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  • Leif Atle Beisland
Leif Atle Beisland

Leif Atle Beisland
Universitetet i Agder | UIA · Department of Economics and Business Administration / Kristiansand School of Management

PhD

About

45
Publications
24,626
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674
Citations

Publications

Publications (45)
Article
Full-text available
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...
Article
Full-text available
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...
Article
Full-text available
Microfinance is a banking market in which operating costs are high while non-performing loans (NPLs) rates are low. While the existing literature tends to explain that the high operating costs arise from the provision of small loans, we argue that excessive efforts to control loan losses can also be a contributing factor. Therefore, this paper inve...
Article
Full-text available
This paper examines the relation between geographic diversification and credit risk in microfinance. The empirical findings from the banking industry are mixed and inconclusive. This study extends the discussion into a new international setting: the global microfinance industry with lenders having both social and financial objectives. Using a large...
Article
Full-text available
Recent research suggests that many microfinance institutions increasingly focus on financial performance at the expense of the social component of their dual objectives. Existing studies typically assume that capital providers and managers mainly drive this so-called mission drift. In this study, we investigate whether ‘personal mission drift’ at t...
Article
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This study examines whether the agency cost component referred to as “residual loss” differs between nonprofit and shareholder-owned microfinance organizations and whether such costs are further influenced by CEO power. We use operating expenses, asset utilization, liquidity, and tangible asset intensity to proxy for residual loss. Using 374 microf...
Article
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There is a positive association between CEO tenure and the debt proportion of microfinance institutions. Microfinance institutions need improved access to debt capital to cover a huge and increasing world demand for microfinance services. More experienced CEOs may be more aligned with the microfinance institution's mission, and they may have a bett...
Article
Full-text available
Purpose This study is motivated by recent research suggesting that the funding benefits of using Big Four auditors may not be as uniform as were previously assumed. The purpose of this paper is to analyze the relationship between use of Big Four auditors and access to debt capital by applying data from microfinance institutions (MFIs) in emerging c...
Article
Full-text available
This study examines the relationship between the origin of chief executive officers (CEOs) and performance in hybrid businesses using a sample of 353 microfinance institutions (MFIs) from 76 countries during 1996–2011. The statistical results suggest that MFIs whose CEOs have been recruited internally perform better compared to institutions with ex...
Article
Full-text available
Using a unique sample from an Ecuadorian microfinance institution that has focused on increasing its outreach to disabled clients, we present a comparative analysis of the characteristics of disabled versus non-disabled clients. The study shows that disabled clients are more often male, are less likely to be living with a partner, have fewer childr...
Article
Purpose – The purpose of this paper is to examine how the mandatory shift from Norwegian Generally Accepted Accounting Principles (NGAAP) to International Financial Reporting Standards (IFRS) in Norway affected the valuation weights of earnings and book values, with the aim of gaining insights that are relevant for standard setters, investors and o...
Article
Accounting for financial instruments has been subject to much controversy, particularly accounting practices related to derivatives held for hedging purposes. For cash flow hedges, poor matching may result when fair-value accounting is prescribed for the hedging instrument and historical cost is prescribed for the assets that generate the “highly p...
Article
Full-text available
We use an Ecuadorian sample to investigate if there are differences in motivations for business start-up between persons with and without disabilities. Generally, we do not document significant differences. The reason might be that we use a sample selected among customers of the microfinance bank Banco D-MIRO. Without targeted incentives, disabled...
Article
This study examines the value relevance effects of changes in goodwill accounting in a European setting. International Financial Reporting Standard (IFRS) 3 replaced accounting rules that emphasized goodwill amortization over short useful lives which kept goodwill balances low. Goodwill accounting under IFRS 3 largely relies on manager fair value e...
Article
Full-text available
The global microfinance industry has experienced high growth rates over the past decades, and the World Bank foresees a future market with billions of customers. However, the industry's continued growth is contingent on its ability to create a governance structure that supports microfinance institutions' long-term performance. Because microfinance...
Article
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This study uses survey data from the microfinance industry in Uganda to investigate whether there are differences among industry staff members in beliefs and views regarding persons with disabilities. For several of the questions, various staff sub-groups respond significantly differently. A recurring result is that staff members who have a relativ...
Article
Full-text available
The purpose of this empirical research from Uganda is to provide initial insight into the ‘black box’ of understanding the economic behaviour of persons with disabilities and about their use of microfinance services. First, we analyse the income levels of persons with disabilities in relation to their sources of income. Second, we study the income...
Chapter
Full-text available
Banking regulations have been subject to extensive research and debate for decades. In the aftermath of the 2008 global financial crisis, the focus on banking regulations and corporate governance has been particularly intense (e.g., Claessens and Yurtoglu, 2013). Simultaneously, within the global microfinance industry, there has been relatively les...
Article
This study demonstrates that the value relevance of accounting information is influenced by the ability to capitalize investments in valuable resources. We use data from Sweden to show that firms that operate in industries in which accounting conservatism limits this capitalization display lower value relevance as a result of more unsustainable ear...
Article
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This study uses data from the microfinance industry to analyze differences in earnings quality between for-profit and nonprofit organizations. The two sets of organizations differ with respect to both governance mechanisms and managerial incentives, and little research has been conducted to investigate how such differences affect the quality of fin...
Article
The potential influence of accounting regulations on hedging strategies and the use of financial derivatives is a research topic that has attracted little attention in both the finance and the accounting literature. However, recent surveys suggest that company hedging can be substantially influenced by the accounting for financial instruments. In t...
Article
Firms listed on European, Australian and an increasing number of other stock exchanges around the world are required to report according to International Financial Reporting Standards (IFRS). We use a Norwegian sample to examine whether the adoption of IFRS in 2005 has changed the value relevance of earnings relative to book values. IFRS are balanc...
Article
This study investigates the relevance of net financial expenses with respect to equity valuation in an IFRS accounting regime. According to the residual earnings valuation model, income related to balance sheet items that are recorded at fair value is not applicable for valuation purposes. There are no residual earnings associated with these items...
Article
This study investigates how the recent financial crisis influenced the value relevance of accounting information. The empirical analyses show that the book values of equity explained most of the cross-sectional variation in stock prices during the crisis. Still, the earnings response coefficient increased significantly during the period of the cris...
Chapter
Full-text available
Microfinance institutions (MFIs) supply financial services to micro-enterprises and low-income families. MFIs pursue the double bottom lines of social development and financial returns, and their funding is supplied by a range of sources from donations to commercial investments. Microfinance is thus an arena in which donors meet professional invest...
Article
Full-text available
This study uses a unique, hand-collected sample of microfinance institutions from 73 countries that typically are not investigated in accounting research to analyze the relationships between audit quality and governance mechanisms. We examine two measures of audit quality, namely, the use of Big Four auditors and the presence of internal auditors w...
Article
Full-text available
Rating assessments of microfinance institutions (MFIs) are claimed to measure a combination of creditworthiness, trustworthiness, and excellence in microfinance. Using a global data set covering reports from 304 microfinance institutions, this study suggests that these ratings are mainly driven by size, profitability, and risk. The overall results...
Article
Full-text available
Prior research has identified five barriers hindering disabled persons' access to microcredit: exclusion by staff; exclusion by non-disabled members of credit groups; self-exclusion; exclusion by credit design; and exclusion by the disability itself. This study applies survey data to examine which barriers disabled persons themselves consider to be...
Article
Full-text available
This study investigates the use of microfinance services among economically active disabled people in Uganda. The findings suggest that disabled people make more use of microfinance services than previously assumed. A total of 89 per cent of the survey’s respondents state that they have used at least one type of microfinance service. Informal self-...
Article
Full-text available
Prior research has suggested that earnings explain a larger portion of the variation in stock returns when disaggregated into components. This study shows that the increase in explanatory power stems primarily from disaggregation of negative earnings. When accounting earnings are sufficiently disaggregated into items, there is no longer a statistic...
Article
Full-text available
Rating assessments of microfinance institutions are claimed to measure a combination of creditworthiness, trustworthiness and excellence in microfinance. Using a global dataset covering reports from 324 microfinance institutions, this study suggests that these ratings are mainly driven by size, profitability, and risk. The ratings do not seem to ca...
Article
Empirical accounting research sometimes assumes that the value relevance of accounting variables can be indirectly assessed by studying the ability of the variables to forecast future cash flow and earnings. This study investigates the relationships between short-term cash flow and earnings prediction tests and value relevance analyses. I find that...
Article
Full-text available
Value relevance research empirically investigates the usefulness of accounting information to stock investors. Accounting information is denoted as value relevant if there is a statistical association between the accounting numbers and market values of equity. This review provides a comprehensive study of the value relevance literature. The review...
Article
The dissertation consists of five independent essays on the value relevance of accounting information. Value relevance is defined as the ability of financial statement information to capture and/or summarise firm value. Value relevance is measured as the statistical association between financial statement information and stock market values or retu...
Article
Full-text available
This study investigates the importance of accounting for the sign of earnings as well as disaggregating earnings in empirical value relevance research. The paper presents evidence that value relevance as measured by the explanatory power of regression analysis more than doubles if both the sign and the disaggregation effect are incorporated into th...
Article
Full-text available
In the last decade most publicly listed firms across the world have stopped amortizing their acquired goodwill and instead implemented an impairment-only approach, as suggested by IFRS 3 (and SFAS 141/142). We test the effect that this change has had on accounting information's ability to explain stock returns. We find that not only is the accounti...
Article
Full-text available
The role of fair value accounting in the financial crisis is controversial and heavily debated. Some claim that fair value accounting of financial instruments contributed to the recent crisis. This note acknowledges that, in many industries, a significant proportion of the financial instruments are entered into for hedging purposes. I examine if a...

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Projects

Projects (2)
Archived project
We study disabled people's livelihoods and in particular their access to microfinance services and the factors facilitating or hindering such access. We do this for three reasons: 1. Because we want to contribute knowledge that can help reduce discrimination against disabled people and improve their standards of living. 2. Because the disabled population serve as examples for many marginalized groups and by learning more about "microfinance & disability" we may also learn more about discrimination in general 3. Because the "disability market" is huge (estimates between 10 and 15% of the World's population) and, if serviced wisely, may constitute an interesting market opportunity for Microfinance Institutions