Yan Zhang

• 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.

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• Soylu, Ahmet; Liu, Fan; Mitra, Karan; Zhang, Yan & Grønli, Tor-Morten (2026). Mobile and Ubiquitous Systems: Computing, Networking and Services - 21st EAI International Conference, MobiQuitous 2024, Oslo, Norway, November 12–14, 2024, Proceedings. Springer Nature. ISBN 9783032105547. 633 p. doi: https:/link.springer.com/book/10.1007/978-3-032-10554-7. Full text in Research Archive

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• Zhang, Yan (2024). The Impact of Free Cash Flow on Performance in Microfinance Institutions and Its Moderators. Universitetet i Agder. Full text in Research Archive Show summary

  This dissertation contains three essays: “Free Cash Flow and Performance of Microfinance Institutions,” “Debt, Free Cash Flow and Financial Performance in Microfinance: A Global Analysis,” and “Corporate Governance and Free Cash Flow in Microfinance.” Essay 1 investigates the existence of FCF overinvestment in MFIs and the negative effects of FCF overinvestment on the social and financial performance of MFIs. Essays 2 and 3 address how debt application and corporate governance, respectively, mitigate the negative effects of FCF overinvestment on the social and financial performance of MFIs. The essays have benefited from the feedback of reviewers and participants in academic conferences. In what follows, I summarize each of the three essays in turn.

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