Microfinance institutions (MFIs) contribute greatly to sustainable development through microlending. This paper establishes a bridge between political stakeholder theory, social responsive theory, and institutional theory as applied to the functioning of MFIs. By establishing a nexus between these theoretical concepts, we investigate whether country-level socio-economic freedom, human development, and environmental issues affect the engagement and integration of environmental, social, and governance (ESG) activities by MFIs. Using a sample of 2,064 MFIs from 94 countries for the period 2007 to 2018, we find that MFIs from countries with higher socio-economic freedom, coupled with higher human development, may adhere to superior ESG policies. We posit that this is due to pressure from stakeholders to incorporate the triple bottom line objectives of ‘profit, people, and the planet’. ESG integration is in line with institutional theory and enriched by political stakeholder theory.

中文翻译：

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环境、社会和治理一体化：小额信贷机构的案例

小额信贷机构 (MFI) 通过小额贷款为可持续发展做出了巨大贡献。本文在应用于小额信贷机构运作的政治利益相关者理论、社会反应理论和制度理论之间架起了一座桥梁。通过在这些理论概念之间建立联系，我们调查了国家层面的社会经济自由、人类发展和环境问题是否会影响小额信贷机构对环境、社会和治理 (ESG) 活动的参与和整合。使用 2007 年至 2018 年期间来自 94 个国家的 2,064 家小额信贷机构的样本，我们发现来自社会经济自由度较高以及人类发展水平较高的国家的小额信贷机构可能会遵守优越的 ESG 政策。我们认为这是由于利益相关者的压力，他们要求将“利润、人与地球”这三重底线目标结合起来。ESG整合符合制度理论，并得到政治利益相关者理论的丰富。