In this paper we examine diverse governance mechanisms implemented by microfinance institutions, as well as their relationships with both social and financial performance, using a database obtained from the MIX, consisting of MFIs reporting data both on financial and social performance. We find that some governance mechanisms are significantly different among MFIs depending on their legal status. MFIs with NGO status have more diversity in their boards, adhere more to fair practices related to their human resources, and pay more attention to training in social performance management. Furthermore, we find that NGOs perform better at a social level (serve more clients; reach more poor clients; a large fraction of their borrowers are women). We find that external governance mechanisms have little or no effect, while board characteristics consistently and significantly affect social performance. Governance-Mechanismen, Offenlegung der Social Performance und Mikrofinanz-Performance: Spielt die Rechtsform eine Rolle? In diesem Beitrag untersuchen wir verschiedene Governance-Mechanismen, die bei Mikrofinanzinstituten eingeführt wurden, sowie ihre Beziehungen zu sozialer wie finanzieller Performance, wobei eine Datenbank verwendet wird, die von MIX (Microfinance Information Exchange) bezogen wurde und Datenmaterial aus der Rechnungslegung von Mikrofinanzinstituten (MFIs) bezüglich ihrer finanziellen und sozialen Performance enthält. Wir stellen fest, dass sich bei den MFIs, in Abhängigkeit von der Rechtsform, einige Governance-Mechanismen signifikant voneinander unterscheiden. MFIs mit NGO-Status weisen eine größere Diversität hinsichtlich ihrer Vorstände auf, halten sich mehr an faire Praktiken gegenüber ihren Humanressourcen und achten stärker auf Training in Social Performance-Management. Darüber hinaus stellen wir fest, dass NGOs auf sozialer Ebene eine bessere Performance erbringen; sie bedienen mehr Kunden, erreichen mehr arme Kunden, und ein großer Teil ihrer Kreditnehmer sind Frauen. Wir kommen zu dem Schluss, dass externe Governance-Mechanismen nur geringe oder gar keine Auswirkungen haben, während den Vorstand betreffende Charakteristika konsistent und signifikant die Social Performance beeinflussen. *

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The French micro‐angels are social investors interested in helping micro‐enterprises survive.

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Purpose -The purpose of this paper is to focus on the role played by microfinance institutions (MFI) in the improvement of women's micro-entrepreneurship in economically developed countries. In the context of Catalan MFIs, the paper aims to study the allocation of resources to business projects led by women; and analyze the main features characterizing both women's personal traits and their business initiatives. Microcredit programs are also compared by gender. Design/methodology/approach -Data were gathered from Catalan MFIs, configuring a sample of 549 instances of business projects funded between 1998 and 2006. Applicants were individual entrepreneurs located in Catalonia, seeking to start up or expand their own business. For the purpose of contrast and generalization, data from a public nationwide program have also been considered. The research methodology of the paper is based on a quantitative approach, using inferential statistics to support the descriptive analysis. Findings -The results of this research indicate that social credit is truly a good source of capital for women; women of very different ages, with different business ideas have been funded by the Catalan microcredit sector. MFIs have also played a significant role in the social integration of immigrant women, thus contributing to alleviate poverty regardless of nationality. Research limitations/implications -Extension to other developed countries is subject to considerations about their financial system, the role played by social entities, the impact of governmental institutions, as well as the special legal requirements of each country. Originality/value -This paper points out that social credit offers female entrepreneurs the opportunity to carry out independent economic activities, despite their lack of financial capital. It also furthers the knowledge of how effectively it contributes to women's entrepreneurship.