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Asian Women -
Vol. 35,
No. 2
Microfinance Institutions as a Strategic Tool to Enhance Women’s Career Development in Pakistan
 | |
| Waseem UL Hameed |
:
Universiti Utara Malaysia, Malaysia |
| Qasim Ali Nisar |
:
Universiti Utara Malaysia, Malaysia |
| Aamir Abbas |
:
The University of Faisalabad, Pakistan |
| Ali Waqas |
:
The Superior College Lahore, Pakistan |
| Muhammad Saeed Meo |
:
The Superior College Lahore, Pakistan |
| Journal Information Journal ID (publisher-id): RIAW Journal : Asian Women ISSN: 1225-925X (Print) ISSN: 2586-5714 (Online) Publisher: Research Institute of Asian Women Sookmyung Women's University |
Article Information Print publication date: Day: 30 Month: 06 Year: 2019 Volume: 35 Issue: 2 First Page: 93 Last Page: 128 DOI: https://doi.org/10.14431/aw.2019.06.35.2.93 |
In recent decades, several institutions have been advocating for women’s right to development. However, the fact that such efforts have made such little headway is very disappointing, and the female communities, particularly in most developing countries, such as Pakistan, exist in very vulnerable conditions. In developed countries such as the USA and the UK, women’s contribution to the national economy is approximately 50%. However, in Pakistan, because of low levels of career development, this figure is only 25%–30%. Therefore, the prime objective of the current study is to examine the role of microfinance institutions in women’s career development in Pakistan. Using area cluster sampling, 500 questionnaires were distributed among female clients of microfinance institutions in Pakistan: 259 were distributed in Punjab, 167 in Sindh, and 74 in Balochistan. The data analysis conducted using PLS-SEM revealed that services provided by microfinance institutions, including micro-credit, micro-savings, and micro-insurance, make a key contribution to women’s career development. Moreover, women’s micro-enterprises and women’s education have related roles in enhancing microfinance institutions’ positive contribution to women’s career development. However, vulnerability is one of the factors limiting women’s career development. The current study is beneficial for microfinance institutions, the government of Pakistan, and gender lobbies in clarifying strategies to promote women career development by reducing gender discrimination.
Introduction
Women’s career development is crucial to achieving economic growth (Nasir & Farooqi, 2016) as they are playing a significant role in boosting the economy of every country (Ekpe, Mat, & Razak, 2010). In this regard, microfinance institutions are playing a key role in women’s career development by increasing their social and economic well-being through the provision of various services. Recently, microfinance funding has been increased to promote small-scale businesses (micro-enterprises) globally (Saravanan & Dash, 2017). Women’s micro-enterprises refers to micro-enterprises run by women which has important role in Gross Domestic Product (GDP) of various countries. Significantly, the contribution of women to GDP through micro-enterprises is exceptional, particularly in developed countries (Hammawa & Hashim, 2015). For instance, of the total GDP of the USA, women contribute 23% to 98%, thus boosting the economy. They contribute USD 3 trillion to GDP and create job opportunities for 23 million people (Ernst & Young, 2010; Global Entrepreneurship Monitor [GEM], 2013). Moreover, in the case of Malaysia, women’s contribution to the GDP is 44%, and 56% to total employment (Evbuomwan, Ikpi, Okoruwa, & Akinyosoye, 2012; Norizaton, Abdul Halim, & Chong, 2011; SMEDAN, 2012). These figures show that the participation of women in the economy is crucial in any country.
However, the situation is completely different in most developing countries, particularly in Pakistan where the economic contribution of women is meager due to societal discrimination and high levels of poverty and unemployment (Ekpe et al., 2010). Women’s contribution to the Pakistani economy is approximately 25% to 30% (Ul-Hameed, Mohammad, & Shahar, 2018), showing that women’s career development in Pakistan is languishing far behind the levels elsewhere. Although many institutes such as microfinance institutes and Non-Profit Organizations (NGOs) are working on women’s empowerment, most women remain poor and live in vulnerable conditions (Gangadhar & Malyadri, 2015). Furthermore, with 70% of those considered as living in poverty being female, women constitute one of the most vulnerable sections of the population worldwide (Kabeer, 2012). Despite their significant contributions to the economies of developed countries, they are still underestimated in developing countries.
These are the motivating factors for this study. First, as mentioned above, Pakistani women’s contribution to economic development is lower than in other countries. Due to poverty and gender discrimination, women’s career development is decreasing. Therefore, this study attempts to develop a framework for women’s career development with the support of microfinance institutions. Second, the other motivating factor of this study is to explore the reasons for the low levels of women’s career development in Pakistan. Though the Pakistani government and microfinance institutions have been working on this issue for decades, the effect on women’s career development has been minimal. Therefore, this study investigated various factors discouraging women’s career development related to vulnerability. Vulnerability includes different factors leading poor people deeper into poverty (Banerjee & Jackson, 2017), including social, economic, environmental and political vulnerabilities which negatively affect women’s empowerment in Pakistan.
In recent decades, microfinance institutions have started to develop strategies to mitigate the effect of vulnerability factors. Therefore, the objective of microfinance institutes is to reduce vulnerability and boost women’s empowerment (Gangadhar & Malyadri, 2015). In this way, they contribute to poor women’s career development activities. In the past decade, microfinance has also played a significant role in addressing various negative conditions related to poor people (Puhazhendi & Badatya, 2002). Thus, microfinance enables the female community to attain a higher level of empowerment and reduces the effects of vulnerability (Herath, Guneratne, & Sanderatne, 2015).
The current study’s key focus is to examine the role of microfinance institutions in women’s career development. This study has the following objectives: 1) To investigate the role of microfinance institution services in women’s career development; 2) To investigate the mediating role of micro-enterprises in women’s career development; 3) To investigate the mediating role of women’s education in women’s career development; and 4) To investigate the moderating role of vulnerability in the relationship between microfinance and women’s career development.
This study is contributing to the current body of knowledge by focusing on different microfinance factors that influence women’s career development. The impact of microfinance institutions and women’s education on women’s career development is rarely examined in the literature, a gap filled by this research study.
Second, women’s career development is not being achieved in Pakistan, even though hundreds of microfinance institutions are working with the prime objective of empowering the female community. This study contributes to the body of literature by providing the answer to this riddle, highlighting how vulnerability is one of the most crucial factors preventing women’s career development. There are doubtlessly many factors that limit women’s career development, but vulnerability is the most crucial, particularly in Asian countries, because the vulnerability factors are more prevalent in the Asian social context. The current study investigates the claim that social vulnerability, environmental vulnerability, economic vulnerability, and political vulnerability are the factors limiting the positive contribution of microfinance institutions to women’s career development. Therefore, this research represents a pioneering study investigating factors limiting women’s career development.
Literature Review
Development can be defined as “increasing the ability of an individual to become development oriented, to make their life choices, and convert their desires into actions as well as outcomes” (Krishna, 2003). Numerous research studies focus on women’s careers in the USA and other European countries. However, these studies have given little consideration to the careers of women in developing countries (Al-Asfour, Tlaiss, Khan, & Rajasekar, 2017). Career development levels are notably low among women in South Asian countries such as Pakistan, Bangladesh, Afghanistan, India, Nepal, Sri Lanka, Bhutan, Maldives, and Nepal. Due to this, their contribution to economic development is also low as compared to developed countries. There are many factors responsible for the low levels of female career development in South Asian countries but the primary one is gender discrimination, which is widespread due to traditional culture, beliefs, and norms (Cohn, 2000).
Women’s development means equipping women to be economically independent and self-reliant, as well as having positive self-esteem, enabling them to face challenges and contribute to development activities (Kapila, Singla, & Gupta, 2016). In line with the objectives of microfinance institutions, this study focused on the low level of career development among those women who are economically and socially vulnerable because of gender discrimination. In Pakistan, most women live in rural areas, where poverty levels are high. Therefore, developing these women’s careers means reducing the poverty level through various income-generating activities like micro-enterprises, thereby giving them the opportunity to make decisions. Women’s micro-enterprises develop women socially and economically by reducing poverty levels, increasing incomes, and conferring decision-making power, which automatically lead toward women’s career development. Therefore, enterprises development is a very significant way to promote women’s career development by empowering them socially and economically.
Women’s Status in Pakistan
While women represent almost 48.63% of the 212 million Pakistani people (Pakistan Census, 2017), their employment-to-population ratio is only 22.1% (Pakistan Bureau of Statistics, 2013). The low status of women is related to various cultural issues, which are the root cause of gender discrimination. Levels of gender discrimination are high in Pakistan (Delavande & Zafar, 2013) and, as demonstrated by Derera, Chitakunye, O’Neill, and Tarkhar-Lail (2014), in most developing countries, gender discrimination is the main cause of women’s poverty. Therefore, in Pakistan, it is clear that gender discrimination is the root cause of the low level of women’s career development and has significantly contributed to the increase in the poverty level among women. Poverty is experienced by almost 40% of the women, where 30% are considered to be economically and socially poor (Rehman, Moazzam, & Ansari, 2015). It indicates that poverty rate is 40% among women in Pakistan. From this 40% women, 30% of women are both economically and socially poor. It shows that along with the economic poverty, a higher percentage of women is also socially poor. That is why the current study attempts to highlight these issues and how microfinance institutions can help solve or at least address them.
Microfinance institutes are now focusing on gender equality and trying to empower the female population in most developing countries (World Bank, 2012). Microfinance institutions are playing a vital role in Pakistani women’s career development. Currently, 3,533 branches of such institutions are working in Pakistan (Pakistan Microfinance Review, 2017) providing various services such as credit, savings, and insurance to promote women’s businesses, which ultimately enhances women’s career development. At present, female participation in microfinance institutions exceeds that of men.
Mayoux’s Feminist Empowerment Theory
The focus of the current study is the career development of poorer women. Therefore, Mayoux’s feminist empowerment theory is one of the most suitable theories by which to justify women’s career development with the support of microfinance institutions. Since the purpose of microfinance institutions is to decrease poverty levels by increasing the social and economic support which leads to women’s career development. Previous studies have shown that social and economic development increases self-reliance, self-esteem, and self-efficacy (Kapila et al., 2016), which lead to women’s career development (Hackett & Betz, 1981).
Mayoux’s (1998) theory is based on developing countries and focuses on improving women’s social and economic status with its ultimate objective being to create self-sustainability among women by alleviating poverty. It states that the development of women’s status can be achieved by providing access to credit through microfinance institutes that provide financial capital, such as micro-credit, micro-saving, and micro-insurance, which leads to investment in income-generating activities such as micro-enterprises (Mayoux, 2005). Additionally, micro-insurance covers the losses incurred by micro-enterprises, if any, in case of natural disasters or any other vulnerability factor. Mayoux’s theory has three paradigms: A financial self-sustainability paradigm, a poverty alleviation paradigm, and a feminist empowerment paradigm, all based on microfinance institutions supporting women.
A Relational Theory of Risk
Figure 1.
The theoretical framework of the study showing how microfinance institutions affect women’s career development.
A relational theory of risk is a suitable way of analyzing the relationship between vulnerability and women’s development. Vulnerability is defined as the “probability of risk today of being in poverty or to fall into deeper poverty” due to various risky factors which negatively affect the welfare of poor people (World Bank, 2012). An increase in poverty weakens women’s economic and social situation which in turn adversely affects their career development activities. A relational theory of risk comprises three elements: object at risk, a risk object, and a relationship of risk (Boholm & Corvellec, 2011). An object at risk is an object holding some value, while a risk object is any entity threatening the object at risk. Finally, the relationship of an object at risk and a risk object is called a relationship of risk, which is the third element of this theory. The theory equation is given below:
Risk objects are similar to hazards in the sense that it refers to something that is acknowledged as dangerous (Boholm & Corvellec, 2011). However, according to the theory’s assumption, a risk object should be considered dangerous insofar as it may harm the object at risk. In the same direction, vulnerability is also made up of hazards such as natural disasters, climate changes, and any other environmental factors (Banerjee & Jackson, 2017; McEntire, Gilmore Crocker MPH, & Peters, 2010). Hence, in the context of the current study, vulnerability is considered to be a risk object.
On the other hand, the major characteristic of the object at risk is to possess a value that is considered to be at risk (Boholm & Corvellec, 2011) due to a risk object. In the current study, women’s micro-enterprises is considered to be the object at risk. Finally, the relationship of risk refers to the relationship that an observer establishes between the object at risk and a risk object. In this study, the relationship between women’s micro-enterprises and vulnerability is the third element of this theory. In the context of the current study, the equation for this theory is given in Figure 1.
Figure 1.
The theoretical framework of the study showing how microfinance institutions affect women’s career development.
Hypothesis Development
Microfinance institutions and women’s career development.
Micro-Credit. Micro-credit is a crucial service provided by microfinance institutes, a small loan provided to poor and low-income people to develop and improve small-scale businesses (Kessy, Msuya, Mushi, Stray-Pedersen, & Botten, 2016). Micro-credit is the most significant service provided by microfinance institutes to mitigate the effects of vulnerability and enhance career development. Mahmood (2011) found that microcredit is more critical for female empowerment because it increases women’s incomes (Kapila et al., 2016), which leads to career development. Furthermore, it reduces vulnerability (Herath et al., 2015) and provides a buffer against risk (Kakota, Nyariki, Mkwambisi, & Kogi-Makau, 2015). According to Islam and Maitra (2012), micro-credit is one of the tools that protect the household from various health shocks.
Micro-credit is not only provided to generate income or to support women’s micro-enterprises but also to enhance the educational level of women (Leatherman & Dunford, 2010). Because of lack of education, women are unable to take part in formal income-generating activities (Hossain, 2007). Education also increases the probability of women’s micro-enterprises being successful. Prior studies show that micro-credit has a positive effect on women’s micro-enterprises, women’s education, and their wellbeing (Bernard, Kevin, & Khin, 2016; Sinha, Mahapatra, Dutta, & Sengupta, 2019). Therefore, to develop women’s career development, education is essential and microfinance institutions are now providing credit for education. Hence, prior studies show that micro-credit improves the level of women’s career development through income-generating activities like women’s micro-enterprises and by facilitating education through credit schemes. Therefore, it is hypothesized that
H1: There is a positive relationship between micro-credit and women’s micro-enterprises.
H2: There is a positive relationship between micro-credit and women’s education.
H3: There is a positive relationship between micro-credit and women’s career development.
Micro-Saving. Microfinance institutes also offer saving services that empower poor people to save assets by weekly saving, and these savings are further utilized to obtain credit (Mkpado & Arene, 2007). Women’s micro-enterprises support the empowerment of women (Ashraf, Karlan, & Yin, 2010) by increasing their income, which helps mitigate women’s vulnerability and increase their educational level. Savings are typically used to get an education for children and the women themselves. This is essential for Pakistani women because women in low-income countries tend to miss out on opportunities for education (Tazul, 2007). In addition, most women do not receive any entrepreneurial education, which increases the possibility of failure in business activities. Therefore, the services of microfinance institutions, including saving, can facilitate women in setting up micro-enterprises and accessing education. It is evident from previous studies that micro-saving has significant relationship with women’s education, women’s micro-enterprises, and female empowerment (Bernard et al., 2016; Jarow, 2014; Sinha et al., 2019).
Thus, prior studies indicate that micro-saving can promote women’s status development, which supports career development through women’s micro-enterprises and their educational level. Hence, it is hypothesized that
H4: There is a positive relationship between micro-saving and women micro-enterprises.
H5: There is a positive relationship between micro-saving and women’s education.
H6: There is a positive relationship between micro-saving and women’s career development.
Micro-Insurance. Bernard et al. (2016) found a significant relationship between insurance and women’s development. Micro-insurance is vital to provide social security and to increase the standard of living (Kishor, Prahalad, & Loster, 2013) because it is helpful in reducing poverty. It is also useful for meeting the educational expenses of poor women, which is crucial in women’s career development. McEntire (2004) argues that the effects of vulnerability will increase where people cannot access insurance. Poor people need to be able to purchase insurance and these poor people require investment in different income generating projects to manage the effect of risk (McCulloch & Calandrino, 2003). Therefore, insurance has a positive impact on reducing vulnerability and enhancing educational levels. According to Bali Swain and Wallentin (2012), education is one of the essential elements that enhance women’s status and ultimately increases women’s career development.
Previous studies have proved that micro-insurance has a positive effect on women’s micro-enterprisess, education, and well-being (Cohen & Young, 2007; Hussain, Mahmood, & Scott, 2018). It is also helpful because it reduces vulnerability risks (Amudha, Selvabaskar, & Motha, 2014). Additionally, micro-credit and micro-insurance together develop risk-breaking mechanisms (Duvendack, Palmer-Jones, Copestake, Hooper, Loke, & Rao, 2011), which reduces the effect of vulnerability factors. Thus, micro-insurance supports women’s status development by enhancing the possibility of women’s micro-enterprises success and increasing their educational level. Hence, the following hypotheses are proposed
H7: There is a positive relationship between micro-insurance and women’s micro-enterprises.
H8: There is a positive relationship between micro-insurance and women’s education.
H9: There is a positive relationship between micro-insurance and women’s career development.
Moreover, from the above discussion, it is evident that women’s micro-enterprises supports their status development by increasing income levels, which is helpful in career development. Moreover, it is evident that women’s educational levels make a significant positive contribution to women’s career development. Therefore, the following hypotheses are proposed
H10: There is a positive relationship between women’s micro-enterprises and women’s career development.
H11: There is a positive relationship between women’s education and women’s career development.
H12: Women’s micro-enterprises mediates the relationship between micro-credit and women’s career development.
H13: Women’s education mediates the relationship between micro-credit and women’s career development.
H14: Women’s micro-enterprises mediates the relationship between micro-saving and women’s career development.
H15: Women’s education mediates the relationship between micro-saving and women’s career development.
H16: Women’s micro-enterprises mediates the relationship between micro-insurance and women’s career development.
H17: Women’s education mediates the relationship between micro-insurance and women’s career development.
Vulnerability and Women’s Micro-enterprises
Vulnerability consists of various factors threatening women’s status development. A vulnerability has various dimensions, like environmental vulnerability (Banerjee & Jackson, 2017), which includes natural disasters such as floods, earthquake, shortage of water, excess rainfall, and lack of food (see, for example, McEntire et al., 2010). These disasters negatively affect poor women’s career development activities. Environmental vulnerability destroys women’s micro-enterprises, which causes a decrease in their income thus ultimately affecting women’s status development. Climate change also disproportionately affects poor people, and people who are economically and socially poor become more vulnerable (McEntire, 2012).
Other dimensions of vulnerability include social vulnerability, economic vulnerability, and political vulnerability (Stewart, 2007). Social and economic vulnerability include various cultural issues, gender discrimination, high poverty, and low household income, which are common in most developing countries (Alcantara-Ayala, 2002). Social vulnerability such as gender discrimination and cultural issues are responsible for low levels of women’s career development. Gender discrimination is prevalent in Pakistan (Bukhari & Ramzan, 2013) and, because of this, women are not allowed to take part in income-generating activities such as women’s micro-enterprises. The final dimension of vulnerability addressed in this study is political vulnerability. Inappropriate land use by the government, inappropriate use of resources, and community conflicts are aspects of political vulnerability (Stewart, 2007) that negatively affect women’s career development.
According to Derera et al. (2014), in most developing countries, the fact that women suffer disproportionately from poverty is due to gender discrimination arising from cultural and social discrimination; this is especially true in Pakistan. Because of Pakistani women’s high levels of poverty, the effects of the various vulnerabilities are more long-lasting, which determines women’s status development. Hence, it is hypothesized that
H18: Vulnerability negatively moderates the relationship between micro-credit and women’s career development.
H19: Vulnerability negatively moderates the relationship between micro-saving and women’s career development.
H20: Vulnerability negatively moderates the relationship between micro-insurance and women’s career development.
Research Method
Data Collection Method
The survey for the current study was based on a questionnaire adapted from previous studies. A 5-point Likert scale was used, and all the questionnaires were distributed by self-visit. A surveyor was hired to collect the data from Sindh and Balochistan, while data from Punjab were collected by the author. First, a list of all the microfinance institutions registered in the Pakistan Microfinance Review (2017) was drawn up. Second, the female clients’ addresses were received from these microfinance institutions. The data was collected from these female clients in the belief that, being involved in microfinance institution services, they could provide accurate information.
The questionnaire included close-ended questions on a 5-point scale from strongly disagree to strongly agree (1 = strongly disagree, 2 = disagree, 3 = neutral, 4 = agree, 5 = strongly agree). The total score consisted of 58 questions in which women’s career development was represented by 18 questions, vulnerability by 15 questions, and all other variables by 5 questions each. All these questions were adapted from previous studies.
Sampling Technique
n ɀ = ( N ɀ / N ) * n
Area cluster sampling was used to collect the data. The current study did not have a sampling frame; therefore, area cluster sampling was suitable (Sekaran & Bougie, 2013). Moreover, it is also a suitable technique when a population spread across a wide area (Ul-Hameed et al., 2018). As this study covered the whole of Pakistan, area cluster sampling was suitable to cover this population and was implemented as follows
- 1. Pakistan was divided into five clusters based on provinces, namely Punjab, Khyber Pakhtunkhwa, Sindh, Balochistan, and Gilgit-Baltistan.
- 2. Three clusters were selected randomly: These were Punjab, Sindh, and Balochistan.
- 3. The sample size of each cluster was selected on the basis of the equation below.
where nɀ = required sample size for each cluster, Nɀ = total population of each cluster, N = total population size in all clusters, and n = total sample size.
The Head office of the Pakistan Microfinance Review was visited to obtain the details of all the female clients in each cluster. The total number of female clients in the selected clusters actively using the various services of microfinance institutions was estimated at approximately 2.7 million. Of these, 1.4 million were in Punjab, 0.9 million in Sindh, and 0.4 million in Balochistan, approximately. As the total sample size for this study is 500, the sample size for each cluster was calculated as follows
- Punjab: nɀ = (1400,000/2700,000) * 500 = 259
- Sindh: nɀ = (900,000/2700,000) * 500 = 167
- Balochistan: nɀ = (400,000/2700,000) * 500 = 74
- 4. Selection of respondents randomly from Punjab (259), Sindh (167), and Balochistan (74).
The selected clusters (Punjab, Sindh, Balochistan) were visited to collect the data. In each cluster, microfinance institutions, including banks and non-government organizations (NGOs), were visited. From these microfinance institutions, lists of respondents were obtained, and respondents were selected randomly from these lists. The respondents were contacted with the help of bank/NGOs employees, and questionnaires were distributed. During the data collection process, the respondents were assured that the response would remain confidential and would be used only for this research study. In this process, different groups of female clients of microfinance institutions were targeted. Generally, microfinance institutions conduct various training sessions for their female clients. Therefore, the data were collected by targeting these groups. This is significant because it provided face-to-face interaction with respondents and allowed the researcher to address any queries raised by the respondents. Thus, 500 questionnaires were distributed, and 274 valid responses were returned (a 54.8% response rate). The details are shown in Table 1.
Table 1
Sample Extraction and Response Rate
Sample Extraction and Response Rate
| Cluster | Cluster Population | Sample Size for Each Selected Cluster nɀ = (Nɀ/N) * n n = 500 |
Sample Size for Each Selected Cluster | Response |
|---|---|---|---|---|
| Punjab | 1400,000 | (1400,000/2700,000) * 500 | 259 | 145 |
| Sindh | 900,000 | (900,000/2700,000) * 500 | 167 | 88 |
| Balochistan | 400,000 | (400,000/2700,000) * 500 | 74 | 41 |
| Total | 2700,000 | 500 | 274 |
Target Respondents and Sample Size
The target respondents in the current study were female clients of microfinance institutions. According to the Pakistan Microfinance Review (2017), 3,533 branches of these microfinance institutions are operating in Pakistan, with 2.7 million female clients in selected clusters of the current study. Finally, a sample size of 500 was selected by following the recommendations of Krejcie and Morgan (1970).
Measures
All the measures were adapted from prior studies. The dependent variable, women’s career development, was examined using four measures: economic security, family decision making, mobility, and economic decision making. Hence, in the context of the current study, women’s career development can be defined as the process by which women get more control over the family, social and economic decision-making process, authority to move freely outside the home, and more access to assets as well as microfinance institutions, to take part in income-generating activities. All these measures were adapted from Gangadhar and Malyadri (2015) and Nawaz, Jahanian, and Manzoor (2012). Measures for the independent variables, micro-credit, micro-saving, and micro-insurance and for the first mediating variable, women’s micro-enterprises, were also adapted from Bernard et al. (2016). The measures for the second mediating variable, women’s education, were adapted from Yousefy and Baratali (2011). Finally, the measures for the moderating variable, vulnerability, were adapted from Stewart (2007). Vulnerability was measured on the basis of various environmental, economic, social, and political factors. All the measures are given in Table 2.
Table 2
Measures of Variables
Measures of Variables
| Variables | Number of Items | Measures | Adapted from |
|---|---|---|---|
| Micro-Credit | 05 | Procedure, interest rate, loan size, repayment time | Bernard, Kevin, & Khin (2016) |
| Micro-Saving | 05 | Interest rate, procedure, product options, saving need | Bernard, Kevin, & Khin (2016) |
| Micro-Insurance | 05 | Benefits, options of policies, installment, repayment | Bernard, Kevin, & Khin (2016) |
| Women’s Micro-Enterprise | 05 | Profits, family income, family saving, family expenditure, number of buyers | Bernard, Kevin, & Khin (2016) |
| Women’s Education | 05 | Good and suitable job, promotion, salary and advantages, job enhancement | Yousefy & Baratali (2011) |
| Vulnerability | 15 | Economic, social, environmental, political | Stewart (2007) |
| Women’s Career Development | 18 | Economic security, family decision making, mobility, economic decision making | Gangadhar & Malyadri (2015); Nawaz, Jahanian, & Manzoor (2012) |
Statistical Tool
The current study employed a two-step procedure for evaluating as well as reporting PLS-SEM results by following the recommendations of Henseler, Ringle, and Sinkovics (2009). It is the most recommended method in social sciences research (Hair, Hult, Ringle, & Sarstedt, 2016). It consists of two major sections: 1) measurement model assessment and 2) structural model assessment. The measurement model is assessed to examine reliability and validity, while the structural model is assessed to examine the relationship between variables.
Findings
Figure 2.
Two-Step PLS Path Modeling Process. Adapted from “The use of partial least squares path modeling in international marketing,” by J. Henseler, C. M. Ringle, and R. R. Sinkovics, 2009, Emerald Group Publishing Limited, pp. 277–319.
Figure 3.
Confirmatory factor analysis.
Measurement model assessment entails the evaluation of validity and reliability with respect to latent constructs (Hair, Hult, Ringle, & Sarstedt, 2017) and involves assessing the relationship between latent constructs and their related items. Constructs validity and reliability are often assessed by average variance extract (AVE) and composite reliability (CR). Moreover, loadings of each indicator on its latent variables are calculated to assess the reliability. Loading should be higher than 0.7 for indicators reliability to be deemed acceptable (Hair et al., 2017). Table 3 (appendix) shows that most of the indicator loadings were higher than 0.7 on their associated constructs, while a few indicators loaded between 0.5 and 0.7. Composite reliability is also used to assess constructs reliability, which should be greater than 0.7 (Hair et al., 2017). Results indicate that the composite reliability of all latent variables is greater than 0.7. These findings indicate that the measurement model is reliable.
Figure 2.
Two-Step PLS Path Modeling Process. Adapted from “The use of partial least squares path modeling in international marketing,” by J. Henseler, C. M. Ringle, and R. R. Sinkovics, 2009, Emerald Group Publishing Limited, pp. 277–319.
Figure 3.
Confirmatory factor analysis.
Additionally, convergent validity and discriminant validity were also examined for under-study constructs. Average variance extract (AVE) was used to assess convergent validity. The AVEs of reflective constructs should be greater than 0.5 to establish convergent validity (Chin, 2010; Hair et al., 2017). Table 3 (appendix) identifies that the AVEs of constructs were greater than 0.5, which shows that convergent validity is established.
Discriminant validity is the extent to which each latent variable is different from other constructs (Hair et al., 2017). In order to examine the discriminant validity, a “heterotrait–monotrait” (HTMT) ratio was used and this is shown in Table 4 (appendix). Henseler, Ringle, and Sarstedt (2015) suggested a different threshold of 0.9 and 0.85 for HTMT to establish discriminant validity. This study used HTMT0.90 criterion, and discriminant validity is established as the HTMT ratio below is the critical value of 0.9.
Table 5 shows the results of the structure model assessment and the path analysis conducted to examine the main relationship between the constructs. This study used a bootstrapping procedure to assess the significance of path coefficients. In this study, a t-value of 1.96 was considered to examine the relationship, and relationships having a t-value ≥ 1.96 were supported. Findings of the study revealed that micro-credit, micro-saving, and micro-insurance have significant positive relationships with women’s career development. Women’s micro-enterprises and women’s education also have positive relationships with women’s career development. Moreover, it is found that micro-credit and micro-insurance have positive relationships with women’s micro-enterprises. However, micro-saving has an insignificant relationship with women’s micro-enterprises. For women’s education, there is a significant positive relationship with micro-saving, but only an insignificant relationship with micro-credit and micro-insurance.
Table 5
Structure Equation Modeling (Path Analysis)
Structure Equation Modeling (Path Analysis)
| Hypothesis | Relationships | Std. beta | Std. Error | t-value | Decision | R2 | f2 | VIF |
|---|---|---|---|---|---|---|---|---|
| H1 | MC → WME | 0.428 | 0.055 | 7.766 | Supported | 0.67 | 0.22 | |
| H2 | MC → WE | 0.049 | 0.063 | 0.767 | Not Supported | 0.53 | 0.002 | |
| H3 | MC → WCA | 0.121 | 0.06 | 2.019 | Supported | 0.65 | 0.014 | 2.98 |
| H4 | MS → WME | 0.025 | 0.04 | 0.619 | Not Supported | 0.001 | ||
| H5 | MS → WE | 0.483 | 0.056 | 8.564 | Supported | 0.306 | ||
| H6 | MS → WCA | 0.192 | 0.048 | 3.975 | Supported | 0.052 | 2.05 | |
| H7 | MI → WME | 0.251 | 0.065 | 3.856 | Supported | 0.086 | ||
| H8 | MI → WE | 0.037 | 0.058 | 0.635 | Not Supported | 0.001 | ||
| H9 | MI → WCA | 0.257 | 0.067 | 3.844 | Supported | 0.072 | 2.67 | |
| H10 | WME → WCA | 0.238 | 0.049 | 4.82 | Supported | 0.057 | 2.885 | |
| H11 | WE → WCA | 0.181 | 0.05 | 3.595 | Supported | 0.047 | 2.048 |
Note. WCA =Women’s Career Development; WME =Women’s Micro-Enterprises; WE =Women’s Education; MC = Micro-Credit; MS = Micro-Saving; MI = Micro-Insurance; VL = Vulnerability
This study examined the mediating role of women’s micro-enterprises and women’s education in the relationship between micro-credit, micro-saving, and micro-insurance and women’s career development. Results indicated that women’s micro-enterprises significantly mediates the relationship between micro-credit and women’s career development, and between micro-insurance and women’s career development. In the case of the mediation effect of women’s education, it is found that women’s education mediates the relationship between micro-saving and women’s career development. However, the mediation effect of women’s micro-enterprises between micro-saving and women career development is insignificant. Moreover, the mediation effect of women’s education between micro-credit and micro-insurance is also insignificant. These results are shown in Table 6.
Table 6
Indirect Effects
Indirect Effects
| Hypothesis | Relationships | Std. beta | Std. Error | t-value | L.L | U.L. | Decision |
|---|---|---|---|---|---|---|---|
| H12 | MC → WME → WCA | 0.102 | 0.024 | 4.332 | 0.063 | 0.141 | Supported |
| H13 | MC → WE → WCA | 0.009 | 0.012 | 0.744 | -0.013 | 0.025 | Not Supported |
| H14 | MS → WME → WCA | -0.006 | 0.011 | 0.55 | -0.024 | 0.009 | Not Supported |
| H15 | MS → WE → WCA | 0.088 | 0.022 | 4.056 | 0.049 | 0.12 | Supported |
| H16 | MI → WME → WCA | 0.06 | 0.016 | 3.773 | 0.032 | 0.083 | Supported |
| H17 | MI → WE → WCA | 0.007 | 0.012 | 0.577 | -0.011 | 0.025 | Not Supported |
Note. WCA =Women’s Career Development; WME =Women’s Micro-Enterprises; WE = Women’s Education; MC = Micro-Credit; MS =Micro-Saving; MI =Micro-Insurance; VL = Vulnerability.
This study examined the moderating role of vulnerability in the relationship of micro-credit, micro-savings, and micro-insurance with women’s micro-enterprises. Results showed that vulnerability significantly moderates the relationship of micro-credit and women micro-enterprises. This moderation effect is also significant between micro-insurance and women’s micro-enterprises but is insignificant between micro-saving and women’s micro-enterprises. Moderation effect results are shown in Table 7.
Table 7
Interaction Terms
Interaction Terms
| Hypothesis | Relationships | Std. beta | Std. Error | t-value | L.L | U.L. | Decision |
|---|---|---|---|---|---|---|---|
| H18 | MC*VL → WME | -0.13 | 0.075 | 1.738 | 0.009 | 0.067 | Supported |
| H19 | MS*VL → WME | -0.047 | 0.039 | 1.208 | -0.033 | 0.003 | Not Supported |
| H20 | MI*VL → WME | -0.161 | 0.069 | 2.342 | -0.077 | -0.016 | Supported |
Note. WME=Women’s Micro-Enterprises; MC=Micro-Credit; MS=Micro-Saving; MI=Micro-Insurance; VL=Vulnerability
Discussion and Conclusion
Figure 4.
Structure equation modeling.
Figure 5.
Moderation effect of vulnerability between micro-credit and women micro-enterprise which weaken the relationship.
Figure 6.
Moderation effect of vulnerability between micro-insurance and women micro-enterprises which weakens the relationship.
The current study was conducted to investigate the role of microfinance institutions in women’s career development. To achieve this objective, three significant microfinance services were considered: micro-credit, micro-saving, and micro-insurance. Moreover, the role of women’s micro-enterprises, women’s education, and vulnerability was also considered in women’s career development.
While analyzing the data against the first objective of the study, it is revealed that microfinance institutions’ services such as micro-credit, micro-saving, and micro-insurance make a significant contribution to women’s career development. In particular, these services have a vital role in decreasing poverty levels and enhancing women’s well-being. Similar to the current study, Gangadhar and Malyadri (2015) found that microfinance institutions enhance women’s status development by increasing their social security, mobility, and decision-making power at a household level and in various economic activities. Various other prior studies carried out in Pakistan also found that microfinance has a positive role in women’s well-being (Idrees, Ilyas, & Cheema, 2012; Muhammad, Shaheen, Naqvi, & Zehra, 2012). Moreover, Nader (2008) conducted a research study on microcredit and the socio-economic well-being of women in Cairo, finding that micro-credit is one of the most significant elements that enhance women’s socio-economic well-being because it significantly improves women’s income and decision-making power (see also Kapila et al., 2016). Other studies conducted in India and Bangladesh also reflect results consistent with this (Akhter, 2018; Bali Swain & Wallentin, 2009; Kumar, Hossain, & Gope, 2015). Herath et al. (2015) carried out research in Sri Lanka and found that credit had a positive impact on women’s status development. Furthermore, other prior studies (see, for example, Amudha et al., 2014; Ashraf et al., 2010; Karlan, Savonitto, Thuysbaert, & Udry, 2017) also validate the results of the current study and found that micro-savings and micro-insurance make an important contribution to women’s status development. Therefore, micro-credit, micro-saving, and micro-insurance increase women’s self-efficacy, which leads to women’s career development (Hackett & Betz, 1981). These findings are also in line with Mayoux’s feminist empowerment theory as discussed in this study.
Figure 4.
Structure equation modeling.
Regarding the second objective of the current study, apart from the direct effect of microfinance institutions on women’s career development, it is revealed that there is also an indirect effect through women’s micro-enterprises. According to Mayoux (2005), credit has a vital role in the development of women’s micro-enterprises, and women’s micro-enterprises increase their income, which in turn plays a vital role in women’s status development. Similar to this study, Bernard et al. (2016) found that micro-credit, micro-saving, and micro-insurance make a significant positive contribution to the success of women’s micro-enterprises, and women’s micro-enterprises have a significant positive effect on women’s career development (Mayoux, 2005). Different researchers who conducted various studies in Pakistan, Bangladesh, and India found that micro-credit has a positive effect on women’s micro-enterprises (Bhargavi, 2015; Ferdousi, 2015; Khan, Kanwal, Nabi, & Shah, 2016). Regarding the indirect effect (mediation) of women’s micro-enterprises, it is significant for micro-credit and micro-insurance, indicating that women’s micro-enterprises enhance the positive contribution of micro-credit and micro-insurance to women’s career development. Therefore, microfinance institutions promote women’s micro-enterprises, which increases the level of women’s career development. Women’s micro-enterprises have a vital contribution in enhancing the positive role of microfinance institutions in women’s career development.
However, the findings of Atmadja, Su, and Sharma (2016) are inconsistent with the present study. The authors found that financial capital (which includes micro-credit, micro-savings, and micro-insurance) has a negative association with women’s micro-enterprises. There could be a number of reasons for the difference between these research findings. For example, sometimes people choose inappropriate places for investment (Mosley & Hulme, 1998), which negatively affects micro-enterprises. Generally, locations considered unsuitable for investment are characterized by various vulnerability factors such as environmental issues and natural disasters, which destroy the micro-enterprise. That is why the findings of a few studies are conflicting regarding the relationship of microfinance factors and micro-enterprises success (see, for example, Atmadja et al., 2016; Buckley, 1997; Rahman, 1999). Thus, in such cases, micro-credit, micro-savings, and micro-insurance have a negative consequence for women’s career development.
Regarding the third objective, microfinance institutions also have an indirect effect on women’s career development through women’s education. It is found that women’s education is highly influential in women’s career development. Similarly, the study carried out by Malik and Courtney (2011) in Pakistan found that education has a vital role in empowering women. Education also has a positive effect on Indian women’s well-being (Banerjee, 2011; Shetty & Hans, 2015). Wirth (2001) identifies access to education and training and development initiatives as major factors contributing to women’s development. The same results were found by other studies, that educational training and development plays a significant role in women’s career development (Brown & Lent, 2004; Elvitigala, Amaratunga, & Haigh, 2006). The same results were found in the case of Bangladesh (Mahbub, 2016). The results of the current study revealed that micro-saving is positively associated with women’s education. As mentioned by Leatherman and Dunford (2010), microfinance institutions promote women’s education through various services like micro-saving. Women generally use these savings for their families’ educational needs, which contributes to women’s well-being. As previously mentioned, this is especially important for Pakistani women because, as in most low-income countries, women find it difficult to avail of educational opportunities (Tazul, 2007) and the current study shows that women’s education plays a significant role in women’s career development. In line with the current study’s findings, Yousefy and Baratali (2011) found that a significant educational level contributes to women’s status development. Therefore, an improvement in women’s education increases women’s career development levels.
The indirect effect (mediation) of women education is only significant in the case of micro-saving. The results demonstrate that women’s education enhances the positive contribution of micro-saving to women’s career development. In the case of microfinance institutions’ services and microenterprises success, Hameed et al. (2017) developed a conceptual framework and suggested that education is a mediating variable as education plays a crucial role in women’s employment and promotion in their working life (Yousefy & Baratali, 2011). Therefore, women’s education plays a key role in enhancing their development through micro-saving. According to the Mallea (1998), “education is an investment that can help to foster economic growth, contribute to personal social development and reduce social inequality. Like any investment, it involves both costs and returns. Some of the returns are monetary, and directly related to the labor market, while others are personal, social, cultural or more broadly economic which belongs to the individual as well as society.” However, in the case of micro-credit and micro-insurance, the indirect effect is not significant. Most of the time, microfinance institutions distribute loans for business activities and insurance to protect micro-enterprises. That is the reason the indirect effects of micro-credit and micro-insurance on women education are not significant.
Finally, concerning the last objective of this study, it is found that vulnerability is one of the factors limiting women’s career development. It has a negative effect on the well-being of people in most developing countries, including Pakistan, Indian, and Bangladesh (Garikipati, 2008). While analyzing the moderating role of vulnerability, it is revealed that vulnerability has a negative effect on the relationship between microfinance services and women’s micro-enterprises. Vulnerability factors such as environmental, social, economic, and political factors negatively affect the relationship between micro-credit and micro-insurance and women’s career development. Vulnerability weakens the positive relationship between micro-credit and women’s micro-enterprises, as highlighted in Figure 5. Moreover, vulnerability also weakens the positive relationship between micro-insurance and women’s micro-enterprises, highlighted in Figure 6. As mentioned by Herath et al. (2015), vulnerability reduces women’s status development because vulnerability itself is the probability of experiencing future loss in welfare (Zhang & Wan, 2006).
Figure 5.
Moderation effect of vulnerability between micro-credit and women micro-enterprise which weaken the relationship.
Figure 6.
Moderation effect of vulnerability between micro-insurance and women micro-enterprises which weakens the relationship.
This situation occurs when poor women get credit from microfinance institutions and invest in a microenterprise. However, these micro-enterprises are then destroyed because of vulnerability factors. These include natural disasters such as floods, earthquakes, windstorms, or river erosion; economic factors such as low income and single earning hand; social factors such as the aging process, emotional stress, disability; and political factors such as inappropriate land use by government, community conflict, lack of community cohesiveness, inappropriate resource use by government, lack of economic development, and any other factors related to vulnerability (Stewart, 2007). Moreover, according to Ul-Hameed et al. (2018), vulnerability decreases women’s status development. Additionally, the findings of the current study validate the Relational Theory of Risk. Thus, vulnerability limits the positive contribution of microfinance institutions to women’s career development. These results are also consistent with Banu (2016), who also highlighted how vulnerability decreases human development.
However, in the current study, a few hypotheses (H2, H4, H8, H13, H14, H17, H19) are not supported. For instance, the relationship between micro-credit and women’s education is not supported, and the relationship between micro-saving and women’s micro-enterprises is also not significant. Additionally, the relationship between micro-insurance and women’s education is not supported. The reason behind the rejection of these hypotheses is based on the moderation effect. A moderator is a variable which affects the strength or the direction of the relationship between the independent and dependent variables (Wilken, Jacob, & Prime, 2013). It can also change the relationship between the dependent and independent variables (Sekaran & Bougie, 2013). Therefore, as discussed in the literature, vulnerability reduces the relationship between microfinance institutions and women’s micro-enterprises or women’s education. Additionally, the moderation effect of vulnerability between micro-saving and women’s micro-enterprises is not significant. It is insignificant because micro-saving is generally used to handle vulnerability. It means that micro-saving reduces the effect of vulnerability, as is evident from prior studies that people use their savings to build an asset to mitigate or reduce the effect of future shocks (Hulme, Moore, & Barrientos, 2009). That is why vulnerability does not have any effect on the relationship between micro-saving and women’s micro-enterprises; however, micro-saving does have a significant effect on vulnerability.
In summary, microfinance institutions make a major contribution to boosting women’s career development through services such as micro-credit, micro-savings, and micro-insurance. However, vulnerability has a negative effect. Hence, an increase in the distribution of microfinance services is important to enhance women’s career development. In addition, the promotion of income-generating activities and women’s education is crucial. In addition, the mitigation of various vulnerability issues should not be neglected.
This study has significantly contributed to the existing literature by extending Mayoux’s feminist empowerment theory. This theory claims that microfinance services (credit, saving, insurance) enhance women’s empowerment. However, this statement is not applicable to all situations. In regions where vulnerability factors (social, environmental, economic, political) are prevailing, this theory fails to justify the statement. As proved by the current study, vulnerability factors limit the positive contribution of microfinance institutions to women’s career development. Therefore, this could be added as a limitation of Mayoux’s feminist empowerment theory.
Theoretical Implications
This study provided theoretical implications through additional empirical evidence for Mayoux’s feminist empowerment theory. Vulnerability is a factor that decreases the positive contribution of microfinance services to women’s career development, thus limiting the positive effects of microfinance services. Mayoux’s theory omits the element of vulnerability as it claims that microfinance services are capable enough to enhance women’s career development. However, because of vulnerability factors, Mayoux’s theory fails to justify this statement. Therefore, under different conditions where vulnerability exists, like in Pakistan, Mayoux’s theory is not supported. Hence, vulnerability should be added as one of the limitations of Mayoux’s feminist empowerment theory.
Practical Implications
The current study provides various insights for microfinance institutions and other practitioners while identifying strategies for women’s career development. It is important because it highlights various factors affecting women’s career development. As the ultimate objective of microfinance institutions is to empower women, microfinance institutions can use this study to do this. This study is also important for the government of Pakistan and the State Bank of Pakistan (SBP) in that it provides valuable insights for devising strategies for women’s career development. This study also highlights the various reasons (vulnerabilities) why women’s career development is hard to achieve in Pakistan, despite the existence of countless microfinance institutions in this region for many decades.
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Appendix
Appendices
Table 3
Measurement Model Assessment (CFA)
Measurement Model Assessment (CFA)
| Constructs | Items | Loadings | Alpha | CR | AVE |
|---|---|---|---|---|---|
| Micro-Credit | MC1 | 0.821 | 0.717 | 0.838 | 0.634 |
| MC2 | 0.75 | ||||
| MC4 | 0.816 | ||||
| Micro-Insurance | MI1 | 0.901 | 0.899 | 0.929 | 0.726 |
| MI2 | 0.901 | ||||
| MI3 | 0.913 | ||||
| MI4 | 0.906 | ||||
| MI5 | 0.595 | ||||
| Micro-Savings | MS1 | 0.8 | 0.821 | 0.881 | 0.65 |
| MS2 | 0.821 | ||||
| MS3 | 0.803 | ||||
| MS4 | 0.802 | ||||
| Vulnerability | VL1 | 0.535 | 0.931 | 0.939 | 0.511 |
| VL10 | 0.716 | ||||
| VL11 | 0.711 | ||||
| VL12 | 0.693 | ||||
| VL13 | 0.72 | ||||
| VL14 | 0.734 | ||||
| VL15 | 0.708 | ||||
| VL2 | 0.594 | ||||
| VL3 | 0.674 | ||||
| VL4 | 0.762 | ||||
| VL5 | 0.749 | ||||
| VL6 | 0.711 | ||||
| VL7 | 0.8 | ||||
| VL8 | 0.761 | ||||
| VL9 | 0.803 | ||||
| Women’s Career Development | WCA10 | 0.777 | 0.94 | 0.946 | 0.51 |
| WCA11 | 0.702 | ||||
| WCA12 | 0.692 | ||||
| WCA13 | 0.721 | ||||
| WCA14 | 0.745 | ||||
| WCA15 | 0.762 | ||||
| WCA16 | 0.75 | ||||
| WCA17 | 0.735 | ||||
| WCA18 | 0.766 | ||||
| WCA2 | 0.547 | ||||
| WCA3 | 0.587 | ||||
| WCA4 | 0.664 | ||||
| WCA5 | 0.733 | ||||
| WCA6 | 0.709 | ||||
| WCA7 | 0.694 | ||||
| WCA8 | 0.781 | ||||
| WCA9 | 0.734 | ||||
| Women’s Education | WE1 | 0.755 | 0.836 | 0.89 | 0.67 |
| WE2 | 0.85 | ||||
| WE3 | 0.884 | ||||
| WE4 | 0.779 | ||||
| Women’s Micro-Enterprise | WME1 | 0.886 | 0.921 | 0.942 | 0.767 |
| WME2 | 0.928 | ||||
| WME3 | 0.92 | ||||
| WME4 | 0.906 | ||||
| WME5 | 0.719 |
Note. AVE = Average Variance Extract; CR = Composite Reliability; WCA =Women’s Career Development; WME =Women’s Micro-Enterprise; WE =Women’s Education; MC = Micro-Credit; MS=Micro-Saving; MI=Micro-Insurance; VL=Vulnerability.
Table 4
Discriminant Validity
Discriminant Validity
| MC | MI | MS | VL | WCA | WE | WME. | |
|---|---|---|---|---|---|---|---|
| MC | |||||||
| MI | 0.887 | ||||||
| MS | 0.628 | 0.564 | |||||
| VL | 0.76 | 0.737 | 0.703 | ||||
| WCA | 0.783 | 0.751 | 0.696 | 0.59 | |||
| WE | 0.604 | 0.56 | 0.804 | 0.682 | 0.671 | ||
| WME | 0.818 | 0.808 | 0.545 | 0.713 | 0.73 | 0.524 | |
Biographical Note Waseem Ul Hameed recently completed his Ph.D. in finance and banking from the Universiti Utara Malaysia. His research interest areas are women empowerment, microfinance, and open innovation. He has a number of publications in high indexed journals. Currently, he is serving the Islamia University of Bahawalpur as a lecturer. E-mail: (expert_waseem@yahoo.com); (waseemulhameed@gmail.com)
Biographical Note Qasim Ali Nisar is a Ph.D. candidate in the School of Business Management at the Universiti Utara Malaysia. He is a lecturer in the Department of Business Administration at the Superior College Lahore. He is the director of Research Solutions Consultancy and organized a number of international training workshops on different statistical tools. He has more than 5 years of teaching experience in different universities of Pakistan. His main research areas includes management, leadership, emotions management, human resource management and organizational behaviors. Moreover, he has a number of publications in well reputed international journals in various capacities. E-mail: (qasimalinisar@yahoo.com)
Biographical Note Aamir Abbas is a Ph.D. candidate in the School of Business Management at the Universiti Utara Malaysia. He is a lecturer in the Department of Business Administration at the Superior College Lahore. He is the director of Research Solutions Consultancy and organized a number of international training workshops on different statistical tools. He has more than 5 years of teaching experience in different universities of Pakistan. His main research areas includes management, leadership, emotions management, human resource management and organizational behaviors. Moreover, he has a number of publications in well reputed international journals. E-mail: (marketing.guru12345@gmail.com)
Biographical Note Ali Waqas is a lecturer in the Department of Management Sciences at the Superior University, Lahore. His research interests are in human resource management, clinical management, education, organizational behavior and entrepreneurship. He has a number of publications in reputed journals. E-mail: (ali.90waqas@gmail.com)
Biographical Note Muhammad Saeed Meo is a founder of Meo School of Research, currently working as a lecturer at the Superior University, Lahore, Pakistan. He is a Ph.D. candidate in Othman Yeop Graduate School Business at the Universiti Utara Malaysia. His area of interest is advance econometrics, including time series econometrics, and panel data econometrics. E-mail: (saeedk8khan@gmail.com)
| Keywords: microfinance institutions, women’s career development, micro-credit, vulnerability, women’s micro-enterprises. |
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