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Tài liệu Chất lượng dịch vụ tài chính vi mô kinh nghiệm tại thành phố hội an, việt nam.

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MICRO-FINANCE SERVICE QUALITY: THE HOI AN CITY, VIETNAM EXPERIENCE ________________ A dissertation presented to The Faculty of the Graduate School Bulacan State University Bulacan ________________ In Partial Fulfillment of the Requirement for the Degree Doctor of Philosophy in Business Administration Major in Finance and Banking ________________ PHU HA NGUYEN 2013 a © 2013 Phu Ha Nguyen ALL RIGHTS RESERVED b ABSTRACT The dissertation attempted to evaluate perceived service quality of micro-finance institutions operating in Hoi An and its impact on income improvement and social equality of clients in Hoi An in 2010-2012. Specifically, it sought answers to the following: 1. How is perceived service quality of MFIs in Hoi An in terms of: financial outreach, tangibles, responsiveness, empathy, assurance, and reliability ? 2. How may the service quality of MFIs in Hoi An be described in terms of: gender, age, education, types of business, years of relationship? 3. How may the perceived service quality of MFIs influence income improvement and social equality of clients in Hoi An? 4. Are there significant differences in perceived service quality among formal and semi-formal sector MFIs in Hoi An when they come to providing microcredit ?. 5. If there are, what underpins these differences? 6. What is a plan of actions to improve the effectiveness of the microcredit program with aims to improve the financial and social positions of the clients in Hoi An?. Following a review on related theories, studies and literatures, conceptual framework on service quality, and self-developed questionnaire i with a pilot study were done. Statistical frequency, reliability test, KMO and Bartlett‟s test, factor analysis were utilized, and 9 hypothesizes were tested using t-test and Pearson correlations. Some findings and conclusions about Hoi An arrived at the following : 1. The clients shared common characteristics with those drawn in other related studies in terms of female-focus lending, education, business type; 2. Evidence on clients‟ profile in terms of years of relationship shows that MFIs in Hoi An are in the process to built up their client network. 3. The total sum of six dimensions including: “financial outreach”; “tangibility”; “responsiveness”; “empathy”; “assurance”; and “reliability” can contribute remarkably to the total variance of the overall perceived service quality. Of which, “financial outreach” and “reliability” were most vital dimensions. 4. The overall service quality score of formal sector MFIs was higher than that of semiformal sector MFI‟s. 5. The overall perceived service quality has significant impact on income improvement and social equality of the clients. 6. Recommendations were made to management of MFIs include: MFIs‟ awareness in meeting with service quality standards, responsibilities of clients to micro-credit conditions, and efforts to use loans efficiently. Suggestions on an action plan include: sets of criteria and required steps. Furthermore, there are also recommendations to future academic researches based on limitations of the study. ii ACKNOWLEDGEMENTS This study could not have been possible without the generous help of a number of people who motivated, inspired, assisted, and supported the author in her endeavor. Their names are gratefully acknowledged and their precious memories will always be treasured. To Dr. Andy NG YOKE BENG, the author‟s supervisor for his precious time, experiences, knowledge, advice for modification from the beginning to the completion of the study; To the author‟s husband, children, mother in law for their encouragement and taking care; To the author‟s parents for being so supportive in time of needs; To the micro-finance experts in Hoi An, whose advice for modification of the survey questionnaire; To Mr. Ne VO, People Committee of Cam An Ward, Hoi An City for his great support; To members of Hoi An Women Union for their time and efforts to deliver and collect survey questionnaires; To the respondents of the study; To my beloved friend and colleague, Dr. Van DINH Thi Thanh for her precious support. Finally, all the study requires many hours of the author to writing and typing iii LIKE THE MASTER THESIS, THIS DISSERTATION IS DEDICATED TO MY HUSBAND AND MY CHILDREN BECAUSE OF THEM IS A CONSTANT SOURCE OF INTELLECTUAL INSPIRATION AND TREASURE OF LOVE iv TABLE OF CONTENTS Page APPROVAL SHEET COPYRIGHT PAGE ABSTRACT ACKNOWLEDGEMENTS DEDICATION TABLE OF CONTENTS LIST OF TABLES LIST OF FIGURES ACRONYMS i iii iv v vii viii ix Chapter 1 1.1 1.2 1.3 1.4 2 2.1 2.2 2.3 2.4 2.5 2.6 2.7 3 3.1 3.2 3.3 3.4 THE PROBLEM AND ITS BACKGROUND 1 Introduction Statement of the Problem Significant of the Study Scope and Delimitation of the Study 1 4 6 10 THEORITICAL FRAMEWORK 15 Relevant Theories on Service Quality Relevant Theories on Microfinance Relevant Literatures and Studies on Service Quality Proposed Dimensions for Microfinance Service Quality Measurement Conceptual Framework of the Study Hypotheses of the Study Definitions of Terms Used in the Study 15 30 54 67 METHODOLOGY 79 Methods and Techniques of the Study Population and Sample of the Study Instrument of the Study Method of Gathering Data 79 82 84 90 v 71 73 74 4 4.1 4.2 4.3 4.4 5 5.1 5.2 5.3 5.4 PRESENTATION, ANALYSIS, AND INTERPRETATION OF DATA 92 General Information on Client‟s Profile Service Quality, Income Improvement, and Social Equality Interpretation on Determinants of Service Quality Hypothesis Testing 93 100 108 115 SUMMARY, FINDINGS, CONCLUSION, AND RECCOMENDATIONS 123 Summary Findings Conclusion Recommendations 123 124 128 130 REFERENCES APPENDICES CIRICULUM VITAE END NOTES 136 158 167 171 vi LIST OF TABLES Table Page 2.1 Outstanding loans of key formal sector MFIs 42 2.2 Outstanding loans of semiformal sector MFIs 43 2.3 Liabilities structure of core MFIs of Vietnam 45 2.4 Characteristics of Formal Sector MFIs and Semiformal Sector MFIs 46 2.5 Comparison of prior vs. post poverty reduction (%) of microfinance clients in Vietnam 51 2.6 Critical Contac Points to Dissatisfaction with Customer Service 63 4.1 Frequency Distribution of Gender 94 4.2 Frequency Distribution of Age 95 4.3 Frequency Distribution of Education 97 4.4 Frequency Distribution of Business Type 98 4.5 Frequency Distribution of Years of Relationship 100 4.6 KMO and Bartlett‟s Test for Service Quality 101 4.7 Factor Analysis with Principle Dimensions and Items after Rotation 103 4.8 Factor Analysis with Dimensions and Items after Rotation 107 4.9 Mean Comparison for Accessibility, Funding conditions, Costs/price; Tangibles; Responsiveness; Empathy; Assurance 116 4.10 Independent Sample T-Test 117 4.11 Pearson Correlations 120 4.12 Results of all the hypothesizes tested 122 vii LIST OF FIGURES Figure Page 2.1 Gronross and ROM Models 24 2.2 SERVQUAL and SERVPERP Models 27 2.3 The Country Context 31 2.4 Microfinance Network in Vietnam 41 2.5 Clients Characteristics 47 2.6 Vietnam microfinance: Gender structure of clients 49 2.7 Geographical segment in Vietnam microfinance market 52 2.8 Service Quality Measurement 57 2.9 Clients Satisfaction on Funding Conditions and Trusts in Vietnam‟s MFIs 58 2.10 Customer Satisfaction 60 2.11 Matching Two Sets of Dimensions used in Measuring Service Quality in Microfinance 69 2.12 Matching the Common Dimensions developed by S.A Buddhika (2006) and E.K. Balemba (2009) with Parasuraman et al., Framework (1998) 70 2.13 Conceptual Framework of the Study 71 viii ACRONYMS Agribank The Agriculture Development Bank of Vietnam CCF Central Credit Fund CGAP Certified Government Auditing Professional CEP Capital Aid Fund for Employment of the Poor HWU Hoi An Women Union NGOs Non-Governmental Organizations MFIs Micro-Finance Institutions MUCTC Montreal Urban Community Transit Commission PCA Principle Component Analysis PCFs People Credit Funds QSO Quang Nam Statistics Office SBV State Bank of Vietnam VBSP Vietnam Bank for Social Policies VMWG Vietnam Micro-Finance Working Group VSO Vietnam Statistics Office WAGES Women and Association for Gain both Economic and Social Development WTO World Trade Organization Chapter 1- The Problem and It’s Background 1.1- Introduction Hoi An city (“Hoi An”), which is located in Quang Nam province - Vietnam, is home to approximately 120,000 inhabitants. As one of the third-class cities in Vietnam, Hoi An is not only recognized by the UNESCO‟s certification of World Cultural Heritage since 1999 but also said to be a well served place for microfinance analysis with the outreaching of microfinance industry in recent years (K. A, Nguyen 2011). There are four main sources of information on microfinance and poverty alleviation – Quang Nam Statistics Office (“QSO”), Vietnam Bank for Social Policies (“VBSP”) Hoi An Branch, The Agriculture Development Bank of Vietnam (“Agribank”) Hoi An Branch, and Hoi An People Credit Funds (“PCFs”). According to the “2011 Statistical Year-Book” by QSO, Hoi An had 10,066 near-poor households and 2,966 poor ones, accounting for 33.55 percent and 16.55 percent of its total population respectively1. The permanent appearance of microfinance institutions (“MFIs”) in association with the economic policy launched by the local government developing the city towards “trade, tourism and services” would support the low income clients with more opportunities to access to microfinance services. Hoi An microfinance industry is expected to reach over 15,000 active clients by 20152. Besides, the rapid growth of Hoi An‟s microfinance sector has brought about strong 1 competition among MFIs, highlighting the critical need to establish long-term relationship with clients and to attract new customers by offering higher service quality. For the past several decades, research on microfinance have focused predominantly on two goals: the role of microfinance as a tool for alleviating and reducing poverty, and impact assessment of microfinance on client outreach and financial sustainability (Basu et al, 2004; Pal, 1999; Porter, 2003). Substantial progress has been made in understanding the movement of microfinance from only social welfare approach to balancing both the two goals: the social welfare and financial sustainability (J. Ledgerwood et al, 2000). However, progress in understanding the needs to take care clients with better service quality and responsibilities of clients in funding conditions commitments, especially the effect of microfinance service quality on income improvement, job creation, social and psychological empowerments for low-income clients have been much slower because of few studies and literatures. Therefore, there is a significant gap that the author would like to undertake to further contribute to the scanty literatures, particularly in the context of Vietnam. Nowadays, service quality has a correlation of best practices and principles in providing financial services to the clients through image and philosophy, client selection, loan policies, disbursement and monitoring, client incentives, culture of zero tolerance, and management of information system, 2 etc...(Rarimi et al, 2003). Service providers need to be conscious of providing reliable and timely services to their clients while clients need to see whether they should lay the truth or confirm their loyalty with the service providers. That continued interactions are key tenants to the success of every service provider. It is certain that service quality plays an important role in the customer‟s service experience. Better service quality increases perceived service value and improves the service provider‟s customer retention and financial performance (Cronin et al, 2000; Nguyen et al, 1998; Rust et al, 1993). The great emphasis on service quality has given birth to multiple studies and innovative methodologies to assess and to understand client behavior. On this basis, the present study aims to provide an useful adaptation of the SERVPERF‟s methodology to measure service quality, which is created by Cronin and Taylor (1992), accompanying with 6 dimensions that obtained from SERVQUAL‟s framework provided by Parasuraman et al, (1988) and indicators appropriate to the specific conditions of microfinance in Vietnam. They would be “financial outreach” which includes accessibility, funding conditions, costs/price, “reliability”, “tangibles”, “responsiveness”, “empathy”, “assurance”, and “reliability”. The study would use the 6 dimensions as main drivers in evaluating perceived service quality, and its impact on income improvement and social equality of low income clients in Hoi An. The proposed hypothesizes will be tested against data collected from a survey method distributed to clients using 3 micro-finance services in the geographic area of Hoi An. Furthermore, the results of the study could provide guidelines and directions to the managerial level for arranging appropriate strategies in microfinance sector. 1.2- Statement of the problem Successful institutions provide good quality services that are reliable and timely. In the research on best practices and principles in microfinance, I. Karimi, (2003) confirms that the institution must look at microfinance as a profitable business, not just as a social commitment. He also stresses that clients should also understand that microfinance is a financial services and not a government/donor funded loan or some social service that the MFI is providing. Well-run financial institutions develop a long-term financial service relationship with their clients that continues throughout the life of the client and his/her family. Meanwhile, other studies also found that microfinance towards social economic performance must ensure good quality services, demand-oriented savings & loan products, good client selection process, sufficient interest rates to cover costs, zero tolerance against loan delinquency, and good management information system (Hoang, 2011; Goodwin-Groen, 2012). It is certain that sustainable development of MFIs are close to the service quality providing to clients. The modern model of microfinance has focused on both developing financial sustainability of MFIs and improving income, job creation, gender empowerment 4 for the poor, diminishing the development of traditional moneylenders for the whole financial system (I. Karimi et al, 2003; Bateman, 2010). Efforts undertaken to achieve these social welfare and business aims are also reflected the degree at which clients perceive the service quality. As service quality plays a vital role in the success or failure of an organization, the study does focus on the significance of perceived service quality in the context of microfinance. Specifically, it aims to address the following questions: 1. How is perceived service quality of MFIs in Hoi An in terms of: 1.1. financial outreach 1.2. tangibles 1.3. responsiveness 1.4. empathy 1.5. assurance 1.6. reliability ? 2. How may the service quality of MFIs in Hoi An be described in terms of: 2.1. gender 2.2. age 2.3. education 2.4. types of business 5 2.5. years of relationship? 3. How may the perceived service quality of MFIs influence income improvement and social equality of clients in Hoi An? 4. Are there significant differences in perceived service quality among formal and semi-formal sector MFIs in Hoi An when they come to providing microcredit ?. 5. If there are, what underpins these differences? 6. What is a plan of actions to improve the effectiveness of the microcredit program with aims to improve the financial and social positions of the clients in Hoi An?. 1.3- Significance of the study The target of microfinance in Vietnam nowadays is much different from those before 20063. Before 2006, Vietnam microfinance was regarded as an effective tool to reduce poverty and alleviate hunger (CCF, 2010). However, microfinance in Vietnam today serves clients for the two simultaneous objectives: social performance and commercial performance. 6 As for social performance‟s perspective, it can be seen that Vietnamese Government always aims at aspects of poverty reduction and hunger alleviation of microfinance. The National Project Development on Microfinance Industry Towards 2020 issued by SBV has stressed that the Government “pursues targets to use microfinance as a social tool to reduce poverty and alleviate hunger” (SBV, 2011). For the last two decades, three core state-owned MFIs including the Agribank, the VBSP, and the CCF have been recognized to have remarkable contributions to the success of microfinance (VMWG, 2011). Statistical data announced by VSO that poverty rate4 of Vietnam fell consistently from 58% in 1993 to 37.4% in 1998, 28.9% in 2002, 16% in 2006, 14.5% in 2008, and 14.2% in 2010 has proved that socio-economic conditions in rural areas of Vietnam has been improved substantially. At present, the poverty rate is still higher than some of other Asian countries (i.e., 3.8% for Malaysia, 12.5% for Indonesia, 8.1% for Thailand according to statistical data announced by the World Bank). Therefore, the role of microfinance in combating poverty remains important towards coming years (VMWG, 2011). As for commercial performance‟s perspective, most MFIs in Vietnam nowadays operate under a legal framework that is common to all banking and credit institutions. Especially, since Vietnam participated to become an official member of WTO, microfinance environment has undergone substantial developments towards financial liberalization (T.Nguyen et al., 2011). The reduction of state budget and donor funds in capital resource of some leading 7 MFIs in Vietnam is considered to be the most recognized. According to data announced by VSO in 2011, the ratio of state budget and donor funds of three core MFIs (Agribank, VBSP, and CCF) reduced from 48%, 68%, and 38% in 2002 to 17.1%, 23.1%, and 16.48% respectively as of 2010 (SBV, 2011). Alternatively, the three core MFIs have step by step diversified their capital resource through mobilizing and borrowing from the market. Up to 2010, the alternative sources of funding for state budget - mobilized and borrowing fundswere 63%, 60.8%, and 78.29% respectively. That most MFIs fund their capital resource have to pay interests and fees force them focus more on lending policy towards revenues and profit, and try to offer better customer service (VMWG, 2011). More significantly, environment policy of microfinance in Vietnam has undergone substantial development since the issuance of Decision No 2195/QD-TTg on Dec 6, 2011 by the Government to approve the transformation of semi-formal and informal MFIs (their definitions and characteristics are illustrated in chapter 2) into the formal entities, issuing the regulatory framework for licensing and operation of MFIs towards privatization and commercialization under joint-stock financial intermediaries; and promoting financial self-sufficiency of MFIs. The number of MFIs operating in Vietnam has increased steadily from 10 in 2002 up to 49 formal and semi-formal MFIs in 2010. It is obvious that competitions among them would be more intensive as every MFI has to generate income ensuring its long-term development (SEEP, 2012). 8 As for marketing and sales strategies, service quality is an effective tool to help MFIs be more competitive towards sustainable development (CGAP,2010). In the past, Vietnam microfinance industry often neglected the aspects of service quality providing to low income and poor clients. Differently, microfinance nowadays is both a social performance and a business operating in a potential market with population of nearly 85 millions and approximately 70% of them living in rural areas (T. Nguyen et al., 2011, M. Bateman, 2010). These basis would help the author concrete more on the significance of perceived service quality to the sustainable development of MFIs and the impact of service quality to key social issues. In which, the author would build up sets of dimensions to evaluate service quality, making analysis on whether it has impact on income improvement and social equality of clients; and trying to find out if there is significant difference in service quality among different types of MFIs. During conduction of the research, the author always sets geographic area of Hoi An as study location since it is a well serve place for microfinance analysis (the existence of 22 leading formal and semiformal MFIs operating in the same time (QSO, 2010). Moreover, the 20% annual expansion of microcredit in Hoi An is a good signal for practitioners and local government to observe and evaluate the impact of the important sector on improving economic and social performance (HWU , 2012). 9
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