doi: 10.1080/00220388.2021.1983167. Full text in Research Archive
• Zamore, Stephen; Beisland, Leif Atle & Mersland, Roy (2021). Excessive Focus on Risk? Non-performing Loans and Efficiency of Microfinance Institutions. International Journal of Finance and Economics. ISSN 1076-9307. doi: 10.1002/ijfe.2477. Full text in Research Archive
• Otiti, Naome; Andersson, Kjetil & Mersland, Roy (2021). Is Employee-Client Matching Good for firms Targeting the Bottom of the Pyramid? A Study of Microfinance Institutions. International Journal of Development Issues. ISSN 1446-8956. 20(1), p. 1–23. doi: 10.1108/IJDI-04-2020-0069. Full text in Research Archive
• Alon, Ilan; Mersland, Roy; Musteen, Martina & Randøy, Trond (2020). The Research Frontier on Internationalization of Social Enterprises. Journal of World Business. ISSN 1090-9516. 55(1). doi: 10.1016/j.jwb.2020.101091. Full text in Research Archive Show summary

  Social enterprises (SEs) are hybrid organizations that simultaneously pursue financial and social goals, while addressing institutional voids. Despite the extensive cross-border activities of SEs, the state of research addressing such flows of funds, technology and personnel is undeveloped. In this introductory article, we discuss the unique aspects of SEs and explore how the international business literature can inform our understanding of their internationalization. We outline promising areas for future research related to the drivers of and the processes underlying SE internationalization as well as its consequences. With this as a background, we introduce the five articles in this Special Issue.

• Beisland, Leif Atle; Djan, Kwame Ohene; Mersland, Roy & Randøy, Trond (2020). Measuring Social Performance in Social Enterprises: A Global Study of Microfinance Institutions. Journal of Business Ethics. ISSN 0167-4544. 171. doi: 10.1007/s10551-019-04417-z. Full text in Research Archive Show summary

  Social enterprises in the microfinance industry need to adhere to both financial and social demands. Critics argue that there is a mission drift away from the social mission, and this has motivated the introduction of social rating agencies to strengthen the business ethics of microfinance institutions (MFIs). Using a global dataset of 204 socially rated MFIs from 58 countries, we assess the factors that drive the social performance ratings of MFIs. Overall our results show that social ratings of MFIs are significantly related to financial performance, greater outreach especially in rural areas, well-defined social objectives, staff commitment, service quality and an enhanced customer service. We observe that various rating agencies attach different importance to each of the social indicators. The public policy implication is that social rating agencies need to become more transparent, to reduce the information asymmetries between heterogenous socially motivated investors and the focal MFI.

• Malikov, Emir; Hartarska, Valentina & Mersland, Roy (2020). Economies of diversification in microfinance: Evidence from quantile estimation on panel data. Finance Research Letters. ISSN 1544-6123. 34. doi: 10.1016/j.frl.2019.07.019. Full text in Research Archive Show summary

  Prior studies of the diversification-driven cost savings from the joint provision of credit and deposits in microfinance usually ignore the multi-way heterogeneity across MFIs which vary substantially in size, business model, target clientele and operate in diverse environments. Using a quantile panel data model with correlated effects capable of accommodating multiple heterogeneity, we show that the typical measurement of economies of diversification at the mean provides an incomplete and distorted picture of their magnitude and prevalence in the industry. While we find statistically significant estimates, they are modest for most small-size MFIs but are quite substantial for large-scale institutions.

• Martinez, Rolando Gonzales; D'Espallier, Bert & Mersland, Roy (2020). Bifurcations in business profitability: An agent-based simulation of homophily in self-financing groups. Journal of Business Research. ISSN 0148-2963. doi: 10.1016/j.jbusres.2020.06.051. Full text in Research Archive Show summary

  Formal financial institutions inadequately distribute startup capital to business ventures of ethnic minorities, women, low-educated, and young people. Self-financing groups fill this gap because in these associations agents accumulate their savings into a fund that is later used to provide loans to the members. This study builds and simulates an agent-based model that compares the profitability of businesses started by members of self-financing groups against businesses financed by commercial loans. The results indicate that—besides the selfgeneration of debt capital—businesses of members of self-financing groups can have higher returns due to the consolidation of social capital and the competitive advantage created through a dual process of homophily. Higher quotas of savings boost profits, but only up to a threshold, after which a bifurcation pattern—typical of complexity dynamics—emerges. The practical and theoretical implications of the findings are discussed and future research lines are proposed.

• Mersland, Roy; Nyarko, Samuel Anokye & Szafarz, Ariane (2019). Do social enterprises walk the talk? Assessing microfinance performances with mission statements. Journal of Business Venturing Insights. ISSN 2352-6734. 11, p. 1–11. doi: 10.1016/j.jbvi.2019.e00117. Full text in Research Archive
• Golesorkhi, Sougand; Randøy, Trond; Mersland, Roy & Shenkar, Oded (2019). The performance impact of informal and formal institutional differences in cross-border alliances. International Business Review. ISSN 0969-5931. 28(1), p. 104–118. doi: 10.1016/j.ibusrev.2018.08.006. Full text in Research Archive
• Zamore, Stephen; Beisland, Leif Atle & Mersland, Roy (2019). Geographic diversification and credit risk in microfinance. Journal of Banking & Finance. ISSN 0378-4266. 109. doi: 10.1016/j.jbankfin.2019.105665. Full text in Research Archive
• Mersland, Roy; Beisland, Leif Atle & Ndaki, Daudi Pascal (2019). The Origin of Chief Executive Officers and Performance in Hybrid Businesses: The Case of Microfinance. Journal of Small Business Management. ISSN 0047-2778. 57(4), p. 1578–1594. doi: 10.1111/jsbm.12381. Full text in Research Archive
• Beisland, Leif Atle; Mersland, Roy & Ndaki, Daudi Pascal (2019). Influence of Ownership Type and CEO Power on Residual Loss: Evidence From the Global Microfinance Industry. Nonprofit and Voluntary Sector Quarterly. ISSN 0899-7640. 48(5), p. 998–1022. doi: 10.1177/0899764019848498. Full text in Research Archive
• Dato, Muluneh Hideto; Hudon, Marek & Mersland, Roy (2019). BOARD GOVERNANCE: DOES OWNERSHIP MATTER? Annals of Public and Cooperative Economics. ISSN 1370-4788. p. 1–24. doi: 10.1111/apce.12262. Full text in Research Archive
• Golesorkhi, Sougand; Mersland, Roy; Piekkari, Rebecca; Pishchulov, Grigory & Randøy, Trond (2019). The effect of language use on the financial performance of microfinance banks: Evidence from cross-border activities in 74 countries. Journal of World Business. ISSN 1090-9516. 54(3), p. 213–229. doi: 10.1016/j.jwb.2019.03.002. Full text in Research Archive
• Mersland, Roy; Nyarko, Samuel Anokye & Sirisena, Amila Buddhika (2019). A hybrid approach to international market selection: The case of impact investing organizations. International Business Review. ISSN 0969-5931. doi: 10.1016/j.ibusrev.2019.101624. Full text in Research Archive
• Beisland, Leif Atle; Mersland, Roy & Strøm, R. Øystein (2018). Use of Big Four auditors and fund raising: evidence from developing and emerging markets. International Journal of Emerging Markets. ISSN 1746-8809. 13(2), p. 371–390. doi: 10.1108/IJoEM-11-2016-0321. Full text in Research Archive Show summary

  Purpose: The traditional view in audit research has been that high-quality auditors are associated with improved access to funding. This study is motivated by recent research suggesting that the funding benefits of using Big Four auditors may not be as uniform as was previously assumed. To further examine the contention that the implications of audit quality are context dependent, we turn to the microfinance industry. Specifically, we apply data from microfinance institutions in developing and emerging countries, a population typically not investigated in accounting research, to analyze the relationship between use of Big Four auditors and access to debt capital. Design/methodology/approach: We apply a unique hand-collected dataset from 59 developing and emerging markets and empirically investigate whether access to various sorts of debt is related to the use of Big Four auditors. Findings: Controlling for firm characteristics found in prior research to affect access to capital, we are unable to document a significant relation between use of Big Four auditors and access to debt capital. Thus, we conclude that one of the main benefits of using Big Four auditors seems not to extend to the poor countries of the world. Originality/value: Big Four auditors are expensive. Our findings potentially have implications for auditor choice in poor countries; why should an organization pay extra for auditing if no benefits from the higher price can be documented?

• Dato, Muluneh Hideto; Mersland, Roy & Mori, Neema Geoffrey (2018). Board committees and performance in microfinance institutions: Evidence from Ethiopia. International Journal of Emerging Markets. ISSN 1746-8809. 13(2), p. 350–370. doi: 10.1108/IJoEM-08-2016-0216. Full text in Research Archive

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• Mersland, Roy (2025). Båt­sesongen er i gang. Det merker gründeren. [Journal]. fvn.no. doi: https:/www.fvn.no/nyheter/lokalt/i/wgm9rM/baatsesongen-er-i-gang-det-merker-grunderen#ui-core-comments. Full text in Research Archive
• Mersland, Roy (2025). Spøker med konkur­renten og «bytter» navn. [Journal]. fvn.no. doi: https:/www.fvn.no/nyheter/lokalt/i/dR1Waq/spoeker-med-konkurrenten-og-bytter-navn. Full text in Research Archive
• Mersland, Roy (2025). Her stopper de byggingen av småkraftverket. [Journal]. fvn.no. doi: https:/www.fvn.no/nyheter/lokalt/i/XjxBEb/her-stopper-de-byggingen-av-smaakraftverket#ui-core-comments. Full text in Research Archive
• Mersland, Roy (2025). Ble headhuntet til lokalbankens nye satsing i byen. [Internet]. Fædrelandsvennen. doi: https:/www.fvn.no/nyheter/lokalt/i/73WA8B/ble-headhuntet-til-lokalbankens-nye-satsing-i-byen. Full text in Research Archive
• Zhang, Yan; Zamore, Stephen & Mersland, Roy (2023). Free Cash Flow and Performance in Microfinance: A Global Analysis. Full text in Research Archive
• Zhang, Yan; Zamore, Stephen & Mersland, Roy (2023). Debt, free cash flow and performance in microfinance: A global analysis. Full text in Research Archive
• Sommeno, Tigist Woldetsadik; Mersland, Roy & Randøy, Trond (2023). The Impact of International Debt on Efficiency of Microfinance Organizations. Full text in Research Archive
• Sommeno, Tigist Woldetsadik; Mersland, Roy & Randøy, Trond (2023). The Impact of Liability of Foreignness on Performance in Hybrid Organizations. Full text in Research Archive
• Mersland, Roy (2022). Utbyttemuligheter fra havna. Full text in Research Archive
• Mersland, Roy (2022). Utbyttemuligheter fra norske havner. Full text in Research Archive
• Mersland, Roy (2022). Er det klokt å være gavmild? Full text in Research Archive
• Mersland, Roy (2022). God eierstyring i offentlig eide selskaper. Full text in Research Archive
• Mersland, Roy (2022). Eierstyring og sparebankstiftelser. Full text in Research Archive
• Mersland, Roy (2022). Er det klokt å være gavmild - Mercy Ships. Full text in Research Archive
• Beisland, Leif Atle; Mersland, Roy & Nyarko, Samuel Anokye (2022). Lending to Women and Lending Risk in Micro-Banks: The Moderating Effects of Patriarchy and Female Leadership. Full text in Research Archive
• Zamore, Stephen; Mersland, Roy & Jenssen, Jan Inge (2022). Christianity, leadership and performance of microfinance institutions. Full text in Research Archive
• Mwintome, Gordon; Zamore, Stephen; Agana, Joseph; Mersland, Roy & Anokye, Samuel (2021). Governance, Institutional Quality and Auditor Choice in Emerging Markets. Full text in Research Archive
• Mwintome, Gordon; Zamore, Stephen; Agana, Joseph; Mersland, Roy & Anokye, Samuel (2021). Ownership, Institutional Factors and Auditor Choice in Developing Countries. Full text in Research Archive
• Mersland, Roy (2021). Agder Fylkeskommune - Eierstyring og eierstrategi. Full text in Research Archive
• Mersland, Roy (2021). Sparebanker og koronakrisen. Full text in Research Archive
• Mersland, Roy (2021). Bankforsker: Bankene er kjipe. [Journal]. https://finanswatch.no. Full text in Research Archive
• Mersland, Roy (2021). Eierstrategi og Eierstyring. Full text in Research Archive
• Mwintome, Gordon; Mersland, Roy; Zamore, Stephen; Agana, Joseph & Nyarko, Samuel Anokye (2021). Agency conflicts and the demand for perceived audit quality in microfinance institutions. Full text in Research Archive
• Nakato, Linda; Mersland, Roy & D'Espallier, Bert (2020). Should informal financial groups at the bottom of the pyramid be linked to banks? A comparative analysis of linked and unlinked groups. Full text in Research Archive
• Mwintome, Gordon; Zamore, Stephen; Agana, Joseph; Nyarko, Samuel Anokye & Mersland, Roy (2020). Auditor Choice and its Implications for Hybrid Organizations. Full text in Research Archive
• Nakato, Linda; Mersland, Roy & D'Espallier, Bert (2019). Financial education at the Bottom of the Pyramid: Is there an effect on the performance of informal grassroots financial associations? Full text in Research Archive
• Andersson, Kjetil & Mersland, Roy (2019). Output and productivity in microfinance banking. Full text in Research Archive
• Beisland, Leif Atle; Djan, Kwame & Mersland, Roy (2019). What Drives the Social Scores in Microfinance Ratings? Full text in Research Archive
• D'Espallier, Bert; Goedecke, Jann & Mersland, Roy (2019). Multiple bank relations and default risk of informationally opaque borrowers. Full text in Research Archive
• Khachatryan, Knar; Grigoryan, Alexandr; Hartarska, Valentina & Mersland, Roy (2019). Capital Structure and Spatial Impacts on MFI Outreach and Sustainability. Full text in Research Archive
• Sommeno, Tigist Woldetsadik; Mersland, Roy & Randøy, Trond (2019). THE IMPACT OF LIABILITY OF FOREIGNNESS ON PERFORMANCE IN HYBRID FIRMS. Full text in Research Archive
• Sommeno, Tigist Woldetsadik; Mersland, Roy & Randøy, Trond (2019). THE IMPACT OF LIABILITY OF FOREIGNNESS ON PERFORMANCE IN HYBRID FIRMS. Full text in Research Archive
• Sommeno, Tigist Woldetsadik; Mersland, Roy & Randøy, Trond (2019). THE LIABILITY OF FOREIGNNESS ON PERFORMANCE IN GREENFIELD HYBRID ORGANIZATIONS. Full text in Research Archive
• Mersland, Roy; Zamore, Stephen; Djan, Kwame Ohene & Sommeno, Tigist Woldetsadik (2019). Internationalization of the Microfinance Industry. In Hudon, Marek; Labie, Marc & Szafarz, Ariane (Ed.), A Research Agenda for Financial Inclusion and Microfinance. Edward Elgar Publishing. ISSN 9781788114219. p. 139–149. Full text in Research Archive
• Nakato, Linda; Mersland, Roy & D'Espallier, Bert (2019). Financial Linkages and Savings Groups: A comparative Analysis. Full text in Research Archive
• Otiti, Naome; Andersson, Kjetil & Mersland, Roy (2019). Is Employee-Client Matching Good for Firms Targeting the Bottom of the Pyramid? Full text in Research Archive
• Otiti, Naome; Andersson, Kjetil & Mersland, Roy (2019). Is Employee-Client Matching Good for Firms Targeting the Bottom of the Pyramid? A Study of Microfinance Insitutions. Full text in Research Archive
• Mersland, Roy (2019). Rør om Sparebanken SØR. Full text in Research Archive
• Martinez, Rolando Gonzales; D'Espallier, Bert & Mersland, Roy (2019). The macro/meso/micro determinants of the performance of savings groups. Full text in Research Archive
• Mersland, Roy; Nyarko, Samuel Anokye & Sirisena, Amila Buddhika (2019). A Hybrid Approach to International Market Selection: The Case of Impact Investing Organizations. Full text in Research Archive
• Djan, Kwame Ohene; Nyarko, Samuel Anokye; Mersland, Roy; Beisland, Leif Atle & Nakato, Linda (2019). The Impact of International Ownership on the Performance of Social Enterprises: A Global Survey of Microfinance Shareholder Firms. Full text in Research Archive
• Nakato, Linda; Mersland, Roy & D'Espallier, Bert (2018). Financial Linkages and Savings Groups: A comparative Analysis. Full text in Research Archive
• Nakato, Linda; Mersland, Roy & D'Espallier, Bert (2018). Financial Linkages and Savings Groups: A comparative Analysis. Full text in Research Archive
• Nakato, Linda; Mersland, Roy & D'Espallier, Bert (2018). Financial Linkages and Savings Groups: A comparative Analysis. Full text in Research Archive
• Nakato, Linda; Mersland, Roy & D'Espallier, Bert (2018). Financial Linkages and Savings Groups: A comparative Analysis. Full text in Research Archive
• Nakato, Linda; Mersland, Roy & D'Espallier, Bert (2018). Financial Linkages and Savings Groups: A comparative Analysis. Full text in Research Archive
• Nakato, Linda; Mersland, Roy & D'Espallier, Bert (2018). Financial Linkages and Savings Groups: A comparative Analysis. Full text in Research Archive
• Zamore, Stephen; Beisland, Leif Atle & Mersland, Roy (2018). Geographic diversification and credit risk in microfinance. Full text in Research Archive
• Zamore, Stephen; Beisland, Leif Atle & Mersland, Roy (2018). Non-performing loans and efficiency of microfinance institutions. Full text in Research Archive
• Otiti, Naome; Andersson, Kjetil & Mersland, Roy (2018). Is Socioeconomic Matching of Staff and Clients beneficial for Microfinance Social Enterprises? Full text in Research Archive
• Nyarko, Samuel Anokye; Mersland, Roy & Sirisena, Amila Buddhika (2018). A Hybrid Approach to International Market Selection: The Case of European Impact Investing Organizations. Full text in Research Archive
• Nyarko, Samuel Anokye; Mersland, Roy & Sirisena, Amila Buddhika (2018). A Hybrid Approach to International Market Selection: The Case of European Impact Investing Organizations. Full text in Research Archive
• Nyarko, Samuel Anokye; Mersland, Roy & Szafarz, Ariane (2018). Mission Drift in Social Enterprises: Do Microfinance Organizations Walk the Talk? Full text in Research Archive
• Nyarko, Samuel Anokye; Mersland, Roy & Szafarz, Ariane (2018). Mission Drift in Social Enterprises: Do Microfinance Organizations Walk the Talk? Full text in Research Archive
• Nyarko, Samuel Anokye; Mersland, Roy & Sirisena, Amila Buddhika (2018). A Hybrid Approach to International Market Selection: The Case of European Impact Investing Organizations. Full text in Research Archive
• Sommeno, Tigist Woldetsadik; Mersland, Roy & Randøy, Trond (2021). The Impact of Internationalization on Performance in Hybrid Organizations. Universitetet i Agder. ISSN 9788284270425. Full text in Research Archive Show summary

  With the growing demand for socially and environmentally conscious products and services, hybrid organizations that address social and environmental issues with a market-based solution are gaining widespread significance (Haigh et al., 2015; Miller et al., 2012; Hockerts, 2015). Hybrid organizations, or “social enterprises” or “the fourth sector” as they are sometimes called, appear to present a sustainable solution to a myriad of social causes such as unemployment, poor health, illiteracy, etc. (Haigh and Hoffman, 2011; Battilana and Lee, 2014). Hybrid organizations are an innovative solution to the institutional voids arising from governments facing resource constraints and unable to sustainably address the scores of social problems seen around the world (Mair and Marti, 2009). In this regard, hybrid organizations are of interest to policymakers, investors, and scholars worldwide. In particular, policymakers are increasingly adjusting legal frameworks to accommodate the hybrid organization model (Brakman Reiser and Dean, 2017). Global impact investors (investors seeking both social and financial returns) are increasingly investing in hybrid organizations (Bugg-Levine, Kogut, and Kulatilaka, 2012), and recent reports show that the global market size of these investors is worth more than $700 billion US dollars (Financial Times, 2020). Scholars, particularly international business scholars, are also calling for more research on hybrid organizations, as evidenced by the recent special issue of the Journal of World Business (Alon et al., 2020).

• Mersland, Roy; D'Espallier, Bert; Martinez, Rolando Gonzales & Nakato, Linda (2019). What are Savings Groups? Universitetet i Agder. Full text in Research Archive

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