Element contents
The Dual Nature of Multilateral Development Banks
Balancing Development and Financial Logics
Published online by Cambridge University Press: 20 March 2023
Summary
This Element offers a novel, highly relevant perspective towards Multilateral Development Banks (MDBs), which are development and financial organizations at the same time. Based on the elaborate institutional logics perspective borrowed from organizational sociology, it uncovers the complex trade-offs between financial and development pressures faced by MDBs and explains variation in organizational responses thereto across types of MDBs. The argument is tested with an original dataset using Data Envelopment Analysis to explain variation in response patterns across MDBs. The analysis shows that lending to the private sector as well as being predominantly owned by borrowing members increase MDBs' emphasis on the financial at the expense of the development nature. Thereby, this Element provides unique insights into MDBs' responses to their dual nature and significantly advances our understanding of MDB lending operations, drawing attention to the complexities involved in the unique MDB business model.
Keywords
- Type
- Element
- Information
- Online ISBN: 9781009392297Publisher: Cambridge University PressPrint publication: 06 April 2023
References
ADB (2008) Strategy 2020: The Long-term Strategic Framework of the Asian Development Bank 2008–2020, Manila, Asian Development Bank.Google Scholar
ADB (2020a) Results Framework Indicator Definitions [Online]. www.adb.org/sites/default/files/institutional-document/33902/rfw-indicator-definitions-apr2020.pdf (Accessed March 13, 2021).Google Scholar
ADB (2020b) ADB Approves Policy Framework for Exposure Exchanges with Multilateral Development Banks, News Release [Online]. www.adb.org/news/adb-approves-policy-framework-exposure-exchanges-multilateral-development-banks (Accessed February 3, 2021).Google Scholar
AfDB (2016) Agreement Establishing the African Development Bank 2016 Edition, Abidjan, African Development Bank.Google Scholar
Alacevich, M. (2008) The World Bank’s Early Reflections on Development: A Development Institution or a Bank? World Bank, Policy Research Working Paper 4670.Google Scholar
Amprou, J., Guillaumont, P. and Jeanneney, S. G. (2007) “Aid selectivity according to augmented criteria,” The World Economy, vol. 30, no. 5, pp. 733–763.Google Scholar
Anderson, E. and Clist, P. (2011) Measures for Measures: Evaluating Judgements of Donor Allocative Performance, The School of International Development, University of East Anglia, DEV Working Paper 35.CrossRefGoogle Scholar
Arvanitis, Y., Stampini, M. and Vencatachellum, D. (2015) “Balancing development returns and credit risks: Project appraisal in a multilateral development bank,” Impact Assessment and Project Appraisal, vol. 33, no. 3, pp. 195–206.Google Scholar
Asmild, M. (2015) “Frontier differences and the global Malmquist index,” in Zhu, J. (ed.), Data envelopment Analysis: A Handbook of Models and Methods, Boston, Springer, pp. 447–461.CrossRefGoogle Scholar
Avellán, L. and Galindo, A. (2018) The Challenge of Countercyclicality for Multilateral Development Banks [Online], Inter-American Development Bank. https://blogs.iadb.org/efectividad-desarrollo/en/the-challenge-of-countercyclicality-for-multilateral-development-banks/.Google Scholar
Babb, S. L. (2009) Behind the Development Banks: Washington Politics, World Poverty, and the Wealth of Nations, Chicago, University of Chicago Press.CrossRefGoogle Scholar
Banker, R. D., Charnes, A. and Cooper, W. W. (1984) “Some models for estimating technical and scale inefficiencies in data envelopment analysis,” Management Science, vol. 30, no. 9, pp. 1078–1092.Google Scholar
Barnett, M. N. and Coleman, L. (2005) “Designing police: Interpol and the study of change in international organizations,” International Studies Quarterly, vol. 49, no. 4, pp. 593–620.Google Scholar
Barnett, M. N. and Finnemore, M. (2004) Rules for the World: International Organizations in Global Politics, Ithaca, N.Y., Cornell University Press.Google Scholar
Battilana, J., Besharov, M. and Mitzinneck, B. (2017) “On hybrids and hybrid organizing: A review and roadmap for future research,” in Greenwood, R. (ed.), The SAGE Handbook of Organizational Institutionalism, 2nd ed., London, SAGE, pp. 128–162.Google Scholar
Battilana, J. and Lee, M. (2014) “Advancing research on hybrid organizing: Insights from the study of social enterprises,” The Academy of Management Annals, vol. 8, no. 1, pp. 397–441.CrossRefGoogle Scholar
Bauer, M. W. and Ege, J. (2017) “A matter of will and action: The bureaucratic autonomy of international public administrations,” in Bauer, M. W., Knill, C. and Eckhard, S. (eds.), International Bureaucracy: Challenges and Lessons for Public Administration Research, London, Palgrave Macmillan, pp. 13–41.CrossRefGoogle Scholar
Bauer, M. W., Knill, C. and Eckhard, S. (eds.) (2017) International Bureaucracy: Challenges and Lessons for Public Administration Research, London, Palgrave Macmillan.Google Scholar
Bazbauers, A. R. and Engel, S. N. (2021) The Global Architecture of Multilateral Development Banks: A System of Debt or Development? [Online], Abingdon, Routledge. www.taylorfrancis.com/books/9781003007128.CrossRefGoogle Scholar
Belhaj, R., Baroudi, M., Fiess, N. et al. (2017) “Exposure exchange agreements among multilateral development banks for sovereign exposures: An innovative risk management tool,” Journal of Risk Management in Financial Institutions, vol. 10, no. 1, pp. 78–88.Google Scholar
Ben-Artzi, R. (2016) Regional Development Banks in Comparison: Banking Strategies Versus Development Goals, New York, Cambridge University Press.CrossRefGoogle Scholar
Bendheim, C. L., Waddock, S. A. and Graves, S. B. (1998) “Determining best practice in corporate-stakeholder relations using data envelopment analysis,” Business & Society, vol. 37, no. 3, pp. 306–338.CrossRefGoogle Scholar
Berger, V. W. and Zhou, Y. (2005) “Kolmogorov-Smirnov tests,” in Everitt, B. S. and Howell, D. C. (eds.), Encyclopedia of Statistics in Behavioral Science, Chichester, Wiley, pp. 1023–1026.Google Scholar
Bertels, S. and Lawrence, T. B. (2016) “Organizational responses to institutional complexity stemming from emerging logics: The role of individuals,” Strategic Organization, vol. 14, no. 4, pp. 336–372.CrossRefGoogle Scholar
Besharov, M. L. and Smith, W. K. (2014) ‘Multiple institutional logics in organizations: Explaining their varied nature and implications,” Academy of Management Review, vol. 39, no. 3, pp. 364–381.CrossRefGoogle Scholar
Bhargava, V. (2012) “The role of the international financial institutions in addressing global issues,” in Bhargava, V. (ed.), Global Issues for Global Citizens: An Introduction to Key Development Challenges [Online], Washington, DC, World Bank, pp. 393–409. http://hdl.handle.net/10986/7194.Google Scholar
Bhattacharya, A., Kharas, H., Plant, M. and Prizzon, A. (2018) “The new global agenda and the future of the multilateral development bank system,” International Organisations Research Journal, vol. 13, no. 2, pp. 101–124.Google Scholar
Bikker, J. A. and Bos, J. W. B. (2008) Bank Performance: A Theoretical and Empirical Framework for the Analysis of Profitability, Competition and Efficiency, London, Routledge.Google Scholar
Birdsall, N. (2014) The World Bank and Inter-American Development Bank: Fit for 21st Century Purpose? Center for Global Development, CGD Policy Paper 039.Google Scholar
Birdsall, N. (2018) The Dilemma of the African Development Bank: Does Governance Matter for the Long-Run Financing of the MDBs? Center for Global Development, Working paper 498.Google Scholar
Birdsall, N. and Kharas, H. (2010) Quality of Official Development Assistance Assessment, Washington, D.C., Center for Global Development.Google Scholar
Birdsall, N. and Kharas, H. (2014) The Quality of Official Development Assistance (QuODA): Third Edition, Washington, D.C., Center for Global Development and Brookings.Google Scholar
Birdsall, N. and Morris, S. (2016) Multilateral Development Banking for This Century’s Development Challenges: Five Recommendations to Shareholders of the Old and New Multilateral Development Banks, Washington, D.C., Center for Global Development.Google Scholar
Bourguignon, F. and Platteau, J.-P. (2017) “Does aid availability affect effectiveness in reducing poverty? A review article,” World Development, vol. 90, pp. 6–16.CrossRefGoogle Scholar
Bowman, W. (2011) Finance Fundamentals for Nonprofits: Building Capacity and Sustainability, Hoboken, Wiley.Google Scholar
Braaten, D. B. (2014) “Determinants of US foreign policy in multilateral development banks: The place of human rights,” Journal of Peace Research, vol. 51, no. 4, pp. 515–527.Google Scholar
Project, Bretton Woods (2017) World Bank IDA18 to Introduce Increased Reliance on Capital Markets [Online]. www.brettonwoodsproject.org/2017/01/world-bank-ida18-introduce-increased-reliance-capital-markets/ (Accessed March 22, 2021).Google Scholar
Broccolini, C., Lotti, G., Maffioli, A., Presbitero, A. F. and Stucchi, R. (2021) “Mobilization effects of multilateral development banks,” The World Bank Economic Review, vol. 35, no. 2, pp. 521–543, https://doi.org/10.1093/wber/lhz049.CrossRefGoogle Scholar
Brockett, P. L. and Golany, B. (1996) “Using rank statistics for determining programmatic efficiency differences in data envelopment analysis,” Management Science, vol. 42, no. 3, pp. 466–472.Google Scholar
Brown, R. (2006) “Mismanagement or mismeasurement? Pitfalls and protocols for DEA studies in the financial services sector,” European Journal of Operational Research, vol. 174, no. 2, pp. 1100–1116.Google Scholar
BSTDB (2020a) BSTDB at a Glance [Online], Thessaloniki, Black Sea Trade and Development Bank. www.bstdb.org/who-we-are/bstdb-at-a-glance (Accessed July 10, 2020).Google Scholar
BSTDB (2020b) Investor Presentation, Thessaloniki, Black Sea Trade and Development Bank.Google Scholar
Burnside, C. and Dollar, D. (2004) Aid, Policies, and Growth: Revisiting the Evidence, World Bank Group, World Bank Policy Research Working Paper 3251.Google Scholar
CEDB (2021) Mission and History [Online], Paris, Council of Europe Development Bank. https://coebank.org/en/about/mission/.Google Scholar
Charnes, A., Cooper, W. W., Lewin, A. Y. and Seiford, L. M. (eds.) (1994) Data Envelopment Analysis: Theory, Methodology, and Applications, Dordrecht, Springer Netherlands.Google Scholar
Charnes, A., Cooper, W. W. and Rhodes, E. (1978) “Measuring the efficiency of decision making units,” European Journal of Operational Research, vol. 2, no. 6, pp. 429–444.CrossRefGoogle Scholar
Cherchye, L. (2001) “Using data envelopment analysis to assess macroeconomic policy performance,” Applied Economics, vol. 33, no. 3, pp. 407–416.CrossRefGoogle Scholar
Cherchye, L., Moesen, W., Rogge, N. and van Puyenbroeck, T. (2007) “An introduction to ‘benefit of the doubt’ composite indicators,” Social Indicators Research, vol. 82, no. 1, pp. 111–145.Google Scholar
Clifton, J., Díaz-Fuentes, D. and Gómez, A. L. (2018) “The European investment bank: Development, integration, investment?” JCMS: Journal of Common Market Studies, vol. 56, no. 4, pp. 733–750.Google Scholar
Clist, P. (2011) “25 years of aid allocation practice: Whither selectivity?” World Development, vol. 39, no. 10, pp. 1724–1734.CrossRefGoogle Scholar
Clist, P. (2015) “Do performance measures of donors’ aid allocation underperform?” The World Economy, vol. 38, no. 5, pp. 805–824.CrossRefGoogle Scholar
Cobb, J. A., Wry, T. and Zhao, E. Y. (2016) “Funding financial inclusion: Institutional logics and the contextual contingency of funding for microfinance organizations,” Academy of Management Journal, vol. 59, no. 6, pp. 2103–2131.Google Scholar
Cogneau, D. and Naudet, J.-D. (2007) “Who deserves aid? Equality of opportunity, international aid, and poverty reduction,” World Development, vol. 35, no. 1, pp. 104–120.CrossRefGoogle Scholar
Collier, P. and Dollar, D. (2002) “Aid allocation and poverty reduction,” European Economic Review, vol. 46, no. 8, pp. 1475–1500.Google Scholar
Coll-Serrano, V., Bolos, V. and Suarez, R. B. (2020) Package “deaR”: Conventional and Fuzzy Data Envelopment Analysis [Online]. https://cran.r-project.org/web/packages/deaR/deaR.pdf (Accessed January 29, 2021).Google Scholar
Cook, W. D., Tone, K. and Zhu, J. (2014) “Data envelopment analysis: Prior to choosing a model,” Omega, vol. 44, pp. 1–4.CrossRefGoogle Scholar
Cooper, W. W., Seiford, L. M. and Zhu, J. (2011) “Data envelopment analysis: History, models, and interpretations,” in Cooper, W. W., Seiford, L. M. and Zhu, J. (eds.), Handbook on Data Envelopment Analysis [Online], 2nd ed., New York, Springer, pp. 1–39. http://www.springer.com/gb/BLDSS.Google Scholar
Delikanli, I. U., Dimitrov, T. and Agolli, R. (2018) Multilateral Development Banks: Governance and Finance, Basingstoke, Palgrave Macmillan.Google Scholar
Devinney, T. M., Yip, G. S. and Johnson, G. (2010) “Using Frontier analysis to evaluate company performance,” British Journal of Management, vol. 21, no. 4, pp. 921–938.Google Scholar
DiMaggio, P. J. and Powell, W. W. (1983) “The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields,” American Sociological Review, vol. 48, no. 2, pp. 147–160.Google Scholar
Dollar, D. and Levin, V. (2006) “The increasing selectivity of foreign aid, 1984–2003,” World Development, vol. 34, no. 12, pp. 2034–2046.Google Scholar
Dreher, A., Sturm, J.-E. and Vreeland, J. R. (2009) “Development aid and international politics: Does membership on the UN Security Council influence World Bank decisions?” Journal of Development Economics, vol. 88, no. 1, pp. 1–18.CrossRefGoogle Scholar
Easterly, W. and Pfutze, T. (2008) “Where does the money go?: Best and worst practices in foreign aid,” Journal of Economic Perspective, vol. 22, no. 2, pp. 29–52.Google Scholar
Easterly, W. and Williamson, C. R. (2011) “Rhetoric versus reality: The best and worst of aid agency practices,” World Development, vol. 39, no. 11, pp. 1930–1949.CrossRefGoogle Scholar
Ebrahim, A. and Herz, S. (2011) “The World Bank and democratic accountability: The role of civil society,” in Scholte, J. A. (ed.), Building Global Democracy? Cambridge, Cambridge University Press, pp. 58–77.Google Scholar
EDB (2021) Investors, Eurasian Development Bank [Online]. https://eabr.org/en/investors/ (Accessed March 13, 2021).Google Scholar
Edwards, S. (2018) Can IFC Rise to Its Next Challenge? devex.com [Online]. www.devex.com/news/can-ifc-rise-to-its-next-challenge-92746 (Accessed February 3, 2021).Google Scholar
Emrouznejad, A. and Yang, G. (2018) “A survey and analysis of the first 40 years of scholarly literature in DEA: 1978–2016,” Socio-Economic Planning Sciences, vol. 61, pp. 4–8.Google Scholar
Faure, R., Prizzon, A. and Rogerson, A. (2015) Multilateral Development Banks: A Short Guide, London, Overseas Development Institute.Google Scholar
Ratings, Fitch (2019) Supranationals Rating Criteria: Master Criteria, New York, Fitch Ratings.Google Scholar
G20 (2015) Multilateral Development Banks: Action Plan to Optimize Balance Sheets, Toronto, G20.Google Scholar
Gilbert, C. L., Powell, A. and Vines, D. (2006) “Positioning the World Bank,” in Gilbert, C. L. and Vines, D. (eds.), The World Bank: Structure and Policies, Cambridge, Cambridge University Press, pp. 39–86.Google Scholar
Goodrick, E. and Reay, T. (2011) “Constellations of institutional logics,” Work and Occupations, vol. 38, no. 3, pp. 372–416.Google Scholar
Greenwood, R., Raynard, M., Kodeih, F., Micelotta, E. R. and unsbury, M. (2011) “Institutional complexity and organizational responses,” The Academy of Management Annals, vol. 5, no. 1, pp. 317–371.Google Scholar
Grier, W. A. (2012) Credit Analysis of Financial Institutions, 3rd ed., London, Euromoney Institutional Investor Plc.Google Scholar
Griffith-Jones, S. (2002) Governance of the World Bank, Paper prepared for Department for International Development.Google Scholar
Griffith-Jones, S. (2016) Development Banks and their Key Roles: Supporting Investment, Structural Transformation and Sustainable Development, Berlin, Brot für die Welt, Discussion Paper 59.Google Scholar
Guillaumont, P. and Wagner, L. (2015) “Performance-based allocation (PBA) of foreign aid: still alive?” in Arvin, B. M. and Lew, B. (eds.), Handbook on the Economics of Foreign Aid, Cheltenham, Edward Elgar, pp. 19–27.Google Scholar
Gutner, T. (2002) Banking on the Environment: Multilateral Development Banks and their Environmental Performance in Central and Eastern Europe, Cambridge, MA, MIT Press.Google Scholar
Gutner, T. (2005) “Explaining the gaps between mandate and performance: Agency theory and World Bank environmental reform,” Global Environmental Politics, vol. 5, no. 2, pp. 10–37.Google Scholar
Gutner, T. (2017) International Organizations in World Politics, Thousand Oaks, SAGE/CQ Press.Google Scholar
Gutner, T. and Thompson, A. (2010) “The politics of IO performance: A framework,” The Review of International Organizations, vol. 5, no. 3, pp. 227–248.Google Scholar
Hassan, M. K. and Lewis, M. K. (2007) “Islamic banking: An introduction and overview,” in Hassan, M. K. and Lewis, M. K. (eds.), Handbook of Islamic Banking [Online], Cheltenham, Elgar, pp. 1–17. http://site.ebrary.com/lib/alltitles/docDetail.action?docID=10328592.Google Scholar
Hawkins, D. G., Lake, D. A., Nielson, D. L. and Tierney, M. J. (eds.) (2006a) Delegation and Agency in International Organizations, Cambridge, Cambridge University Press.Google Scholar
Hawkins, D. G., Lake, D. A., Nielson, D. L. and Tierney, M. J. (2006b) “Delegation under anarchy: States, international organizations, and principal-agent theory,” in Hawkins, D. G., Lake, D. A., Nielson, D. L. and Tierney, M. J. (eds.), Delegation and Agency in International Organizations, Cambridge, Cambridge University Press, pp. 3–38.Google Scholar
Heldt, E. C. and Schmidtke, H. (2019) “Explaining coherence in international regime complexes: How the World Bank shapes the field of multilateral development finance,” Review of International Political Economy, vol. 26, no. 6, pp. 1160–1186.Google Scholar
Huguenin, J.-M. (2012) Data Envelopment Analysis (DEA): A Pedagogical Guide for Decision Makers in the Public Sector, Lausanne, IDHEAP.Google Scholar
Humphrey, C. (2014) “The politics of loan pricing in multilateral development banks,” Review of International Political Economy, vol. 21, no. 3, pp. 611–639.Google Scholar
Humphrey, C. (2016a) “The ‘hassle factor’ of MDB lending and borrower demand in Latin America,” in Park, S. and Strand, J. R. (eds.), Global Economic Governance and the Development Practices of the Multilateral Development Banks, Abingdon, Routledge, pp. 143–166.Google Scholar
Humphrey, C. (2016b) “The invisible hand: Financial pressures and organisational convergence in multilateral development banks,” The Journal of Development Studies, vol. 52, no. 1, pp. 92–112.CrossRefGoogle Scholar
Humphrey, C. (2017a) “He who pays the piper calls the tune: Credit rating agencies and multilateral development banks,” The Review of International Organizations, vol. 12, no. 2, pp. 281–306.Google Scholar
Humphrey, C. (2017b) “Maximising the financial potential of the multilateral development banks – without a capital increase,” in Six Recommendations for Reforming Multilateral Development Banks – An Essay Series, London, Overseas Development Institute, pp. 17–20.Google Scholar
Humphrey, C. (2019) “Minilateral’ development banks: What the rise of Africa’s trade and development bank says about multilateral governance,” Development and Change, vol. 50, no. 1, pp. 164–190.Google Scholar
Humphrey, C. and Michaelowa, K. (2013) “Shopping for development: Multilateral lending, shareholder composition and borrower preferences,” World Development, vol. 44, pp. 142–155.Google Scholar
Hurd, I. (1999) “Legitimacy and authority in international politics,” International Organization, vol. 53, no. 2, pp. 379–408.Google Scholar
IBRD (2020) Who We Are [Online], International Bank for Reconstruction and Development. www.worldbank.org/en/who-we-are/ibrd (Accessed July 10, 2020).Google Scholar
IDB (2021) Investors: Home, Inter-American Development [Online]. www.iadb.org/en/investors/investors (Accessed March 13, 2021).Google Scholar
IFC (n.d.) How IFC Measures the Development Impact of Its Interventions, International Finance Corporation [Online]. www.ifc.org/wps/wcm/connect/af1377f3-4792-4bb0-ba83-a0664dda0e55/202012-IFC-AIMM-brochure.pdf?MOD=AJPERES&CVID=noLTBSi (Accessed January 3, 2021).Google Scholar
IFC (2021) About IFC: Investor Relations, International Finance Corporation [Online]. www.ifc.org/wps/wcm/connect/CORP_EXT_Content/IFC_External_Corporate_Site/About+IFC_New/Investor+Relations/ (Accessed March 13, 2021).Google Scholar
IIB (2021) General Information, International Investment Bank [Online]. https://iib.int/en/about (Accessed March 13, 2021).Google Scholar
Institute of Development Studies (2000) A Foresight and Policy Study of the Multilateral Development Banks, Development Financing Study 2000:2, Stockholm:.Google Scholar
IsDB (2013) Islamic Development Bank Group in Brief, Jeddah, Islamic Development Bank Group.Google Scholar
Jomo, K. S. and Chowdhury, A. (2019) “World Bank Financializing Development,” Development, vol. 62, 1–4, pp. 147–153.Google Scholar
Kapoor, S. (2019) Billions to Trillions: A Reality Check, RE-DEFINE, Policy Brief for Stamp Out Poverty, London .Google Scholar
Kapur, D., Lewis, J. P. and Webb, R. C. (eds.) (1997) The World Bank: Its First Half Century, Washington, DC, Brookings Institution Press.Google Scholar
Kapur, D. and Raychaudhuri, A. (2014) Rethinking the Financial Design of the World Bank, Washington, D.C., Center for Global Development, Working Paper 352.Google Scholar
Karagiannis, R. and Karagiannis, G. (2018) “Intra- and inter-group composite indicators using the BoD model,” Socio-Economic Planning Sciences, vol. 61, pp. 44–51.Google Scholar
Kaufmann, D., Kraay, A. and Mastruzzi, M. (2011) “The worldwide governance indicators: Methodology and analytical issues,” Hague Journal on the Rule of Law, vol. 3, no. 02, pp. 220–246.CrossRefGoogle Scholar
Kellerman, M. (2019) “The proliferation of multilateral development banks,” The Review of International Organizations, vol. 14, pp. 107–145.CrossRefGoogle Scholar
Kenny, C., Morris, S. and Ramachandran, V. (2018) Does the IFC Capital Increase Add Up?, Center for Global Development, Commentary & Analysis [Online]. www.cgdev.org/blog/does-ifc-capital-increase-add (Accessed February 3, 2021).Google Scholar
Kersting, E. and Kilby, C. (2021) “Do domestic politics shape U.S. influence in the World Bank?” The Review of International Organizations, vol. 16, no.1, pp. 29–58.Google Scholar
Kharas, H. and Noe, L. (2018) How should Official Development Assistance be Allocated across Countries?: A Market Test for Aid Allocation and Country Graduation, Brookings, Global Economy & Development Working Paper 125.Google Scholar
Kilby, C. (2006) “Donor influence in multilateral development banks: The case of the Asian Development Bank,” The Review of International Organizations, vol. 1, no. 2, pp. 173–195.Google Scholar
Knack, S., Rogers, F. H. and Eubank, N. (2011) “Aid quality and donor rankings,” World Development, vol. 39, no. 11, pp. 1907–1917.Google Scholar
Kodera, K. (2017) How should the Multilateral Development Banks Stay Relevant in the Sustainable Development Goal Era? London, Overseas Development Institute.Google Scholar
Kraatz, M. S. and Block, E. S. (2008) “Organizational implications of institutional pluralism,” in Greenwood, R. (ed.), The Sage Handbook of Organizational Institutionalism, Los Angeles [u.a.], SAGE, pp. 243–275.Google Scholar
Kuosmanen, T. (2009) “Data envelopment analysis with missing data,” Journal of the Operational Research Society, vol. 60, no. 12, pp. 1767–1774.Google Scholar
Lebovics, M., Hermes, N. and Hudon, M. (2016) “Are financial and social efficiency mutually exclusive?: A case study of vietnamese microfinance institutions,” Annals of Public and Cooperative Economics, vol. 87, no. 1, pp. 55–77.Google Scholar
Lee, C.-F. and Lee, A. C. (2013) “Terms and essays,” in Lee, C.-F. and Lee, A. C. (eds.), Encyclopedia of Finance, Boston, Springer, pp. 3–204.Google Scholar
Liu, J. S., Lu, L. Y. and Lu, W.-M. (2016) “Research fronts in data envelopment analysis,” Omega, vol. 58, pp. 33–45.Google Scholar
Lovell, C. A. K. and Pastor, J. T. (1999) “Radial DEA models without inputs or without outputs,” European Journal of Operational Research, vol. 118, no. 1, pp. 46–51.Google Scholar
Lyne, M. M., Nielson, D. L. and Tierney, M. J. (2006) “Who delegates?: Alternative models of principals in development aid,” in Hawkins, D. G., Lake, D. A., Nielson, D. L. and Tierney, M. J. (eds.), Delegation and Agency in International Organizations, Cambridge, Cambridge University Press, pp. 41–76.Google Scholar
Lyne, M. M., Nielson, D. L. and Tierney, M. J. (2009) “Controlling coalitions: Social lending at the multilateral development banks,” The Review of International Organizations, vol. 4, no. 4, pp. 407–433.Google Scholar
Mair, J., Mayer, J. and Lutz, E. (2015) “Navigating institutional plurality: Organizational governance in hybrid organizations,” Organization Studies, vol. 36, no. 6, pp. 713–739.Google Scholar
McGillivray, M. (1989) “The allocation of aid among developing countries: A multi-donor analysis using a per capita aid index,” World Development, vol. 17, no. 4, pp. 561–568.Google Scholar
McGillivray, M. (2004) “Descriptive and prescriptive analyses of aid allocation: Approaches, issues, and consequences,” International Review of Economics & Finance, vol. 13, no. 3, pp. 275–292.Google Scholar
McGillivray, M. and Clarke, M. (2018) “Fairness in the international allocation of development aid,” The World Economy, vol. 41, no. 4, pp. 1068–1087.Google Scholar
Mistry, P. S. (1995) Multilateral Development Banks: An Assessment of their Financial Structures, Policies and Practices, The Hague, FONDAD.Google Scholar
Moody’s (2017) Multilateral Development Banks and Other Supranational Entities: Rating Methodology, New York, Moody’s.Google Scholar
Moody’s (2019) Multilateral Development Banks and Other Supranational Entities: Rating Methodology, New York, Moody’s.Google Scholar
Munir, W. and Gallagher, K. P. (2020) “Scaling up for sustainable development: Benefits and costs of expanding and optimizing balance sheet in the multilateral development banks,” Journal of International Development, vol. 32, no. 2, pp. 222–243.Google Scholar
Murphy, G. B., Trailer, J. W. and Hill, R. C. (1996) “Measuring performance in entrepreneurship research,” Journal of Business Research, vol. 36, no. 1, pp. 15–23.Google Scholar
Nielson, D. L. and Tierney, M. J. (2003) “Delegation to international organizations: Agency theory and World Bank environmental reform,” International Organization, vol. 57, no. 2, pp. 241–276.Google Scholar
O’Donnell, C. J., Rao, D. S. P. and Battese, G. E. (2008) “Metafrontier frameworks for the study of firm-level efficiencies and technology ratios,” Empirical Economics, vol. 34, no. 2, pp. 231–255.Google Scholar
Ocasio, W. and Gai, S. L. (2020) “Institutions: Everywhere but not everything,” Journal of Management Inquiry, vol. 29, no. 3, pp. 262–271.Google Scholar
Ocasio, W. and Radoynovska, N. (2016) “Strategy and commitments to institutional logics: Organizational heterogeneity in business models and governance,” Strategic Organization, vol. 14, no. 4, pp. 287–309.Google Scholar
Ocasio, W., Thornton, P. H. and Lounsbury, M. (2017) “Advances to the institutional logics perspective,” in Greenwood, R. (ed.), The SAGE Handbook of Organizational Institutionalism, 2nd ed., London, SAGE, pp. 509–531.Google Scholar
OECD (2021) OECD.Stat (database) [Online]. https://stats.oecd.org/Index.aspx?DataSetCode=MULTISYSTEM.Google Scholar
Oestreich, J. E. (ed.) (2012) International Organizations as Self-directed Actors: A Framework for Analysis, London, Routledge.Google Scholar
Oliver, C. (1991) “Strategic responses to institutional processes,” Academy of Management Review, vol. 16, no. 1, p. 145.Google Scholar
Pache, A.-C. and Santos, F. (2010) “When worlds collide: The internal dynamics of organizational responses to conflicting institutional demands,” Academy of Management Review, vol. 35, no. 3, pp. 455–476.Google Scholar
Pache, A.-C. and Santos, F. (2013) ‘Inside the hybrid organization: Selective coupling as a response to competing institutional logics,” Academy of Management Journal, vol. 56, no. 4, pp. 972–1001.Google Scholar
Park, S. (2010) World Bank Group Interactions with Environmentalists: Changing International Organisation Identities, Manchester, Manchester University Press.Google Scholar
Park, S. and Strand, J. R. (2016) “Global economic governance and the development practices of the multilateral development banks,” in Park, S. and Strand, J. R. (eds.), Global Economic Governance and the Development Practices of the Multilateral Development Banks, Abingdon, Routledge, pp. 3–20.Google Scholar
Park, S. and Weaver, C. (2012) “The anatomy of autonomy: The case of the World Bank,” in Oestreich, J. E. (ed.), International Organizations as Self-directed Actors: A Framework for Analysis, London, Routledge, pp. 91–117.Google Scholar
Peitz, L. (2022) Multilateral Development Banks: Mission, Business Model, Financial Management, Hertie School, Research Repository Publications.Google Scholar
Pfeffer, J. and Salancik, G. R. (1978) The External Control of Organizations: A Resource Dependence Perspective, New York, Harper & Row.Google Scholar
Pietschmann, E. (2014) Forgotten or Unpromising? The Elusive Phenomenon of Under-aided Countries, Sectors and Sub-national Regions, Bonn, Deutsches Institut fur Entwicklungspolitik.Google Scholar
Prentice, C. R. (2016) “Why so many measures of nonprofit financial performance? Analyzing and improving the use of financial measures in nonprofit research,” Nonprofit and Voluntary Sector Quarterly, vol. 45, no. 4, pp. 715–740.Google Scholar
Prior, D. and Surroca, J. (2006) “Strategic groups based on marginal rates: An application to the Spanish banking industry,” European Journal of Operational Research, vol. 170, no. 1, pp. 293–314.Google Scholar
Prizzon, A., Humphrey, C., Kaul, I. et al. (2017) Six Recommendations for Reforming Multilateral Development Banks: An Essay Series, London, Overseas Development Institute.Google Scholar
Rabar, D. (2017) “An overview of data envelopment analysis application in studies on the socio-economic performance of OECD countries,” Economic Research-Ekonomska Istraživanja, vol. 30, no. 1, pp. 1770–1784.Google Scholar
Rauh, C. and Zürn, M. (2020) “Authority, politicization, and alternative justifications: endogenous legitimation dynamics in global economic governance 1,” Review of International Political Economy, vol. 27, no. 3, pp. 583–611.Google Scholar
Ray, R. (2019) Who Controls Multilateral Development Finance? Global Economic Governance Initiative, GEGI Working Paper 026.Google Scholar
Ray, R. and Kamal, R. (2019) “Can south–south cooperation compete? The development bank of Latin America and the Islamic development bank,” Development and Change, vol. 50, no. 1, pp. 191–220.Google Scholar
Raynard, M. (2016) “Deconstructing complexity: Configurations of institutional complexity and structural hybridity,” Strategic Organization, vol. 14, no. 4, pp. 310–335.Google Scholar
Reay, T. and Hinings, C. R. (2009) “Managing the rivalry of competing institutional logics,” Organization Studies, vol. 30, no. 6, pp. 629–652.Google Scholar
Reay, T. and Jones, C. (2016) “Qualitatively capturing institutional logics,” Strategic Organization, vol. 14, no. 4, pp. 441–454.Google Scholar
Reichert, P. (2018) “A meta-analysis examining the nature of trade-offs in microfinance,” Oxford Development Studies, vol. 46, no. 3, pp. 430–452.Google Scholar
Rich, B. (2013) Foreclosing the Future: The World Bank and the Politics of Environmental Destruction, Washington, DC, Island Press/Center for Resource Economics; Imprint: Island Press.Google Scholar
Roodman, D. (2012) An Index of Donor Performance, Center for Global Development, Working Paper 67.Google Scholar
Ryan, C. and Irvine, H. (2012) “Not-for-profit ratios for financial resilience and internal accountability: A study of Australian international aid organisations,” Australian Accounting Review, vol. 22, no. 2, pp. 177–194.Google Scholar
Sagasti, F. R. and Prada, F. (2006) “Regional development banks: A comparative perspective,” in Ocampo, J. A. (ed.), Regional Financial Cooperation [Online], Washington, DC, Santiago, Chile?, Brookings Institution Press; United Nations Economic Commission for Latin America and the Caribbean, pp. 68–106. www.jstor.org/stable/10.7864/j.ctt127w7z.Google Scholar
Sarkis, J. (2007) “Preparing your data for DEA,” in Zhu, J. and Cook, W. D. (eds.), Modeling Data Irregularities and Structural Complexities in Data Envelopment Analysis, New York, Springer, pp. 305–320.Google Scholar
Scheel, H. (2001) “Undesirable outputs in efficiency valuations,” European Journal of Operational Research, vol. 132, no. 2, pp. 400–410.Google Scholar
Schettler, L. V. (2020) Socializing Development: Transnational Social Movement Advocacy and the Human Rights Accountability of Multilateral Development Banks, Bielefeld, Transcript Verlag.Google Scholar
Schneider, C. and Tobin, J. (2011) Eenie, Meenie, Miney, Moe?: Institutional Portfolios and Delegation to Multilateral Aid Institutions, Working paper, 10.2139/ssrn.1949238.Google Scholar
Simar, L. and Wilson, P. W. (1998) “Sensitivity analysis of efficiency scores: How to bootstrap in nonparametric Frontier models,” Management Science, vol. 44, no. 1, pp. 49–61.Google Scholar
Simar, L. and Wilson, P. W. (2011) “Performance of the bootstrap for DEA estimators and iterating the principle,” in Cooper, W. W., Seiford, L. M. and Zhu, J. (eds.), Handbook on Data Envelopment Analysis [Online], 2nd ed., New York, Springer, pp. 241–271. www.springer.com/gb/BLDSS.Google Scholar
Sobol, M. (2016) “Principal-agent analysis and pathological delegation: The (almost) untold story,” Governance, vol. 29, no. 3, pp. 335–350.Google Scholar
Staessens, M., Kerstens, P. J., Bruneel, J. and Cherchye, L. (2019) “Data envelopment analysis and social enterprises: Analysing performance, strategic orientation and mission drift,” Journal of Business Ethics, vol. 159, pp. 325–341.Google Scholar
Stein, F. and Sridhar, D. (2017) The World Bank Reinvents Itself – and Puts Poverty Reduction at Risk [Online]. https://theconversation.com/the-world-bank-reinvents-itself-and-puts-poverty-reduction-at-risk-79403 (Accessed March 22, 2021).Google Scholar
Sueyoshi, T. and Yuan, Y. (2016) “Marginal rate of transformation and rate of substitution measured by DEA environmental assessment: Comparison among European and North American nations,” Energy Economics, vol. 56, pp. 270–287.Google Scholar
Tallberg, J. and Zürn, M. (2019) “The legitimacy and legitimation of international organizations: Introduction and framework,” The Review of International Organizations, vol. 14, no. 4, pp. 581–606.Google Scholar
Thorne, J. and Du Toit, C. (2009) “A macro-framework for successful development banks,” Development Southern Africa, vol. 26, no. 5, pp. 677–694.Google Scholar
Thornton, P. H. and Ocasio, W. (1999) “Institutional logics and the historical contingency of power in organizations: Executive succession in the higher education publishing industry, 1958–1990,” American Journal of Sociology, vol. 105, no. 3, pp. 801–843.Google Scholar
Thornton, P. H., Ocasio, W. and Lounsbury, M. (2012) The Institutional Logics Perspective: A New Approach to Culture, Structure and Process, Oxford, Oxford University Press.Google Scholar
Thornton, P. H., Ocasio, W. and Lounsbury, M. (2015) “The institutional logics perspective,” in Scott, R. A. and Kosslyn, S. M. (eds.), Emerging Trends in the Social and Behavioral Sciences, Hoboken, NJ, Wiley, pp. 1–22.Google Scholar
Tierney, M. J., Nielson, D. L., Hawkins, D. G. et al. (2011) “More dollars than sense: Refining our knowledge of development finance using aiddata,” World Development, vol. 39, no. 11, pp. 1891–1906.Google Scholar
van Puyenbroeck, T. and Rogge, N. (2020) “Comparing regional human development using global frontier difference indices,” Socio-Economic Planning Sciences, vol. 70, pp. 1–8.Google Scholar
Vázquez, S. T. (2015) “Geographical allocation of aid: Lessons from political economy,” in Arvin, B. M. and Lew, B. (eds.), Handbook on the Economics of Foreign Aid, Cheltenham, Edward Elgar, pp. 90–108.Google Scholar
Vermeulen, P. A., Zietsma, C., Greenwood, R. and Langley, A. (2016) “Strategic responses to institutional complexity,” Strategic Organization, vol. 14, no. 4, pp. 277–286.Google Scholar
Vestergaard, J. and Wade, R. H. (2013) “Protecting power: How Western states retain the dominant voice in the World Bank’s governance,” World Development, vol. 46, pp. 153–164.Google Scholar
Wade, R. H. (2002) “US hegemony and the World Bank: the fight over people and ideas,” Review of International Political Economy, vol. 9, no. 2, pp. 201–229.Google Scholar
Walheer, B. (2018) “Aggregation of metafrontier technology gap ratios: the case of European sectors in 1995-2015,” European Journal of Operational Research, vol. 269, no. 3, pp. 1013–1026.Google Scholar
Weaver, C. (2008) Hypocrisy Trap: The World Bank and the Poverty of Reform, Princeton, Princeton University Press.Google Scholar
Weisbrod, B. A. (1998a) “The nonprofit mission and its financing: Growing links between nonprofits and the rest of the economy,” in Weisbrod, B. A. (ed.), To Profit or not to Profit: The Commercial Transformation of the Nonprofit Sector, Cambridge, Cambridge University Press, pp. 1–22.Google Scholar
Weisbrod, B. A. (ed.) (1998b) To Profit or not to Profit: The Commercial Transformation of the Nonprofit Sector, Cambridge, Cambridge University Press.Google Scholar
White, H. and McGillivray, M. (1995) “How well is aid allocated? Descriptive measures of aid allocation: A survey of methodology and results,” Development and Change, vol. 26, no. 1, pp. 163–183.Google Scholar
Wood, A. (2008) “Looking ahead optimally in allocating aid,” World Development, vol. 36, no. 7, pp. 1135–1151.Google Scholar
Woods, N. (2006) The Globalizers: The IMF, the World Bank, and Their Borrowers, Ithaca, Cornell University Press.Google Scholar
World Bank (2018) IDA Makes Historic Capital Market Debut with Inaugural US$1.5 Billion Benchmark Bond: First IDA bond nearly five times oversubscribed, Press release [Online]. www.worldbank.org/en/news/press-release/2018/04/17/ida-makes-historic-capital-market-debut-with-inaugural-usd-1-5-billion-benchmark-bond (Accessed February 26, 2021).Google Scholar
World Bank (2019a) World Development Indicators [Online]. https://databank.worldbank.org/reports.aspx?source=world-development-indicators.Google Scholar
World Bank (2019b) Worldwide Governance Indicators [Online]. https://databank.worldbank.org/reports.aspx?source=worldwide-governance-indicators.Google Scholar
World Bank and OECD (2021) AidFlows [Online]. www.aidflows.org/ (Accessed September 1, 2021).Google Scholar
World Bank Group (2020) Results and Performance of the World Bank Group 2020: An Independent Evaluation. Washington, D.C., World Bank Group.Google Scholar
Wry, T., Cobb, J. A. and Aldrich, H. E. (2013) “More than a metaphor: Assessing the historical legacy of resource dependence and its contemporary promise as a theory of environmental complexity,” The Academy of Management Annals, vol. 7, no. 1, pp. 441–488.Google Scholar
Zetter, R. (2021) “Theorizing the refugee humanitarian-development nexus: A political-economy analysis,” Journal of Refugee Studies, vol. 34, no. 2, pp. 1766–1786.Google Scholar
Zhao, E. Y. and Lounsbury, M. (2016) “An institutional logics approach to social entrepreneurship: Market logic, religious diversity, and resource acquisition by microfinance organizations,” Journal of Business Venturing, vol. 31, no. 6, pp. 643–662.Google Scholar
- 9
- Cited by